WSJ: Richer Americans Gain Confidence In U.S. Economy

[question everything]

Richer Americans Gain Confidence In U.S. Economy

By LYNN COWAN
DOW JONES NEWSWIRES
January 25, 2005; Page D2

(snip)

The survey, which polled 400 wealthy people from Dec. 18 to Jan. 7, showed that respondents plan to increase their spending and investing levels over the next quarter, with 30% saying they would put more money in the stock market over the next three months.

The McDonald Financial Group Affluent Consumer Confidence Index surveys randomly selected individuals with investable assets of $500,000 or more, or personal annual income of $150,000 or more. The poll was conducted by independent research firm Penn, Schoen & Berland. The margin of error among the national audience is plus or minus 4.9%. McDonald Financial Group is a unit of Cleveland-based KeyCorp.

(snip)

Thirty percent of affluent Americans polled said they would put more money in the stock market over the next three months, up 12 percentage points from the 18% who said so last quarter, and tied with the record level in the survey, in October 2003.

(snip)


The survey also showed a high level of concern about the national deficit, with 70% of respondents saying they are "very" or "somewhat concerned," and 57% saying they think that the national deficit will have a negative impact on the economy over the next year.

(snip)

Write to Lynn Cowan at [e-mail]

URL for this article:
http://online.wsj.com/article/0,,SB110661133465934653,00.html

[mhr]

1. Unemployed 57 Months Here - Confidence In The Economy?

You must be kidding!

[freedom_to_read]

2. but doesn't it just warm your heart

to know that all of those deserving rich people are feeling good about the US?

I know it makes me feel great, as I roll out of each month having earned just enough to pay my bills and rent, with nothing left over, knowing that those who earn over 150k per year are happy about the direction this country is taking.

[mhr]

9. Thrilled, Yes Thrilled - No Overjoyed, Yes Overjoyed!

eom

[durablend]

3. Anyone else not...

Give a flying fuck what the "rich people" think about the economy?

[question everything]

7. Unfortunately, these are Bush and co supporters

and the White House economy will be influenced by what past, present and future fact cat donors say and prefer.

And we are left to collect the crumbs

The sad reality is that there are a lot more poor people who struggle in the red states, but I guess the keep them ignorant of what is really wrong and what can be done about this.

Or, praising Jesus is more important than secure jobs, access to health care, education and retirement.

And, if jobs are really scare, one can always volunteer to the army and hope like hell that one will lose only a limb and be released with some kind of pension for life.

[Rose Siding]

4. It's a great economy for the wealthy

That was the plan. That's how the policies were designed. It's working for them. Whoever thought otherwise?

[TahitiNut]

5. "they would put more money in the stock market"

This doesn't do shit except inflate stock prices and give profits to those who've already bought stock. Almost none of this money ever reaches the company or helps pay the payroll. Indeed, as the stock prices inflate, there's pressure to lower labor costs (to increase the profits) which often drives jobs off-shore or leads to layoffs.

An over-inflated stock market has more of a negative impact on jobs these days than a positive one.

[Robbien]

10. I notice that the WH water carrying WSJ doesn't bother to point out

those facts of life.

Wonder if this article is meant to encourage more stock investment. With all the stories lately of 2005 being a not so good Wall Street year, the bulls must be worried.

[Toots]

6. Weren't we told that they would rush out and hire people

I thought we were told that rich people didn't hoard their money through "investments" but would start creating jobs because as we were told over and over only rich people hire people. Exactly how does them investing their hoards of dough trickle down to the regular people? :shrug:

[htuttle]

8. It's good that they fatten themselves up

They'll be an important source of protein in the future.