Stock Watch 12.9.11″ ECB, Houshold Wealth and Jobs”
The theme all week has been Europe and the ECB and probably will continue over the weeks to come. Also, household wealth has dropped to the lowest level since 2008. The Government loves to harp on jobs and flaunts the decrease in jobless claims as a sign of economic recovery. The issue I’ve always had with this is that a drop in jobless claims doesn’t factor in those who’s benefits expired or those who took a 80% pay cut from a previous job just to survive. The truth is Americans FEEL poor. When the value of your assets like homes, bank accounts and stocks decrease and your debts like mortgages and credit cards increase that’s an economy crusher. People who feel poor spend less and that slows growth
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