While media offers ’round the clock coverage of Washington dysfunction, in the real world…corporate revenue and profits (which present stock prices have forecast to infinity and beyond) are weak and getting weaker in the second half.
Meanwhile the most recent OECD report ranks Canada as having the second most over-valued housing market on the planet (note the trend among commodity producers here, too bad that commodity super-cycle is moving the other way now), just as Canadian household debt hit a fresh record in the second quarter at 163.4% debt to disposable income. (more Canadian bank shares anyone??)
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