Greece is on the brink of anarchy due to their debit crisis.
The Dow Jones is down 350 points today on reports that European banks’ lending has seized up.
And US retail sales reported today were much lower than expected — consumers are not spending.
Most top U.S. retail chains reported weaker-than-expected April same-store sales Thursday, suggesting that Wall Street’s hopes for a consumer rebound have gotten ahead of the actual pace of recovery.
Sales at stores open at least a year rose 0.5 percent in April, well short of Wall Street estimates of a 1.7 percent increase. Nearly 70 percent of 28 retailers tracked by Thomson Reuters disappointed, with the biggest misses seen among apparel retailers like Gap and teen chains like Abercrombie & Fitch.
“Nobody has told American consumers that the recession is over although some officials have rosy predictions of growing consumer spending,” consumer trend expert Britt Beemer said in a note. “We’re seeing a lot of people on the edge of financial distress.”
So why the hell did we spend $787B last year for the Stimulus and another $1T this year on healthcare “reform”?
The President needs to address America’s financial distress quickly or his dreams of a Socialist Utopia are going to go up in flames. Literally (see: Greece).
Welcome to the Double Dip Recession.