The day traders are having a ball and making a fortune. Low volume helps them run the stock up a couple of points and then sell off. When the market drops a hundred or so points, they buy boosting the market for another sell-off. Investors who buy and hold are in for a long slough. The market is up mainly because of gold and gold stock, some technology firms like Apple and a number of firms the average investor knows nothing about.
Even dividend paying companies like Caterpillar, who received a bullish write up in Forbes Magazine this month, (wonder why the JS failed to pick up the story??) continues to range in the the mid 80's down from it's high of $116 this year. Cat has added many new jobs and they may be a good buy before long IF the economy ever picks up again.
Caterpillar allegedly received some sweet news from Governor Quinn and a boost in federal stimulus money of some type that allowed it to modernize an East Peoria that specializes in undercarriage component for its track-type tractor. It is notable that the JS did not mention that when showing Aaron Schock in the photo on 9/17/11.
Despite the fact of a poor home building and homes selling at far lower prices than asked, most of you will note that the value of your home went up. I hear sellers are not coming close to selling their homes at the value assessed. My own home is assessed at $25-30,000 more than I could get if I tried to sell.
Don't be fooled by the stock market unless you are invested in favored stock now. Judge by the number of people without jobs, estimated to be a 16 million, many of them not counted because they are either not working or working for pittances on the jobs "black market". Judge by creeping inflation and lack of home building, vacant buildings, our run down streets and rising taxes. Haven't noticed yet?
You will.
With Obama pulling large number of service people back to the U.S., expect that the job market search, even in Peoria, will become pretty tough in 2012. Seniors, except those with comfortable pensions and those who have a small voice, will be harder hit as inflation hits harder and will continue as time moves on.
The construction industry in Peoria will see a lot of so-so skilled people looking for work as the local major construction projects wind down. Union bosses may be between a rock and a hard spot on the Pere project. If it goes, some of the slack of employment will be picked up while at the same time creating a most likely long term large risk for local property tax payers.
As to the unskilled workers, hand a lot of blame on the District #150 Peoria Public School Boards for its graduating thousands of unskilled, can't read or compose, never learned how to work, job seekers.
At least the unemployed will have new libraries, new zoos, a new Museum and perhaps a children's playhouse, Caterpillar Visitors Center and perhaps a new Big Al's to while away the hours. Unfortunately these places all cost money including the libraries that sooner or later, will need to either charge more for some services or property tax payers will increasingly support the "homeless" people hanging out there when its too hot or too cold.
Hey, libraries are mostly paper which is becoming more obsolete, but paper will burn and give warmth in cold times. I blogged that one private bookseller held a public book burning as he could no longer sell used books and make a profit to stay in business.
It was alleged that Lakeview Library and the Downtown Library dumped large quantities of "used" books in dumpsters while at the same time spending millions to remodel and expand the existing library now closed till next fall. (I did make my one and only ever visit to the the new strangely located Northside Library and noted the empty book shelves).
And bookseller Borders went broke and will soon leave Peoria. It's hard to make money selling books when a majority of property taxpayers are supporting all the books you want at no charge.
Me, I now use Peoria Heights Library and will continue to do so.
Oh well. (To read and of my dozens of blogs on the Peoria Library System and some past history on its current CEO and administrator, just type in same on my upper right had search bar).
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