Forget the talk about recovery in the US. The markets are booming but most people in America still think the country is still in recession. That tells us the markets are not operating in the real world.
According to the latest Gallup Poll, more than half the American population (55 per cent) say the place is either in recession or depression. Only 27 per cent say it's actually growing.
Significantly, the ones who are the most upbeat about the economy are the high earners. According to the poll, 31 per cent of people earning $75,000 or more say the economy is growing. Compare that with low income earners. The survey found that two out of three in that group, many of them out of work and on food stamps, say the US economy is either in a recession or depression.
Meanwhile the Dow Jones is booming, prompting commentators to say recovery is on its way. Don't believe it, that's only in the fantasies of economists, banks and governments. The real world tells a different story.
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