Doug, Jim,
Since a lot of the upper income group (professionals in particular) and
increasingly, middle income earners, have their retirement savings in
RRSPs (in Canada) and I believe 401s in the US, would not a significant
drop in the stock market be expected to have a wealth effect on
consumption, particularly on 'luxury' home purchase which might carry
mortgage obligations into retirement?
Paul P
troy cochrane wrote:
Doesn't the SM itself reflect the power of capitalists - financial and
otherwise, and therefore doesn't that make it an important to follow?
The SM is how powerful capitalists understand and judge their own
successes and failures. What is sickening of the media coverage is
the cheerleading, not the fact of the coverage itself.
Troy
Jim Devine <[EMAIL PROTECTED]> wrote:
On 2/27/07, Doug Henwood wrote:
> ah, the PEN-L juices are starting to flow!
not mine. Stock market gyrations are boring. I think that the news
should stop reporting the DJIA and S&P (etc.) completely -- unless
they change more than 2% in one day. <snip>
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