Wall Street is making money hand over fist based entirely on the illusion of recovery.[AFP]
My August 4, 2009 post laid out this false recovery in diagram form. Basically, companies are reporting record profits not only due to the influx of stimulus cash, but also by shedding all but the very few necessary jobs, enough to run a skeleton crew until Christmas Eve.
Remember Enron, the Worldcom Bankruptcy, or the Health South scandal?
You can't look back on this and not see that Christmas 2009 will be the worst in history, and then your 401(k) will evaporate into a flurry of snow flakes in January 2010.
No comments:
Post a Comment
Comments?