Market Watch: The fourth quarter is on track for a decline in EPS of 3.1% and a decline in sales of 4.1%, according to FactSet. The energy sector is on track for a profit decline of about 72%, followed by materials, with a decline of 20.1%. The financial sector, which has been battered this week in the midst of a steep selloff in stocks and bonds, is on track for a 1.25% decline in fourth-quarter earnings.
No discretionary consumer spending in the USA. We got Obamacured and gotta make Obamapayments.
The decline in EPS becomes a tax in local districts, pension rules. But if consumers are congested, then we get the double whammy on local sales taxes, but golly gee whiz, a lot of California locals raised property taxes, so they get the multiple volatility, the triple whammy! State capital gains income drops, Jerry gets his 200 million deficit. We will all get you on the debt markets very soon.
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