Global Market Commentary, Analysis and Investments
First, the good news: Stocks staged a mammoth rally yesterday. The Dow managed a 2.5% run, while the broader S&P 500 scooted ahead 3%.
What a wondrous achievement this must have seemed like…to anyone who spent the previous month on the golf course, far away from their computer screen.
[Read more...]The stock market still has further to fall to catch up with the slowing economy. US GDP will keep decelerating – likely approaching a zero percent growth rate by 2011 – for the following reasons:
1. The long-term trend back towards consumer frugality and higher savings rates remains in full force. This will dampen consumer spending.
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The Invaluable Work of Economic Scientists
Wolf, Stiglitz, Krugman – we love these guys!
They pushed the world's governments to undertake huge “stimulus� programs. Of course, the stimulus programs didn't work. They couldn't work. All they could do was to disguise the facts and delay the necessary adjustments.
But these fellows don't care about that. They are the technicians, scientists, and engineers of finance. They have measures of financial health – GDP, employment, inflation, etc. They may not be able to make anyone better off…but they can damned sure move those indicators. At least, they believe they can.
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