just assumes this continues:
"Since Trump was elected, the Dow Jones Industrial Average has soared
by more than 50 percent to more than 28,000 points.
The S&P 500 Index has climbed by more than 50 percent to more than 3,200 points.
The Nasdaq Composite has risen by more than 70 percent to more than 8,800 points."
Seems like it's headed for a correction if you ask me.
Unemployment numbers have become irrelevant.
Who cares about jobs you can't pay the bills with?
“There’s lots of areas where the narrative isn’t exactly right,” Porter said. “For example, we have a lot of people employed, but there’s a lot of data that shows that the people employed are often not getting a living wage, or they’re not being paid for their qualifications. A lot of college graduates in jobs that don’t really compensate them for what they know.”
Porter said the real unemployment rate is closer to 10%.
“On the state of the economy, I think there’s a certain tendency now to tell a good story,” he said. “But if you look underneath the hood at some of the things that really matter to our society, we’re not doing as well as is sometimes alleged.”
Lets look under the hood shall we?
"There are several “knotty structural problems”
that he says can’t be helped by an accommodative monetary policy,
including
unsupportable pensions,
mounting consumer debt,
a health-care system that’s bankrupting the country,
outrageous student loan debt,
funding unwinnable wars, etc.
The “loose money” approach is actually “metastasizing” a new set of problems
that will ultimately “bring this sucker down.”
All that free-flowing Fed cash is nothing more than
“socially useless financial activity”
that, he says, enriches a few at the top and leaves the rest of the country behind."
The great recession?
Will seem like nothing when it goes down this time.
No comments:
Post a Comment