As least some people are confident of their futures. Of course, since Wall St titans are the chief beneficiaries of the Obama-Bernanke cadre of collectivists, they are supremely confident of (their) futures! As the continue to destroy the middle class, their obliviousness to the well-being of everyone else becomes nothing but a minor distraction!
from Zero Hedge:
As the efficient stock market moves to
all-time nominal highs in many cases, Consumer Confidence just fell off
a cliff. The conference board printed at the worst level in 13 months - so all those 2012 gains are gone - and fell month-over-month by the most since the August 2011 fiscal cliff debacle. For every income levels (except those earning under $15k) confidence plunged with the $35k-$50k bracket crashing the most.
It would appear that the driver of 70% of the US economy is not buying
the new normal being fed to us daily by any and every media outlet
possible. No matter how much the market is held up by mysterious runs in
FX markets or volatility compression, it would appear that - just as
we have been noting - the underlying macro fundamentals will eventually
be priced in, as this does not bode well for retail sales.
