"The main reason for the surge in consumer "confidence" in September was the near record surge in sentiment for those aking $15,000-$25,000, which soared from 43.5 to 62.4 in the month, the most since April 2009. And whether this was due to their forecast of the future, and expectation that things will get much better, or not, we don't know, what we do know is that half all of
those people whose sentiment defined the market tone today, and who may be quite instrumental in the outcome of the coming election (per Mitt Romney), have less than $100 in cash savings."
From the Winnipeg Free Press (hat tip Mish):
"Did you smile or cheer when U.S. Federal Reserve Chairman Ben Bernanke announced Quantitative Easing III (and the markets went up)?
He just declared war on your job, and the whole Canadian economy. Of course, so did the European Central Bank, the central bank of the Peoples' Republic of China and others. All of them are engaged in the same practice. They're printing money. Gobs of it, in programs that have no end point.
Some are doing it to apply stimulus to revive their economies. Some are doing it to play extend-and-pretend games to hold their banks together. For a country like Canada, with an economy in reasonably good shape, a government that's not out of control, banks that are healthy and dependent on exports, it's a declaration of war."
Finally, what about yesterday's news that Germany looks like it is going into recession? How's France doing? How about Japan?
On corrupt, eliteist wealth from the Book Of Mormon (Take that Mitt Romney)
"In calling the Nephites to repentance, Samuel the Lamanite warned that "the time cometh that [the Lord] curseth your riches, that they become slippery, that ye cannot hold them; and in the days of your poverty ye cannot retain them" (Helaman 13:31). In that day the Nephites would lament, "We have hid up our treasures and they have slipped away from us, because of the curse of the land. O that we had repented in the day that the word of the Lord came unto us; for behold the land is cursed, and all things are become slippery, and we cannot hold them" (vv. 35-36)."
Enjoy your day.