Quote from Eight:
The doom and gloom abounds among the geniuses that populate ET.... they talk about how the consumer is tapped out and never will recover... which consumers exactly? The ones worth millions with their houses paid off and Cadillacs in the driveways? The bottom 15% that cycle between mental hospitals, jails, apartments, jobs, unemployment, welfare? They are an economic drag in boom times even!!
There are plenty of consumers that don't have debt, are working, etc... they are smart enough to know that you save in bad times, you don't expand... I know some of them, they are cautiously buying things right now not because they are in an expansive mood but because there are a few bargains around... when the economic climate goes back to a more normal temperature they will be spending a little more...
And the amount of investment money on the sidelines is astronomical... investors might be waiting to see if Obama's next step is a coup led by ACORN or something.. they might be waiting to see if BO Pelosi and Company are going to bring Hugo Chavez in as Chief Economic Adviser or something... maybe after these kooks collapse and get laughed off the world stage everybody can breathe a sigh of relief, discount the commie factor and get back to work making an environment that families can thrive in.. jeez, we are in an economic crisis and the politicians are taking this little break from the movie to try to take over a sixth of the USA's economy!! Brilliant!!