Who Is Telling You the Truth About Consumer Spending, CNBC or Gallup?

09-13-2010 • Market-ticker.denninger.org/

This sort of nonsense can go on in the markets for a while, but it won't go on forever. Inventory produced predicated on this alleged "demand" that does not actually exist will eventually pile up and bury the retail sector, which will then ripple back up through the chain and destroy both producers and financiers, along with stock prices. I'm sorry folks, but I cannot reconcile a 40% decline in spending, or even a 20-25% one (if you remove the outliers) with the claimed "economic recovery" that we are all being sold, nor can I reconcile a 20-25% decline (when the consumer is 70% of the economy) with a GDP that does not reflect a 12-15% top-to-bottom decline - the definition of Depression. Either Gallup is reporting fantasy numbers or the government is totally full of crap and is literally making things up. Pick one.