People are spending like there's no tomorrow. The good news is they are chilling on the credit cards, but tallying huge cumulative fees with the debit cards. But what the heck, either the world ends tomorrow or the government will pick up the tab as long as I'm not too successful.
Another sign people are living for today is the stock market. The market is poised to explode to the upside. I saw many true breakouts yesterday, where stocks closed at new 52-week highs on substantial increases in volume. The shorts are on the run as Monster Energy (MNST) and Green Mountain (GMCR) are up on real news, instead of down on negative hype and bogus short propaganda. Considering how much would-be investors have stayed away for years, and another spike in selling (see table) that could be fear ahead of the cliff, and it is easy to see why they think stocks are vulnerable, but under the right atmosphere they could take over.
Even if a third of the nation is living hand to mouth, another third has been weakened and the other third is just trying a place to hide from the jealous mobs led by politicians hell-bent on chaos or are too timid to speak up.
Letter from A Subscriber
First, let me congratulate you on your success and thank you for being one of the voices of reason in turbulent economic times. I am primarily writing to thank you for articulating a serious issue that may arise should we "fall off the cliff "on 1/1/13. I live in Port Washington on Long Island with my wife and two sons, ages 26 and 24. I work two jobs and take all the overtime I can in my primary job to help with property tax and skyrocketing costs. My wife works very hard as well, and together we make over $250,000/yr (Congratulate me, I'm rich! ). My son was hired 15 months ago as a part time employee by a firm who is reluctant to hire due to potential rising costs. He makes $20 an hour with no benefits, and as a result I must now pay an additional $588/mo (COBRA) to continue his benefits under my existing plan. Since I'm technically rich, my tax rate will also go up. How ignorant can the President and Congress be? Home heating oil is averaging $4.27/gal on Long Island, gasoline is still near $4/gal, my costs keep going up and now I may incur even higher costs and taxes due to unrealistic plans by the ever expanding government. To borrow the vernacular of the day....WTF??? I understand the debt is overwhelming, but where are the cuts? I cut up my credit cards and am forced to curb my discretionary spending. Shouldn't government lead by example and do the same? Should we now expect more people on the government payroll, be it by expansion or entitlement? I will gladly support the needy, but I refuse to supplement the lazy.
Sorry I vented, but this grows more frustrating every day. I remember being told growing up that hard work is rewarded. My parents failed to tell me it rewarded someone else.
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Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for September 15th, 2014 | John Ransom