Federal Reserve Chairman Ben Bernanke says he is surprised by how cautious consumers have been in the two years since the recession officially ended. But the Fed chief offered no hints of any steps the Fed would take to boost the weak economy.
What COULD it BE????
Fortunately, Mish also provides a list of possibly-significant issues:
- Unemployment rate is 9%
- Real wages are falling
- Income advances go to the wealthy
- Middle class is shrinking
- Jobs hard to find
- Approval ratings of Congress and Obama at record lows
- Consumers have high debt ratios
- Home prices are still falling
- Homeowners are trapped in their homes, unable to refinance
- Boomers need to save for retirement