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Noah and the Ark
Does Misery Love Company?
In 2008, the Misery Index that switched Presidential Parties from Carter to Reagan, consumer inflation plus actual unemployment, rose to the highest real levels since the Great Depression. Again, Presidential parties changed.
This happened despite repeat official government assurances, bailouts and revisions of statistical methodology that seriously affect cost of living adjustments (COLAs), corporate and government policies, income and employment.
How many now think about outliving their assets and income or being too old to work to support themselves?
We appreciate Yale Mensa market psychologist, former Bob Farrell Merrill market analyst staff Robert Prechter’s observation.
Prechter shows Lockheed, Penn Central, Conrail, Chrysler, Argentina, Turkey and Brazil bailouts did not stop bear markets.
Nor did more recent government TARP bailouts and loans to AIG, Bank America, Bank of New York Mellon, Bear Stearns, Chrysler, Citigroup, Fannie Mae, Freddie Mac, GM, GMAC, Goldman Sachs, JP Morgan Chase, Merrill Lynch, Morgan Stanley, State Street or Wells Fargo.
http://en.wikipedia.org/wiki/Troubled_Assets_Relief_Program
Most mainstream economists claim it is too soon to tell. History may show otherwise. The Great Depression could have been over in three years plus, but for government central planning and intervention leading to World War II.
Loans today are harder to obtain for most. Computer credit, health and lifestyle database files long keep black mark demerits, many inaccurate or uncorrected. They drop off good payment records.
Banks can generate predatory loans, penalty fees, call or cancel credit lines and foreclose, despite soothing PR headlines and feel-good ad campaigns. A banker lends an umbrella and asks for it back on a rainy day. Never were savings for a rainy day more important.
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