The biggest problems are yet to come. Consider the following:
+ The economy will get much worse as many companies have not pulled the trigger yet on their layoffs.
+ Unemployment came in at 6.5% through the end of October. i think it will rise to somewhere between 9% and 11%.
+ Higher unemployment means lower tax revenue at the federal and state levels.
+ A lot of states are going to run out of money in the next 6 months. Large deficits are on the way.
+ Can't see how Obama can lower taxes or give tax credits with less money coming into the government's coffers.
+ The next big problem is going to be the collapse of the credit card house of cards.
+ Another two banks failed this week.
+ It will be interesting to see how it is before the DOW tests 7,500. Those jumping back into the market - BEWARE.
Bottom line: there is a lot going on out there and the worst is yet to come.
HJust as well we know you is in charge. Things that we had confidence in have been shaken and have been found wanting.
