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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: ajtj99 who wrote (98061)5/29/2009 8:58:55 AM
From: Think4Yourself1 Recommendation  Read Replies (2) of 116555
 
People aren't working and are collecting unemployment. This means lots of time with nothing to do. Result is shopping because boredom trumps financial common sense for the vast majority of Americans. Since they aren't working it also means big drops in tax revenues. Worse, it means the state unemployment funds are being drained.

I only recently figured this out. Living outside Detroit was what did it. The factories all shut down recently, and shortly thereafter the parking lots at shopping centers and restaurants became packed during the day. It was remarkable. That's when I put two and two together to figure out what was happening.

The next step is when unemployment runs out. At that point corporate support (unemployment funds) ends and state and federal budgets will be further strained by the social safety nets.

There is no way in He$$ we have seen the worst of this.
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