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(Image:
source)
In a Financial Times op-ed, "Brace
For an Era of Crisis Aftershocks," David
Rosenberg, chief economist and strategist of Gluskin
Sheff, serves up a shot of what some might call
anti-hopium.
The scars from
the detonation of the housing and credit bubble-bust have yet to heal.
Household net
worth per capita is still 15 per cent or $100,000 shy of where it was five
years ago and ultra-low interest rates are punishing those who save in bank
deposits or money market funds.
The median age
of the boomer is 55 going on 56 and retirement is the darkness at the end of
the tunnel.
The trend
towards second jobs, do-it-yourself, private labels, dollar
stores, maintaining your existing vehicle, downsizing property needs,
cocooning and frugality will continue unabated.
(Sounds like
he's been reading -- rereading? -- my second book.)
Michael J. Panzner
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