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From David, ”And the level of stock ownership is now at a record high; almost 45% of Americans’ net wealth rests in their stock portfolios (Federal Reserve data, 9/28/2025). So the American consumer is propping up the stock market, and the stock market is propping up the economy, and now consumer confidence is cratering.”
Randall Forsyth makes a similar case in this week’s Barron’s. In effect, Forsyth says it’s the stock market keeping the economy afloat. He sees the impetus continuing for some time even if the markets falter because of the enormous gains the wealthiest have already reaped. And Schwab has a new TV spot in which a couple riding in the back of a limo talking about stocks is interrupted by the limo driver - who turns out also to be an avid trader.
@Hank. Re: the limo driver. Back in the day we had a boat mechanic who did the tough jobs on our sailboat. He lived aboard his boat not far from our slip. He would take a long lunch break every time to go back to his boat to “day trade “ as he called it. The dot com crash was not far off.
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Randall Forsyth makes a similar case in this week’s Barron’s . In effect, Forsyth says it’s the stock market keeping the economy afloat. He sees the impetus continuing for some time even if the markets falter because of the enormous gains the wealthiest have already reaped. And Schwab has a new TV spot in which a couple riding in the back of a limo talking about stocks is interrupted by the limo driver - who turns out also to be an avid trader.
"This time is different".
Right.
who turns out also to be an avid trader."
Well, to the best of my knowledge, at least shoeshine boys everywhere aren't giving stock tips!
"Now go home and get your shinebox."