Richard Russell, the uberbearish author of the Dow Theory Letters, can’t believe what he’s seeing in America right now when it comes to the consumer.
King World News shares some of his latest missive, in which he issues the following warning:
This is the time to cut back on needless expenses – get rid of all the debt you can, and prepare for tough times. I don’t like the utter calm and complacency that I see today. The last few generations can’t conceive of drastic changes and hard times.
Deluxe restaurants are still full at dinner time, and people are still taking their families to expensive, fun places like Disneyland. The only real signs of change are the ‘sale’ and ‘for rent’ signs that seem to be everywhere. This bear market is going to be for the long haul and it may be six months to a year before it dawns on people that the times are changing.
Read more at KingWorldNews.com.