• Markets on roller coaster ride final two trading days of this week
  • Bad news parade marches on in April
  • The players are still clinging to fantasy of U.S. economic recovery
  • Dollar finished down substantially on the week – April was the first down month in 10 months
  • Dollar has seen its highs and is heading lower
  • Gold back below 1200
  • Oil prices added to gains closed above $59 – moving opposite to the dollar
  • Friday – March Personal Income & Spending flat below expectations
  • Personal Spending also lower than expected; .4% gain
  • Savings dropped from 5.7 to 5.3 – the lowest savings rate of the year
  • April PMI Manufacturing Index – dropped more than expected to 54.1 even as weather warms
  • ISM Manufacturing expected to rise to 52 – remained flat
  • Employment Index dropped two points – the first drop in 2 years
  • March Construction Spending fell by .6 missing expectations
  • Atlanta Fed correctly forecasted Q1 GDP at .2, forecasting Q2 at .8
  • Article on Zero Hedge: Goldman Sachs warning Europe about severe “Lowflation”
  • Article in Bloomberg: Chinese can’t “kick” savings habit
  • Blames problem on “not enough government”
  • The reason America is in so much trouble is that we don’t save
  • Once the Chinese have built up a cushion, then they will spend
  • When our phony economy bursts, it will be apparent that we did not save enough and had too much debt
  • America gives capitalism a bad name – we preach it but do not practice it
  • We rely on a giant government-run ponzi scheme of socialized savings
  • We are telling the Chinese they have too much free market capitalism
  • We have been indulging our present and sacrificing our future
  • The Chinese will be rewarded for their prudence
  • The most ironic thing about the Bloomberg article is that they suggest Chinese would be better off under Communism