Monday, August 15, 2011
Americans Reliving Carter Era Sentiment
They say Americans have a short memory. And I’m beginning to believe that is true. We are now reliving the Carter era. That is something I hoped we would never experience again:
(Reuters) - U.S. consumer sentiment worsened sharply in early August, falling to the lowest level in more than three decades, after retail sales posted the biggest gain in four months in July.
High unemployment, stagnant wages, gridlock in Congress, and a stock market slump all contributed to a consumer mood that was as grim as when Jimmy Carter was President during the recession of 1980 and interest rates were more than 20 percent.
We haven’t reached the high interest rates yet. But Bernanke and the Feds are doing their damnedest to destroy the value of the dollar.