Affluent Gain Confidence, Slow to Spend ((trickle-down econ in action))

[FlashHarry]

But, but... I thought...

Reuters story here.

<snip>
NEW YORK (Reuters) - Affluent Americans are increasingly optimistic on the U.S. economic outlook, yet are not spending more and expanding their investments only slowly, a survey reported on Monday.

The McDonald Financial Group Affluent Consumer Confidence Index jumped 11 percent in the quarter to October to stand at 49 compared with 44 in July. That was the biggest increase since the survey started in January.

"Gains in the stock market, the recent tax cuts and job increases in September have all contributed to affluent Americans' growing optimism about the economy," said Brad Turner, Senior Managing Director of McDonald Financial Group.

"However, when it comes to spending and investing their own money, they do not seem to display that same level of confidence," he added.
</snip>

[Spazito]

1. Well, actually they are investing their money, just not in the US.....

thanks to Bush's "little" gift, they can now invest more in foreign currency, etc.

[fizzana]

2. Well, whoop-de-doo

Isn't this what we said all along. The tax cuts will put more money in the pockets of the very wealthy but they won't spend it.

[Mari333]

3. Off to India and Mexico the jobs do go

Just like the 80s ....Buh Bye jobs, hello overseas tax shelters..
and the US is slowly becoming a 3rd world country as we watch the food pantries empty and the foreclosures and bankruptcies destroy the middle class and THEN maybe people will wake up.
Add to that, its the POOR whose sons and daughters blood is flowing to keep Halliburton and Bechtel and the BFEE wealthy, along with their corporate friends.

[hiphopnation]

4. I was too young

to understand how bad trickle down f*cked the economy in the 80's. Here's my chance to learn first hand! Woopee!! Hope I don't loose MY job. *sigh*

[Media_Lies_Daily]

5. Were these people interviewed before or after...

...their shopping trip to Paris?

[Heddi]

6. But but but I thought

that we HAD to give more money to the richest folks because they were the ones that WOULD spend it on manufacturing and jobs and stuff like that---because us poor folks can't be expected to spend money on frivilous things, so we had to leave it up to the rich folks to spend spend spend and carry us out of this great depression we're going through.

Hmm....rich folks aren't holding up their end of the bargain----remember---if we give them more money, they'd give us jobs and industry and lower rents and no bankrupcy and lower car payments and stuff like that.

They're not holding up their end---take the money away and give it to the folks that REALLY NEED IT!!!

[FlashHarry]

7. Welcome to Applied Plutocracy 101.

Even the Chimp's dad thought it was a crock, famously deriding it as 'Voodoo Economics' in 1980.

[htuttle]

8. After 40 years in the United States, I've come to a conclusion...

WE'RE SO STUPID, WE DESERVE IT!

<sigh>

Did ANYONE honestly believe 'trickle-on' economics would work 'this time', or was it really all just a 'nudge,nudge, wink,wink' all along?

[FlashHarry]

9. Well, Joe Sixpack may have bought it.

Was it John Kerry who pointed out the irony that, according to Bush's campaigners in 2000, the word conservatism needed to be prefaced by the word compassionate?

[FlashHarry]

10. This is big, people.

This refutes the whole 'jump-start the economy' rationale for the Chimp's tax cuts. More lies. More obfuscation. Add this one to the pile...

[reprobate]

11. Does NO ONE ELSE see the parallels to France in 1789?

It only took a small spark to do it then. Wonder what it will take this time? Or are the plebean masses so cowed that it won't matter?

[htuttle]

12. I saw a historical timeline on that era

Someone had plotted the price of a loaf of bread against an average working person's wages.

Each time the price of bread was higher than a day's wages, there was a riot/uprising/revolt in Paris. Like clockwork.

Want to know what is going to happen here? Start watching the price of bread (metaphorically speaking -- more relevant is the overall 'cost of living').

[Fovea]

13. When gas gets too expensive to drive an SUV for the average American

Ca Ira!

[Voltaire99]

14. Or when the mortgage failures start in earnest...

We are a long way from becoming Argentina, but if Krugman, Akerlof, and others are right, it's a distinct possibility.