Apparently top 20% of Americans still doing fine, n middle class still able to breathe, so no apparent need to let up on the money printing, I guess.
Just in in-tray,
On 23 Jul, 2011, at 3:52 PM, X wrote:
Another hectic week for me, so I'll not be commenting much, but at least I have internet access this week unlike last week. Those attending the Bohemian Grove are not allowed to bring in cameras, phones, blackberries, laptops, etc. So you really are "unplugged." Actually a good thing from time to time.... Below are some brief, ad hoc, and incomplete comments.
X
Lots of fascinating people in the Grove..... needless to say most were very cautious going forward due to lack of clarity and increasing regulations. In aggregate, they see no need to increase capacity and almost all are not seeing any significant top line growth. Most see European and US Governments kicking the can down the road rather than deal with the underlying issues.
Top 20% of Americans doing very well, middle class struggling, but their heads above water, and bottom third really, really struggling. I had a very brief discussion with former Senator Allan Simpson, who led the Simpson-Bowles Commission on reforming US tax issue that Obama immediately canned. He sounded very discouraged and frustrated in regards to the US. He is speaking at the Grove this weekend, and I hope that a friend or two who stayed longer can give me a synopsis later - hopefully he is more optimistic than our discussion.
Top 20% doing well, and every single flight I have been on except one has been completely full and Thursday's flight to Dallas was overbooked by 11 people!! Airlines have been very disciplined, as have most companies, which is why growth (especially in regards to jobs) has been stagnant to some degree. Retailers had a lousy May trying to sell at full price. So they have slashed prices as most places in the malls are offering 40% to 70% discounts. I bought a new blue blazer that retails for $395 for $97. Margins expected to suffer in Q3. Very, very difficult to pass along cost increases to a majority of Americans.....and their spending at this point is very closely tied to gasoline prices as any increases takes away their spending power elsewhere as they are not seeing raises.
Wine industry has improved, but still no where near the "good times" of 2007. Seems indicative of most industries. Still worse than 2007, but better than 2009 and 2010, but sales / margins now flattening it appears for wine and most industries.
Clint Black was the performer on Tuesday night and did a very good job.
Vaughn Walker (Federal Chief Judge - Northern California) had a talk defending judicial activism.
Disagree with him, but he does give a persuasive speech.
Said "hello" to David Rockefeller - he looked good considering he's 96 years old!
X |
