Yippie! The stock market rally soars . . . and flies!
Economists “See” Recovery The Dow and S&P 500 indexes are both up over 20% in the last three months. Hooray!
Just think how high the S&P 500 would go:
– if the US lost only 400,000 jobs a month, instead of the actual 600,000 to 650,000 jobs lost each month. (Source.)
– if houses lost only 12% in value since last year, instead of the actual 18% lost. (Source.)
– if home-owner’s equity melted away at only $2500 a month per US household instead of the actual loss of $4000 a month. (Source.)
– if personal bankruptcies rose only 20% over last year instead of the actual 32% increase. (Source.)
– if commercial bankruptcies rose only 33% over last year instead of the actual 49% increase. (Source.)
– if Federal tax revenues only plunged 25% instead of the actual 34% in April vs. a year ago. (Source.)
What a wonderful world it would be.
Click Your Heels: US GDP fell 5.7% in the latest quarter, a slight bit better than the previously reported 6.1%. Do you think Noah cared whether it rained 6 inches or only 5 3/4 on any given day?