Consumers Don’t Get The Bankers’ Boom.

The world just can’t stop – trying that is to create an impression of economic wellbeing.  European banks are reporting nice profits today.  These are based on property valued at par, without any writedowns, which is hardly realistic.  

The reason for this sudden burst of optimism is pretty obvious.  
The President is coming up to his mid-term elections in November, and the last things he wants are perceptions of economic slump.  In Europe, there is a desperate attempt being made to hide the debts, and save the Euro from obliteration.  So all are in on the game of let’s pretend.
Consumers though aren’t buying the story.
This from google finance –
A lack of jobs is one reason consumers aren’t convinced the U.S. is in recovery. More than 7 out of 10 Americans say the economy is still mired in recession, according to a Bloomberg National Poll. The U.S. lost 8.4 million jobs during the slump that began in December 2007.

President Barack Obama’s administration in trying to change such perceptions heading into the November elections that will determine the makeup of Congress. Obama last week said the “tough decisions” he made to give almost $60 billion in aid to the U.S. auto industry saved a million jobs and led to the strongest period of growth for automakers in a decade.
It sounds like Gordon Brown reincarnated.  Stockmarkets are happy to dance to the bullish tune being played on all government propaganda stations across the world.  Ordinary people on Main St must be wondering what the party’s all about.  No one’s hiring.
The Tap Blog is a collective of like-minded researchers and writers who’ve joined forces to distribute information and voice opinions avoided by the world’s media.
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2 Responses to “Consumers Don’t Get The Bankers’ Boom.”

  1. BrianSJ says:

    Very perceptive.
    Keeping this show going through to the end of the year is going to be very expensive. I suppose they just keep printing the stuff.

  2. tapestry says:

    Printing news is less exacting than printing banknotes.

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