Many Americans spend every dime they make, and usually way beyond what they make. It’s not because they have confidence in the economy. They don’t! The gap in consumer confidence between these folks and those with higher incomes is at an all-time record!
by Wolf Richter • • Comments Off on Whatever You Do With A Tesla, Don’t Wrap It Around a Lamppost
The nightmare for Tesla started when a stolen S, as it crashed, split into two, with one half bursting into flames. This just isn’t supposed to happen with modern cars.
by Wolf Richter • • Comments Off on German Miracle Economy Trips, Good Weather Gets Blamed
After a decent first quarter, a lot of iffy data has cropped up in Q2. Today, industrial output added to the woes. The weather got blamed … the warm weather in Q1 that caused the drop-off now! I mean, come on!
He has “no name, no face, no party,” “never runs for office,” “and yet he governs,” François Hollande said about “his true opponent” in 2012. The speech went viral. But that courage didn’t last long.
Under the nimbus of its illustrious performance, the European Banking Authority has reduced the world of money to two abbreviations: VC (virtual currency) and FC (fiat currency). And it has taken sides.
About that jobs report? I won’t quibble over the details. Companies have been hiring. OK, the number of full-time workers plunged and involuntary part-timers who want to be full-timers soared, but hey.
by Wolf Richter • • Comments Off on How The US Government Deliberately Understates Inflation
Since rents aren’t fully reflected in the Consumer Price Index, we’re behind the curve. And the Fed, which relies on the PCE index, “won’t even see the curve,” says Lee Adler in this must-see video (and chart) that raised my blood pressure.
by Wolf Richter • • Comments Off on ‘It’s Like We Have Developed An Inability To Even See Risks’
My convo with a wealth manager at a megabank who’s been at it for 30 years, has seen three crashes while on the job, but unlike others in finance, hasn’t re-forgotten the lessons for the third time.
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