To hear the papers tell it, US stocks are being weighed down by troubles in Europe.
Yeah. The problems are all in Europe. If it weren’t for the Greeks, and Italians, and Spaniards…it would be clear sailing here in the US.
But the main difference is probably that the Europeans don’t cheat as much as we do. For example, unemployment in Spain is terrible, at 17% according to the figures we saw for March.
But wait, Yale economist Robert Shiller says unemployment in the US is miscalculated. It’s really almost 16%. Not much difference with Spain.
Meanwhile, fire off a gun in Las Vegas and you’re going to hit a homeowner who is underwater. Almost 3 out of 4 of them are below the surface. And get this…house prices are dropping at the rate of about 1% per month, according to the aforementioned Mr. Shiller.