Fund Manager: A Financial System Headed For A Collision With Debt
SilverDoctors.com
February 15, 2019
Dave Kranzler points breaks-down the evidence that the average American household is tapped-out and forced to cut back on spending…
by Dave Kranzler of Investment Research Dynamics
The retail sales report for December – delayed because of the Government shut-down – was released this morning. It showed the largest monthly drop since September 2009. Online sales plunged 3.9%, the steepest drop since November 2008. Not surprisingly, sporting goods/hobby/musical instruments/books plunged 4.9%. This is evidence that the average household has been forced to cut back discretionary spending to pay for food, shelter and debt service (mortgage, auto, credit card, student loans).
I had to laugh when Trump’s Cocaine Cowboy – masquerading as the Administration’s flagship “economist” – attributed the plunge in retail sales to a “glitch.” Yes, the “glitch” is that 7 million people are delinquent to seriously delinquent on their auto loan payments. I’d have to hazard a wild guess that these folks aren’t are not spending money on the latest i-Phone or a pair of high-end yoga pants.
Here’s the “glitch” to which Larry must be referring:
The Rest…HERE
