In GOV DEBT? Big package for Greece, riots in the streets, firebombs, Portugal next? USA largest contributor to IMF baliouts...print print print.
Government unemployment insurance benefits have more than tripled from lows of 2005.
ABout 1M may lose benefits over next few months as 99 WEEKS (unprecedented) comes to end. CLose 11 M are getting payouts.
I have read that the GOV is paying out in unemployment more than 50% more than this time last year!!! yet we have seen a record stk mkt surge of 75%...must not be connected.
Suggested are that almost 100% of gains in personal income (and then BIG part of supposed consumer spending growth) can be attributed to gov transfer payments....people on the dole!
We have had historic runup in debt, that bubble popped, not it is going the other way, we have contraction in bank lending and credit outstanding.....how can lead to sustainable recovery?
We have had 2 intense selling days unlike anything since 2008, at very least may this be ushering in the long awaited correction?
NO TA YET says uptrend is over.....CHINA topped last AUG 2009 !
HEADLINE "CONSUMER SPENDING UP SHARPLY , BUT INCOMES LAG" as we discussed....thanks to government handouts....not much more
D
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