WSJ: The Stock Market Has Never Been So Good When People Have Felt So Bad
Excerpt:
Americans are in a decidedly bad mood. The stock market is decidedly not.
This isn’t how it usually works. Instead, high stock prices have historically been associated with happy consumers, and vice versa. Here’s a look at what’s going on.
Just How Bad is Sentiment?
American attitudes just hit a milestone of sorts. On Friday, the University of Michigan reported that its index of consumer sentiment fell to the lowest level ever recorded in 70-odd years of surveys.
Sentiment was already low at the start of this year, but it fell sharply after the Iran war began at the end of February and sent gas prices sharply higher.
Until this year, the previous lowest level was in June 2022, when inflation was running at the highest level in decades. Friday’s sentiment reading was 10% below even that number.
“Prices remain extremely high, labor markets have unambiguously weakened in the last four years, and now we’re in the middle of a war,” said Joanne Hsu, director of consumer surveys for the University of Michigan. “I don’t think the fact that we’re lower than June 2022 should come as a surprise to anyone.”
Full article: https://www.wsj.com/economy/consumers/stock-market-consumer-sentiment-af088e87
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The vast majority of U.S. households fall beneath 90th percentile of the income and wealth distribution. This massive demographic, the “bottom 90%, captures a wide spectrum of Americans, from working-class individuals to middle-class professionals.
America’s record low consumer sentiment is primarily focused within this wide-ranging demographic, while at the same time, Wall Street has been feasting on record gains.
Democrat socialists in America are pushing hard for massive wealth redistribution, setting up ever greater levels of gloom and the eventual destruction of the U.S. economic system.
Main Street America Republicans have a plan that will eliminate massive amounts of debt, reignite economic growth and restore financial security for the millions of families counted among America’s “bottom 90%.”
This plan levels out the America’s economic playing field by granting hard-working, tax-paying U.S. citizens the same direct access to liquidity extensions that were so generously provided by the Federal Reserve (2008-2010 and 2021-2022) to the likes of: Morgan Stanley, Bank of America, Citigroup, JP Morgan, Goldman Sachs, State Street, AIG, Merrill Lynch, Wells Fargo… Barclays, UBS AG, Deutsche Bank, HSBC, Royal Bank of Scotland, BNP Paribas, Dexia, and numerous others.
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