Well boys... looks like we are slowly getting out of the shithole

http://online.wsj.com/article/SB20001424052748704…

An analysis by The Wall Street Journal found that companies in the Standard & Poor's 500-stock index posted second-quarter profits of $189 billion, up 38% from a year earlier and their sixth-highest quarterly total ever, without adjustment for inflation.

For all U.S. companies, the Commerce Department estimates second-quarter after-tax profits rose to an annual rate of $1.208 trillion, up 3.9% from the first quarter and up 26.5% from a year earlier.

"The human cost of eliminating jobs is always painful, but in a weird way, the economic melee has helped us build a stronger company," Mr. Riccitiello said. "This isn't simply cutting R&D. It's focusing R&D in a smart way."

The recent profit surge is most pronounced in the technology, finance and consumer sectors. Cumulative profit at tech firms rose 33% in the second quarter, compared with the second quarter of 2008, though revenue increased just 7%. Total profit in the financial industry and among car makers, part of the consumer discretionary category, rebounded as key companies reversed what had been big losses.

Two years ago, Ford Motor Co., burdened by restructuring costs, posted an $8.7 billion loss in the second quarter. This year, sales remained 15% below 2008 levels. But the car maker reported its fifth consecutive quarterly profit, of $2.6 billion, and is on track for one of its most profitable years ever.

I guess the recession we just had taught corporate America how to be lean and mean. Don't forget to check jobless claims, same-store sales, and employment reports at the end of this week.