Retail analyst Howard Davidowitz of Davidowitz & Co. has always been one of our viewers' favorite guests. Howard's flamboyant bearishness won hearts and minds all through the financial crisis, and we--and you--never get tired of hearing from him.
But Howard has been bearish for a year now--all through one of the most amazing bull runs in history. Against all odds, the U.S. economy appears to be gathering steam by the day, charging out of the worst recession since the Great Depression and heading toward a strong recovery.
So what does Howard think about that? Has he changed his tune? Was he completely wrong?
NO WAY!!!
In Howard's view, nothing has changed. Howard thinks the U.S. is still careening down the road toward a hell of fiscal instability, over-indebtedness, ballooning budget deficits and interest payments, and declining living standards.
The U.S. is broke, Howard says. The current "sucker's rally" will end up like all the sucker's rallies that have tormented Japan for the past two decades. It will be a false dawn that will momentarily distract everyone from the enormous fiscal challenges we face ... and then reality will take hold again.
We won't be able to get out of our pickle without tremendous pain, Howard says. The American people are figuring that out. And the American people won't stand for the status quo anymore.
Obama and The FED are on the right track.
ReplyDeleteBush and Paulson showed the bailout and handout way first .This was called saving “America“.
All the True Patriots rallied around to defend the profits and capital of the corrupt elite of finance capital. Both party leaders stopped their election campaigning in order to rush back to Washington to
Kow-tow to capital and ensured that the financial coup went through congress as a non-partisan policy
This demonstrated that whatever leader or party was elected the system would be in safe hands.
So naturally The bailouts replacing lost capital and losses are continuing under Obama as they would have under Mc Cain. Free money or low cost money supply is still printed by the presses that are now set in high gear. Sure ,everyboy knows that this will lead for more taxation in order to get more revenues from the peons. But we are not out of the woods yet.Clearly the government will not be able to continue to allow the people to consume the old levels of value and continue with the bailouts too. All possible transfers of wealth to capital including running up the national debt
should continue to be made to save American capital .
Now its time to learn from the Greeks. Rape and then Sodomy as one comment on this website put it. Tough Greek love and austerity is required.
All U.S. government salaries including the military salaries pensions and perks should be cut by at least 30% immediately as in Greece. Obama should not be allowed to wimp out on this. 30% wage cuts for starters now before its too late. Get the Tea Party on to this!
Long life bailouts for banksters ,free money and the dollar carry trade. And long live the U.S taxpayer who make all this and the great system of bailouts possible.
But, As we are “all in this together” , now its time for government workers and bureaucrats to make their patriotic contribution for a return to U.S profitability too.
i think a 75% cut in benefits and government salaries is more appropriate. Afterall, that's what has happened to me. Shouldn't everyone have the same fun learning to live like this?
ReplyDeleteThe American people are figuring that out.
ReplyDeleteBullshit!! First, there is no "American People." U.S. citizens are a disparate group, not monolithic, so that's a false notion.
Secondly, so long as people are distracted 24/7 by Bread & Circuses, i.e. sports, reality t.v., the latest Hollywood offering, then there will be no "figuring it out."
In fact, even without the Bread & Circuses, it is highly improbable the pharmaceutical drug addled masses have the potential or capacity to figure anything out let alone react in a constructive manner. The education system has so incapacitated U.S. citizens that they pose no threat at all, much to the chagrin of the gold hoarding, seed storing, gun toting crowd that so badly wants and needs their assistance to foment the revolution that will never be.
If you take the daily and easy corruption out of gov't, all these weasles including lobbyists will find other scams. We need to quit feeding the pigs and start making bacon out of them. I see the gov't today as one HUGE car dealership with BS scammers running around only this is BIG money involved. USa inc. Beware of the two headed political snake they call Dems and Repubs. Its all the same over here, but nobody sees it. Americans really are dumbed down. What are you guys chewing? Gum made out of Mercury? Maybe its all the barium sprayed in the sky daily. I hope you wake up soon.
ReplyDeleteEverything is fine because my tv tells me so.
ReplyDeleteWhat time is Tiger tee off today?
The young people of America are as dumb as dirt.
ReplyDeleteI was once asked to bind a group of letters written to a retiring teacher. There were about 200 single page letters of thanks and best wishes. I gave these letters a speed read as I was prepping them. These High School students can't spell! They can't construct a simple sentence.
MSM is a joke as we all know. I saw that Nicholas Cage's house was repossessed. So this actor with more than 60 films to his credit, can't make his house payments! The minimum bid on his house was 10 million and there was not a single bidder willing to start the bidding. Looks like the bank is stuck with this McMansion. Now they get to pay for the pool man, the gardener, the security service, everything.
There is no recovery.
My area (Southern California) is full of stupid anchor babies. They are of the Mexican culture that says education is not really important. Once thousands of these anchor babies understand that the motels and not hiring housekeepers and the car wash is not looking for more help and Social Services have been cut off, now that California may very well be the first state to go BK... if things out here are not bad enough, just wait!
Have fun everyone!
Better get out b4 it's 2 late. c u soon!
7:48 you're right, also the gov. must downsize, cut spending, get out of useless wars and stop all immigration. Our infrastructure needs upgrading; A country without borders, is no country at all. There really is no hope; too much damage has already been done by the elitists to turn it around. Voting is futile. Prep. and don't join or support any patriot/political groups. Spend the money on family preps!! And keep a very low profile, form resistance cells with close friends/family if things go haywire. Older people and women can support them if needed later on.
ReplyDeleteI love Blodget and Task's responses to Davidowitz's comments...
ReplyDeleteThey're like "Uh...OK."
The guy had me interested until he blathered on about politics. Politics is nonsense. Nothing more than a two-headed, one party system of banker-owned stooges who don't give a shit about you and me whatsoever.
ReplyDeletethe two headed one party system needs to be recognized by many more for what it is...a dead end. third and fourth parties need to be on the ballot.
ReplyDeleteYes I agree. There is no recovery happening or coming. Finally some of the mainstream media (CNN) are starting to admit that high unemployment will be here for a long time.
ReplyDeleteThe only people who say the economy is getting better are Obama and state run media (a.k.a- The LIARS).