This video clip and accompanying text, sent to me by a friend a few days ago, featuring retail consultant Howard Davidowitz, is both detailed and far-reaching in its scope concerning at what point the US economy is at present.
I like Davidowitz's simple focus on consumer behavior, spending and saving. And his clear recognition that "we're now in Barack Obama's world, where the money is going into the most inefficient parts of the economy."
How more succinct can anyone be on this point? Davidowitz's further examples of the chicanery going on in Chicago is chilling.
As is his explanation of the real reason for those bank 'stress tests.' He correctly notes that we remain overbanked, while Treasury tries to keep BofA, Citigroup and Wells Fargo in business.
But Davidowitz believes Treasury is simply trying to fool private capital into investing in banks and other entities, because they can't get more Congressional-authorized TARP money. I think that's sadly true.
As Davidowitz says, "If you're not petrified, you're not paying attention...."
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