I left my healthcare bills in the drawer and used the credit card to buy stuff.

Things may be better in the market but they are the same or worse on the streets.

1.Unemployment is up and still rising and there is no job creation in sight!

2. Foreclosures are still rising and so are auto loan and credit card defaults.

3. Housing sales are still dismal and loans are hard to come by.

4. What kind of shape are the banks really in with previous toxic assets still on the books, 1,000’s of new ones being added monthly, derivative swaps gone south, TARP money pumping up the balance sheets, commercial real estate loans about to collapse????

5. We are a consumer society and no one is spending! Retail in all areas is suffering way beyond what you suggest. Auto’s, clothing, travel, dining, electronics…….30 million unemployed people can’t buy much and the rest of us our watching our pennies!!

6. Government spending is totally out of control and I disagree that the dollar is gonna get stronger. The debt ceiling was raised to $12.4 trillion, we have thrown a trillion at TARP, a trillion at Stimulus Plan 1 and they are talking about a second stimulus, given GM and Chrysler $100 billion, guaranteed a failing Fannie Mae and Freddie Mac and will be into both of them for $300 billion or more, GE and AIG have 100’s of millions guaranteed, we gave $100 billion in rebates to auto/home/insulation rebates, we are throwing $1 trillion at Healthcare, we have 2 wars and third coming up in Iran, we have extended unemployment benefits, there will be job re-training benefits, more people on welfare and food stamps………. the ugly list goes on and on. HOW MUCH MONEY CAN WE PRINT MY FRIEND????????

I hate to be pessimistic, but when you look at the hard data, government spending and high unemployment for an extended period of time, it is hard to feel comfortable about the coming years!

- marketman

Related Posts:

• 2010: “LESS BAD” again?
• Banks are still in deep trouble.
• Fannie Mae and Freddie Mac:WHAT IS OFF THEIR BALANCE SHEETS
• It’s difficult to have optimism when the U.S. is piling on insurmountable debt.
• Let’s try to take an objective view on the situation. (1929 vs 2010)

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