Onecent

A Closer Look at Recent Upbeat Earnings Announcements - Don’t Believe the Hype

Great article. Besides your points, as the manic lemmings on WS rally this week, there is a total disconnect from the big global picture. Food prices have risen to a point where there have been bread riots in Egypt. The huge increase in rice is going to impact Asia. Thanks to government subsidies and incentives to grow biofuels worldwide food inflation and shortages are going to get severe.

There isn't a day when lay-offs aren't announced here - today it's AT&T. Unemployment especially among the white collar worker is increasing, that's more mortgages at risk and less consumer spending to prop up the economy.

Oh, and, what's not being noted with Google's revenues is that ad revenues have been drifting to the internet as newspaper circulations fall. Retailers aren't spending more on ads. Their results were no measure of the health of the economy.