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2009-08-04 — denninger.net
``... how do you square [the rally] with the fact that earnings are dropping like a stone on a year-over-year basis, revenues (the more important indicator of economic activity) are down double-digits on average, and consumer purchasing power (as measured by tax receipts, down 22% at a federal level year over year, the worst since the Depression) is in the toilet?
We're told this is "money was on the sidelines" and "people are rushing in."
But the statistics say otherwise: Only $400 billion has shifted out of money market accounts. ''
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