JDH commentary Was That The Market Top?

[sunseeker]

Was That The Market Top?
by JDH on May 1, 2010

Here’s the problem: More than a million U.S. residents are getting close to the limit, and may lose jobless benefits soon. Congress has increased the length you can receive benefits three times since December 2007, and it’s unlikely they will do it again. That means in the next few months as benefits expire, consumers will have less to spend, and that will hurt the “recovery”. The commercial real estate market is contracting, and the residential construction market is also contracting. Federal stimulus programs are running out, so what will save us now?
My question is rhetorical. Our problems are baked in the cake, I’m afraid.

"LET THEM EAT CAKE."



ATB 

PS
Read as sarcasm rather than insensitivity to the plight of those unfortunate enough to have been put in that position through no fault of their own.

[onlooker]

And let’s not forget that across the North Atlantic Ocean, economies are unstable and there’s civil unrest.  Looks like a global economic revolution is in progress.   

See: 

Riots across Europe fuelled by economic crisis

Tension over the global economic slump have fuelled May Day protests and riots across Europe with trouble breaking out in Germany, Greece, Austria, Turkey and France.
 
By Henry Samuel in Paris          May 2009

There has been growing concern among European governments about a groundswell of social unrest and violent street protests that have spread amid the economic downturn.

Bulgaria, Latvia, Lithuania, Hungary, Greece and Iceland all faced social unrest and rioting earlier this year as unemployment soared and countries were forced to impose severe cuts to government spending.

http://www.telegraph.co.uk/news/worldnews/europe/5258634/Riots-across-Europe-fuelled-by-economic-crisis.html

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At the time of the French Revolution, Marie Antoinette was supposed to make the callous statement “Let them eat cake!”  upon hearing that the commoners were suffering due to widespread bread shortages.

We're living in déjà vu times.