I read that NY times article on consumer confidence. Back in the fall I went to the Conference board website and read the report they put up after the news boasted of an increase in the index. What I found was the current situation was the worst since 1983. It is only a few points higher now. The index is based on 1985 being 100. We are in the low 50's still. The future is about 75 and the current is around 28.
I am amazed at how the press has been falling over themselves to spin recovery for a year now. From the day they put it out, Bloomberg was writing the words, "recovery due to the Obama stimulus plan. That was in April 2009. Unemployment is worse today and what they call growth is some kind of statistical formula they made up. They claim job growth, but last week the unemployment claim data was over 450,000 again and the 4 week MA was over 460,000. The worst week prior to the recession over the past 5 years, save the few weeks around Katrina was 349,000 and generally the number was 320,000. The last employment report I looked at, they claimed job growth, but full time employment was down over the prior 2 months while part time was up about 700,000. You admit you worked 1 hour last month, you are considered employed.
The dishonest or ignorance in the press astounds me. Back in the 1980's, we were 2 years into strong job growth and they kept writing about how bad the economy was. Today, they are making up the figures and they are claiming recovery. The government is giving away down payments for houses and rigging interest rates to support a melting housing market. In the meantime, over 4% of FHLMC mortgages were at least 90 days delinquent and that was after a good number had been rigged out of delinquency. Thus we have massive pending defaults that aren't default. Profits in banks while they are hiding their losses through balance sheet fraud and off balance sheet vehicles, just as Enron did. I am amazed at on the face fraud that is going on in all areas. I know John would merely say it fits the generational dynamics. What I say is the country and maybe the world is in real trouble if this has become the norm.