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Despite the inflated ego of the average American, we represent only 5% of the world's population. Since when has 5% of anything amounted to anything? On top of that, every level of our society is bankrupt, living on printed money.

Here is a telling interview on CNN:


The Fed's master plan may be working, in the short term:

"Improvements in the stock market have also helped give consumers more confidence, reducing the drive to choose saving over spending. The savings rate, which had climbed to 7.2% in early 2009, had fallen to near 5% by the end of 2010. "People got bored with being frugal. It's much more fun to go out there and spend money," said Wyss."


But maybe not:

"It's two steps forward, one step back. In the first week of January, Gallup Poll Chief Economist Dennis Jacobe noted that daily consumer spending in stores, restaurants, gas stations, and online dropped dramatically. Spending averaged $55 in the week ending January 9 – down as expected but also well below the $68 average for the same week during the previous year. Whatever reasons for the big drop, Jacobe says "there are no signs that consumer spending will improve much in early January 2011.""


And on the jobs front:

"The move eliminates 1,700 middle management positions as the company "flattens" its management structure into two levels instead of three, now represented by store managers and assistant managers. At the same time, Ahearn said Lowe's is also hiring between 8,000 to 10,000 part-time workers nationwide to improve customer service in stores over the weekends."

Wow, replace full time jobs with lower paying part time jobs. Let me guess, no benefits.

So who exactly is going to be spending more, other than the government?

CBO announced the deficit should increase $1.5 trillion this year. Yipee. Keep the printing presses running. The American public refuses to assume more debt, especially with underwater homes, so Washington will assume the debt for them. Yes, good times are here, for Wall Street, which just went over 12,000, for no real reason at all, other than to make paper holders believe they are richer. The next crash is going to hurt.


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