The “Don’t Worry, Be Happy” crowd on Wall Street live in a fantasy world that unfortunately for most investors, ends up a living nightmare. The big words in the financial arena these days is “Wealth Management”. Sadly, much of that management shall end up moving from the client’s pockets to others, (not the least of which shall be the very firm performing the “management”).
When we look back this time around, one of the culprits shall be the “fantasy” of now what’s like the seventh year of a “recovering economy”. This gentlemen was spot-on when speaking to the only man on CNBC-TV (TOUT-TV) worth putting the sound on for, Rick Santelli.
Today’s employment report will be spun and spun by the “Happy” people, but it’s still just another reason to now be in a “live chicken versus dead duck” mode with much of one’s finances.
Among the many negatives around the report are:
- The “shrinking” labor force
- Part-time jobs are increasing while full-time jobs shrink dramatically
- Wage growth was non-existent.
Also note, factory orders dropped the most since the last financial crisis.
Let me also make mention yet again of the coming auto loan crisis.
It’s not “if’ the chickens come home to roost, but when. In the meantime, wealth management for many within the “Happy” crowd continues as usual: