Welcome to the Vitus Capital Blog!
Notes to myself, possibly of interest to others.
-- Bill Northlich

Monday, November 22, 2010

Rosie contd. Top-line unemployment way understated.

Only by the good graces of a declining labour force as discouraged job-seekers drop out of the market like flies has the unemployment rate managed to avoid being above 12%. And, only by the long and generous arm of Uncle Sam, who now contributes about 20% to the personal income pie, has the consumer managed to buy much more than pasta, soap and toothpaste this cycle (strategic mortgage defaults have been an equally vital source of stimulus).

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