Today, the markets are soaring because the RESILIENT U.S. consumer continued to spend money he doesn't have on stuff he doesn't need - jacking up the retail sales figures by more than two percent in January.
Okay, what do we know about the U.S. consumers?
Well, they set an all-time record in terms of personal bankruptcy filings last year.
Ooooh. How resilient!
And, in 2005, for the first time since 1933 (The Great Depression), they had a NEGATIVE SAVINGS RATE for an entire year.
Man, they are resilient!
They have more than $11 TRILLION in mortgage debt, just as the housing bubble is about to implode. And, of course, they have pulled more than $2 trillion out of their home equity, by taking advantage of mortgage refinancing and using their homes as ATMs.
Wowza! Talk about resilient!
They are continuing to spend money they don't have on crap they don't need while INTEREST RATES ARE RISING, MASS LAYOFFS ARE CONTINUING, ENERGY PRICES ARE NEAR ALL-TIME HIGHS, COUNTLESS JOBS ARE BEING OUTSOURCED TO CHEAP LABOR NATIONS, REAL INFLATION IS IN THE DOUBLE DIGITS and CONSUMER DEBTLOADS ARE SOARING.
Holy sweet jumpin' Jahosophat! These consumers are unbelievably resilient!
Hmmm. Maybe they aren't "resilient."
Could be that they're simply "STUPID" spendthrifts with no savings, massive debtloads and a never-ending urge to spend, spend, spend.
And, of course, could be that they are taking Treasury Secretary John Snow's advice on the three things needed to create a strong economy - spend more, borrow more and save less.
Gonna be fun to watch these dimbulbs when the Day of Reckoning arrives.
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