“When I arrived in Amsterdam recently I took a taxi to my hotel. Over the radio came this uplifting and heartfelt lyric: ‘I’ve had a s**t day and I’ve had enough’ (having gone through airport security I knew exactly how the singer felt). The following day, in the taxi on the way back, [...]
Gallup reported today the consumer spending was down for August, but the most distressing statistic was the spending by upper income consumers (incomes of $90,000+) was down:
This is something of concern.
Earlier this week we wrote about the AIG bailout (AIG Must Fail). We noted that they got another $30 billion on top of the $140 billion they’ve already received. AIG has been using the funds to cover the guarantees they foolishly made on credit default swaps they sold to investors hedging risky trades. We and others have [...]