The Rich Have Never Been Happier (Relative To The Poor)
The outlook for the economy, based on Bloomberg's Consumer Comfort index dropped to a 13-month low this morning. This must be great news for the bulls in the equity market of course and perhaps nowhere is that better indicated than the record high spread between the 'comfort' of the wealthy and the 'comfort' of the poor. Those with an income over $99,000 per year are the most comfortable they have been in 6 years while the lower incomes (below $40,000) have seen their comfort plunge to one-year lows. It seems, as Druck noted earlier, that the wealth redistribution is having a visceral effect on sentiment.
- advertisements -