WHAT RECOVERY? – AT 9:16 A.M. ET:  There are troubling signs that the already dubious economic "recovery" is stalling.  Are we in for a double-dip recession?  With economic damage from the Gulf spill added to everything else, we have to consider that possibility:

WASHINGTON (AP) — Home construction plunged in May to its lowest level since December, as builders scaled back after a federal tax credit to lure buyers expired.

In a second report, declines in the cost of food and energy helped to drive down wholesale prices in May for a second month.

The housing report also showed that building permits declined in May, a sign the construction industry would not fuel the economic recovery.

The Commerce Department said that construction of new homes and apartments fell 10 percent in May from April to a seasonally adjusted annual rate of 593,000. April’s figure was revised downward to 659,000.

The results were driven by a 17 percent decline in the single-family market, which had benefited earlier in the year from federal tax credits of up to $8,000.

COMMENT:  The American people lack confidence in the real economy.  They are not impressed by the fact that the casino economy on Wall Street is making money.  They know that states are approaching bankruptcy, the federal government's debt keeps rising, and unemployment hasn't been dented.

And the administration continues to blame BUSH (!!) and CHENEY (!!!!).

Hope 'n change have clearly failed.  Maybe it's time for knowledge and competence.  Okay, I admit it.  I like the old-fashioned virtues.

June 16, 2010