Tuesday, August 5, 2014

The Everything Bubble: Seems We’re All Doomed and No One Knows Why

You don’t have to look too far to find news about how everything is going to hell in hand basket. Right here in the United States, things are so bad that Congress has become public enemy number one, corporate rights are treading on human rights, and the economy, as far as anyone can tell, is still FUBAR. Most people can look out their window and build an argument for bad fiscal policy based on the number of potholes on Main Street.
All this bad mojo has got people stuck in a rut. Gallup’s index of economic confidence has screamed net pessimism nonstop since 2008 when recording began. At the end of July, just 19 percent of survey respondents described economic conditions as excellent or good while 35 percent described economic conditions as poor. When asked about the economic outlook, 35 percent said it was getting better while 60 percent said it was getting worse. The kicker is that in the last full week of the month, the number of pessimistic positions increased while the number of optimistic positions decreased.

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