Is Alstry DEAD Wrong?
MADRID (MarketWatch) -- Investor optimism over the global economy reached the highest level in nearly six years in August, as money continues to pour into equities, according to the Banc of America Securities-Merrill Lynch August survey of global money managers.
"Strong optimism in August represents a big turnaround from the apocalyptic bearishness of March," said Michael Hartnett, chief equities global strategist at Banc of America Securities-Merrill Lynch Research, in the report which surveyed 204 fund managers who manage a total of $554 billion.
A net 75% of survey respondents believe the world economy will firm up in the next 12 months, the highest reading since November 2003, while confidence about corporate health is at the highest since January 2004. A net 70% of panel respondents expect global corporate profits to rise in the coming year, up from 51% last month.
Meanwhile, average cash balances are at the lowest levels since July 2007, while equity allocations rose sharply between August and July -- from 7% to 34%.
Goofy Alstry and his 9.09 against the rest of the world drinking wine.
You think its time for the nut job to change his perspective after he just did a blog on how we could all be broke?......it won't be too much longer now.
We basically live in an economy where private borrowing drove public spending. Without private borrowing and public spending, we basically have no economy. Now that the banks have ostensibly cut off private borrowing, the private economy is dying rapidly and revenues to the public side have evaporated. Without public spending, tens of millions would be standing in food lines begging....with continued MASSIVE public spending without much in the way of relative tax receipts, our currency could be worthless in the not too distant future.....
Will anything happen by 9.09......we will have to see as it is simply a matter of time.