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Spooky Consumer Data, Underwater Mortgages, Time to Buy the Bounce? Don’t Vote, and More!
Contrarian Profits (October 31st, 2008) Writes:
Consumer shows spooky signs of weakness… recession now unavoidable? How’s your 401(k)? Some scary stats on the average retirement savings plan. Haunting mortgage data… 10 million Americans suffer “negative equity”. U.S. finance capitalism dead or dying… Byron King on the new paradigm for global economic power. Eric Fry on investing during the post-crash bounce. Plus, one “surefire” sector during these frightening times.
Boo!
We begin today with a Halloween hypothetical: If you’re a mainstream economist or financial journalist, what’s the scariest possible scenario that could arise from an economic crisis?
Answer: That the ephemeral specter of the American consumer, whose purchases now make up over 70% of economic activity in I.O.U.S.A., would stop spending.
Uh-ho. In the third quarter
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