The Market is in the midst of a big sell-off. Cramer was just on CNBC saying this was the worst he has ever seen the financial situation--and he was talking about more and greater problems than housing...he was frantic as usual...but more frantic than normal. Coincidently--the market is selling off real fast right now.
Your observation of people buying in the high end stores and in restaurants does not take in the view of those outside your 'neighborhood' where you usually hang out or around. Yesterday, my dad and I went on a small trip...we passed corn fields suffering from drought...we passed small towns where there USED TO BE young people all over, filled up schools, homes that had people living in them, instead of foreclosure signs and for sale signs...and where one town had a bustling downtown, there are now closed up buildings, one restaurant--where we ate--with 3 other senior citizens in it eating by themselves, at the dinner hour...one place left where people can get a job to support their families ---most have moved from that town---and surprisingly enough, those that are left are the seniors who have pensions--their kids left....
In my town..the home of Upjohn (which is now a part of Pfizer) yellow cab, gibson guitar, Greenleaf Trust, Gilmore, which hosts the bi-annual world keyboard competition, Stryker, a free college education for the kids that go thru our public scool system, and many other companies that traded at one time on the Dow ---we have a poverty level population WAY above the norm that is quoted in the news reports---or not mentioned at all----and is has gotten worse, year after year.....since I came back, 5 years ago...there are no jobs left for the middle class and they are falling to poverty level...the jobs are in China, India, and Mexico---they moved away---the glamor that you see on TV and in the high end retail establishments, is only 3% of the total population of the US. And since the middle class has been declining---if Cramer is nervous..it is because he can see that it is gonna be WORSE for the majority of the population...which means people will have less money to spend, and companies will have less revenue FROM that lack of disposable money to spend.
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