Greenspan tips moderate oil price toll
Wall Street’s optimism that markets will rally again is unfounded — but what if that doesn’t happen?
It’s unlikely they’ll be able to put the panic back in. A Bloomberg survey from August suggests that Americans’ willingness to invest in their economy is fading, as evidenced by a 50 percent decline in people looking for an investment or job. In fact, only 39 percent of those polled said they would “have more fun” doing it.
What’s more, despite a surge in consumer confidence and consumer confidence rating up to 5 percent — more than twice that of the previous month — most say they don’t hold enough cash, and only 32 percent say they’re more comfortable about spending.
“It doesn’t feel particularly well today,” says Michael Pachter, CEO of Pachter Asset Management, referring to investors’ feeling of being uncertain.
“It will take a little more in the next couple months before aapronx lot of people feel comfortable putting money into anything for the time being, but overall, the mood in the market is still very depressed,” Pachter says.
In fact, the majority of individuals polled in August are l바카라ess optimistic about their personal financial situation, and are more likely to worry that “business as usual” will not deliver for them for at least the next eight to 12 months, and that it could take a “long time” for the economy to recover to pre-crisis levels of 6 percent GDP.
The Wall Street Journal’s Matt Sertheimer, whose blog post on the gloom in the markets is a compelling analysis, wrote, “In addition to the big three financial groups taking an active role to push the market back and down, others, like homebuilders and oil drillers, seem to be getting less aggressive. There’s no reason to believe they’re making any great gains on what could be one of the longest, thinnest recoveries in recent memory, and the worst decline since 2008 is unlikely to reverse without further dramatic changes.”
The question is, though, what does the economy mean if so much money is being invested in the markets and the jobs market is failing to keep up?
A recent study released by the Federal Reserve showed that household wealth was $23 trillion lower than it was three months ago. More worrying, the median annual household income had dropped nearly 7 percent, and many believe we may have been hit by a huge economic, economic, economic-type shock.
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