"Economy not on the brink?" Zero jobs created, $1.5 trillion debt this year alone. One of two things is going to happen. Unemployment goes to 18% or inflation goes to 10% Either way, our standard of living takes a serious hit because in either situation, the Fed government won't have the tax base to pay for Social Services, Infrastructure, Military and the many other services we are used to having. We have lived well as a country for 40 years from the industrial revolution. Problem is, that money is not flowing into our economy anymore. Those companies are on life support and one by one are dissappearing $8 an hour jobs in foriegn countries. Technology is only delaying the inevitable for many of our companies. Some benefit greatly from tech advances, but the middle class, the auto, steel, appliance workers are retired, spending their billions on retirement. When that is spent, game over!!
Norm, your are joking, right. We are at 18% right now, especially given the way the numbers are now defined vs the way they were in the 1970s and this "underemployed" nonsense. The fact is everything good can be explained by two words: MONETARY POLICY. And the current monetary policy is not sustainable...we are simply delaying the inevitable. Just wait when the government (i.e.the fed) has to take out the phony supports. You will not want to be owning this or any other bank stock then. Just gold. then when asset prices plummet and all the foreign investors who are salivating at the dreary price of the dollar get caught with their pants down, then you move back in.