More Pain Ahead

Economic pain, that is. Charles Biderman says we are nowhere near recovery.

And why should he be wrong, given the terrible slew of bad economic news? Europe’s a mess. Spain and France in trouble plus Greece wants more bailout and England had a second quarter of negative GDP indicating a double dip recession.

Treasury yields are at all time lows. The Richmond Fed came in at -17 the worst since April of 2009. GM stock lower and Apple, a good performing one til now, is too.

Housing has never recovered and home values are still down.

On the up side, poverty’s up; food stamp use is up; and disability is up. Employment, though, remains down.

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