Stocks crash. An epic bull rally since the lows of March 2009 has probably been the single biggest contributor to what we called recovery. Though stocks are still down from their October 2007 peak, the recover has relieve a sense of panic and helped restore some of the household riches vanished in the housing bust (for those lucky enough to have stock-market investments and to have stuck with them through the bottom.)
There's a U.S. debt crisis. Assuming the economy stabilizes, this is also the year that President Obama will start to talk strong about reducing America's $8 trillion public debt, which cost to more than half of our total economic output. We perhaps just relax; positively think that Washington politicians always rally to head off devastating problems before they explode.
Consumers become rational. Given the unhelpful transformation of the United State economy, Americans should be saving like crazy and buying nothing they don't need.
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