•Personal Incomes in U.S. Declined 1.3% in June, Biggest Monthly Drop in Four Years

That's an annualized drop of (15.6%). While I doubt we'll see an annualized drop that large, I do believe we will now see truth trump fiction, and a minimum of 5% and as much as 7% declines in personal incomes, as the reality of job losses and expiring unemployment benefits sets in.

The scarier part of the emerging nightmare may play out if Bernanke can't maintain the illusion of a repression rather than the truth of a depression makes it to the viewing area of mass consumption.

Then, we're back in 1929 waters.

Banks are going to have to take their losses sooner rather than later at this point, and when that happens, look out below. They're sitting on a toxic pile miles high.

There's A LOT of retirees and soon to be retired that are NOT GOING TO GO THROUGH CHINESE WATER TORTURE IN EQUITY MARKETS AGAIN. They've had it.

•Personal Incomes in U.S. Declined 1.3% in June, Biggest Drop in Four Years

http://www.bloomberg.com/apps/news?pid=20601087&sid=aj3IyaLWWzG8

 

So we're going to hit 1050 on the S&P today! (Hey, it could have been worse )

 

so true