But should we care about the stats when our team keeps losing?
“”What we see in the United States and some other economies is a statistical recovery and a human recession.”
Larry Summers, Davos, Jan 30, 2010 (via CNBC)
Plus, he’s actually quite wrong on the stats and also understates the human reality:
Sadly for many, the stock market will eventually reflect reality.
This isn't going to end well.
Where's the money coming from?
Employment over decades of boom/bust
Make a list of ten close friends. No particular order and don’t worry about leaving anyone out. Take that list and answer the following questions. Is the friend currently underwater on anything; house, CCs, heathcare costs, student loans, car/boat, or are they or their spouse recently unemployed? Or have they escaped all those pitfalls but now see less money for retirement or outright postponement?
If this survey had been taken in 2006, most of our lists would contain zero in those situations.
I made my own list and it shows little unemployement but includes a distressed home, mutliple negative overall equity households and a few (but increasing) number of postponed/reduced reterments.
Feel free to post anonymous results below