The WSJ Special

Here's the highlight reel of today's exceptional issue of the Wall Street Journal:

Sales-Tax Revenue Falls at Fastest Pace in Years

Tax Receipts are perhaps the best indicator of money being earned. Why? Because no one pays taxes they don't have to. That doesn't, then, bode well that the Journal reports that the 41 states that have reported first quarter '09 tax receipts so far are on average down 12.8% from the same quarter one year ago. It is well documented that financial sector driven recessions are accompanied by increased government debt--the debt increases not from massive bailouts, but from a drop in tax receipts.


CSX Profit Hurt By Lower Volumes

The rail company CSX reports that first quarter freight volumes were down 17.4%, leading to a 30% drop in profits. I must be honest, I'm not sure if this is a leading, lagging, or coincident indicator, but I do know it's not good. Please inform if anyone knows.


Cargill's Proft Declines 68% as Demand Weakens

Despite cries of "all is well!," a la Doug Nedermeyer from various agribusiness companies (Mosaic, Monsanto, Potash), Cargill posts a 68% drop in earnings with only their energy unit beign profitable.


Deere Combines Equipment Divisions

In a bid to save a few simoleans, Deere has combined it's agriculture equipment and consumer & commercial divisions, cutting about 200 slaried jobs.


Rural Housing Stranded--Or a Blessing in Disguise?

Congress has eliminated an interest rate subsidy program designed to build and renovate low-income housing in rural areas. Anecdotal evidence (Wynne, AR banned low-income housing decades ago) would suggest this is growth positive.