In case you missed it, today was the release of the Philly Fed Survey, which was another disastrous economic datapoint. Expectations were for a reading of +7, indicating minor growth, instead it came in at -7.7, indicating contraction.
Looking at this chart, the thing that pops out at me is how fast both the current activity and the future activity indices (expectations for activity in the next 6 months, which as you can see people always think things will either be the same or better) have been collapsing over the last 3 months. So I decided to look at the historical data, that goes back to 1968, to see when were the other times the 3 month change was this bad. The problem is, it's actually never been this bad. Below is the chart for the 3 month change in the Current Activity Index:
It would be nice if we had a President who actually wanted to do something about the economy. After watching the GOP debate the other night, I came to the conclusion that I wouldn't mind if any of them were President. They would all do a better job than the current joker whose idea of stimulus is taking money from the productive members of society and giving it to unskilled labor so they can dig holes.