Our Lying Eyes And Portfolios

Joe Doakes from Como Park emails:

“Hoarding.” Americans are “hoarding” cash in their checking accounts, rather than invest in the stock market.

The analysts quoted in the story say the economy is wonderful, the recession is over, incomes are up so people should be spending like crazy but those darn backwards fearful idiots aren’t even putting money into savings accounts that pay .0000025% interest, they’re leaving it in checking. Morons.

Or, it could be that ordinary Americans hear the phony economics reports but see the economy around them and choose to believe their eyes. The economy is not wonderful. The fact they’re claiming it is, provides evidence we cannot believe them. A bigger nest egg is a wise precaution.

Next up, watch for Liberal politicians to suggest that banks should assess a “surplus savings surcharge” on hoarders’ bank accounts, then deposit the proceeds into the accounts of non-profit companies ostensibly working for low-income clients but actually donating to Democrats.

Joe Doakes

Today’s quips are tomorrow’s Elizabeth Warren bills.

Posted

July 20, 2017

Business, The Economy and The Markets, The Great Recession

Mitch Berg

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Comments

6 responses to “Our Lying Eyes And Portfolios”

bosshoss429

July 20, 2017

JD,

You may not be too far off on that sort of tax.

A friend of mine that works in DC a lot, says that he’s been hearing quite a bit of buzz about new taxes on 401k plans and IRAs.
TheFedSucks

July 20, 2017

http://tinyurl.com/y8v68j2l

The whole planet is choking on debt and excess government. This happened due to too much central bank easy money since 1997 at least. More like 1971.

Now we have never ending low GDP, so there isn’t enough tax generation.

The only hope is if we let Emery and Larry Summers central plan everything at the point of a gun.
TheFedSucks

July 20, 2017

If you haven’t burned a Real Vision pass yet, watch the Dan Oliver interview. That may be the best comprehensive explanation I have seen.
bikebubba

July 20, 2017

If they start taxing my IRAs, then I think I”ll cash it out and pay off most of my mortgage and see how the Fed does in adjusting the money supply when I’m not borrowing anything.

Maybe not that bad of an idea to begin with…..

And really, the optimism we see about the markets today reminds me a lot of the optimism in the early 1990s. Stock markets were doing great while a ton of people were being left behind.
Scott Hughes

July 20, 2017

If I remember correctly banks in Japan have charged negative interest rates on deposits. If the socialists (masked as “progressives”) here get their chance it wouldn’t shock me to see that happen here. I also seem to remember some loose talk about the potential for the government taking over retirement accounts to address SS issues. Great idea take from those that made the effort to save for the future to prop up those that did little or nothing.

If I were to have some gold/silver or other precious metal stashed away would that also be “hoarding”? I wouldn’t be surprised if some greedy bastard suggested that it would be in the greater interest of “ALL” that it should be confiscated.
bosshoss429

July 20, 2017

Or, bb, they were dumb asses like me; to heavily invested in technology and dot coms.

Needless to say, I got creamed. I was on a plane between Atlanta and MSP when the bottom was falling out. When I landed, I had 10 missed calls and three voice mails from my broker. Thankfully, he called my wife and she gave him the OK to stop the bleeding, but I still took a hard hit.