This clip this morning from Bloomberg underlines the glaring disconnect today between the reality of the real economy and households and those working on the sell side in finance.
Completed dental follow up appointments in the US have retraced to the lows of the 2008 recession. But not to worry, Wells Fargo sell side “Equity Strategist” Gina Martin Adams offered a bullish take on this presently bearish indicator. Adams cheerfully explains that she has been so busy helping her firm sell IP0’s–risky investment-products-at record-valuations–to Joe Public the past couple of months, that she just can’t get to the dentist. Poor Gina: oblivious, clueless and in need of a cleaning. Hard to not feel painfully embarrassed for her. Here is a direct video link.
The same group were also discussing with some alarm the throngs of homeless people that are now living on the streets of New York. Two of the guests said they were life long New Yorkers and had never seen so many street people in lower Manhattan. More evidence of the economic hardship that has grown from the financial crisis and great recession. Shades of the 1930’s. Of course the bankers, who created the debt bomb and then were rescued from their deserved financial demise by the taxpayers, remain mystified as to why this is all happening…
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