Opinion: Economy still not looking so hot, but we get free stuff!

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Despite the enormous sums of money given to the financial sector through multi-multibillion-dollar bailouts, ‘some banks won’t make it,’ President Obama said Monday.

So much for that short-lived trend of Obama not depressing us with economic realities.

On the bright side, Obama has a new spending plan for bank bailout recipients, as reported by the Associated Press. Such a plan could result in fewer undeserved bonuses paid to executives at the helm of faltering banks. ($18 billion in bonuses was enough, right?) And, undoubtedly, fewer private jet purchases.

But even with Obama at the helm of the magic bailout bus, the economic fuel gauge continues to point ever closer ‘empty.’

Consumer spending was down for the sixth straight month in December, an unprecedented streak, as the Associated Press put it. If people aren’t spending, all the bailouts in the world won’t fix this economy.

The only thing that seems to be getting people into stores are promises of free or drastically reduced prices. Denny’s free Grand Slam breakfast was a smash hit this morning. McDonald’s is giving away free gourmet coffees. And Starbucks will soon have a value menu. Starbucks, value?

Just about the only silver lining is for those who actually have any money left. If you’re one of those lucky folks, you can score some pretty incredible deals. Been to Circuit City yet? Yeah, something says those specials won’t last long.

-- Mark Milian

Speaking of free stuff, register here for cellphone alerts on each new Ticket item at no cost whatsoever. RSS feeds are also available here. And we’re now on Amazon’s Kindle as well.

Bob Chamberlin / Los Angeles Times