Wednesday, May 04, 2011


ECB to signal more rate hikes despite Greek woes

"The European Central Bank will underline its determination Thursday to keep raising interest rates as it tries to restrain inflation, even though higher borrowing costs will add to pressure on the debt-laden economies of Greece, Ireland and Portugal."

Some stats that might be helpful.

18% of Americans personal income comes from Gov't assistance. Actual workers pay (wages) hit a low not seen since 1929 at 51% share of income.

A whopping 27% of all homeowners are underwater.

AFter the bursting of the housing bubble, Americans lost about 50% of their net worth. ONLY 54% own stocks ( a low since 1998) SO the stock BUBBLE RALLY, yes this one, is not helping them much...nor is the assult on savings which now if you add inflation is negative returns.

Mortgage debt is being HIDDEN by fast Eddie's accounting change in 2009 and there has not been the needed deleveraging to recover.

Top 1% own almost half of our entire wealth....this has GROWN since 2009......


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