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| Corporations have figured out how to survive in lean times, and guess what they are still surviving with 10% unemployment. Wall Street does not care about the 10% that are out of work. This might be a harsh comment, but they don't matter right now. As long as the people that are employed are spending at some rate, things go on.
There are a pile of jobs that will never come back. And if you are unemployed right now, and have a narrow skill set, I would be very afraid. Corporate America goes on and will learn to deal with higher unemployment, until new sector jobs are created or things improve and corporations start to add "fluff" jobs or more capacity.
As for the credit bubble, that was a Wall Street issue (seriously there's a reason derivatives is a math term, and not in economic 101), that's why things fell so hard. If that was contained to Main Street; things would have been different. Sure Main Street was hurt, but most of them were dooped into bad situations because of a lack of economic discipline or ignorance. There were some good people that got burned, but most of it was "your own fault". Whether you were dooped at the bank or dooped in the alley, doesn't matter you were dooped. AND THE F-ING GOVERNMENT SHOULD HAVE LET THEM ALL GO UNDER.
I know I know, I might be too harsh, but when you see a school bus driver in California living in a $750,000 house worried about losing it on the news, I want to well....probably not good things...........
So you want a positive indicator, Corporate America feels pretty health, looks pretty healthy, is surviving in a 10% unemployment environment, and is getting comfortable with its surroundings. Excess drives beating top line estimates which drives employment, which drives more excess, and excess will come back. It just might come from 90% of the population. | |
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