10/08/09 Stockholm, Sweden – There tends to be some sort of consensus in the mainstream media that we’re potentially experiencing a real economic recovery. As you well know, The Daily Reckoning vigorously disagrees.
One significant reason, among many, is the lack of consumer spending. It makes up about 70% of economic activity in the US.
If you ever feel cajoled into spending your hard-earning savings to prop up the American economy, resist!
Rocky Vega is a regular contributor to The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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