Riding The Wealth Effect
The market is soaring as U.S. consumer and business sentiment soars, which are the key ingredients in the so-called "wealth effect". Feeling prosperous and acting prosperous are two different issues underscored by the fact that folks didn’t spend money during the record-breaking rally under President Obama.
Even plunging gas prices didn’t move the economic needle; on the contrary, shelved construction work and job layoffs had a net-negative impact on the overall economy.
One of the dirty little secrets is that most American households have more cash after expenses (real disposable income of $39,430) than at any time in American history.
Rich people are spending money in part because they believe lower taxes are coming and they are making more money
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