A quote from Richard Russell’s Dow Theory Letters Inc:
“People are disgusted with all the new taxes (and the endless forms that go with them). People are up to their eyeballs in debt. People are getting hit with price rises in all directions (particularly services, licenses and medical). The value of people’s homes has been sliding, and scariest of all, almost everyone has a neighbour or a cousin or a son or daughter who has lost his or her job and can’t find another one. As one friend of mine put it – the fundamentals of the 1991 economy are: No jobs, no tax relief, no income growth and no confidence.”
Page 2, Richard Russell’s Dow Theory Letters, 1079, October 2, 1991.
The more things change: businesscycles.biz/themorethingschange …..