....consumer confidence as measured by the Conference Board’s index dropped to its lowest level since November 2011. The big-picture plusses were not enough to outweigh the hit to pocketbooks inflicted by the 2 percentage point payroll tax increase that took effect at the start of the year.
Tax the rich. Give to the poor. No one can predict the unintended consequences. Micromanaging a complex economic and financial system like ours is ludicrous. How do they know the outcome of their action when the Fed in 2007, ahead of a massive recession, was predicting strong growth ahead?
Consumers are concerned. And they should. The markets, as it is happening in France, always win.
George Dagnino, PhD Editor,
The Peter Dag Portfolio.
2009 Market Timer of the Year by Timer Digest
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