Some folks would have us believe that prosperity is just around the corner:
Oh, fiddlesticks. Like a popular song from Great Depression 1.0 (which in turn was a cynical response to Herbert Hoover's assurance that trouble would soon be gone), opinion shapers today want us to sing away our problems. Wal-Mart is reporting disappointing sales numbers because consumer spending is still on the ropes and headed down for the count. Consumers are getting so pinched that they're forgoing insurance to conserve money for essentials. The bad news pipeline hasn't shut off, folks.
I'm staying short the markets. The Fed's pronouncements don't impress me at all. The only thing around the corner is more baloney.
Federal Reserve Bank of Minneapolis President Gary Stern said that while “appreciable strains” remain in credit markets, the resumption of U.S. economic growth “should not be too far off.”
Oh, fiddlesticks. Like a popular song from Great Depression 1.0 (which in turn was a cynical response to Herbert Hoover's assurance that trouble would soon be gone), opinion shapers today want us to sing away our problems. Wal-Mart is reporting disappointing sales numbers because consumer spending is still on the ropes and headed down for the count. Consumers are getting so pinched that they're forgoing insurance to conserve money for essentials. The bad news pipeline hasn't shut off, folks.
I'm staying short the markets. The Fed's pronouncements don't impress me at all. The only thing around the corner is more baloney.
