Pessimism Hits Record: 73% Of Americans, All Time High, Think US Is Headed In Wrong Direction

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Pessimism Hits Record: 73% Of Americans, All Time High, Think US Is Headed In Wrong Direction

Perhaps someone should staple the following latest poll from Reuters/Ipsos to the office door of the Fed chairman in the Marriner Eccles building, according to which a record number of people or 73% of all Americans, believe the economy is headed in the wrong direction. This is the highest number measured since the poll started its survey in February of 2009. Only 21% believe the US is on the right track: we assume these are the few people who actually made money in the stock market in the past few months, in other words those long various precious metals [/sarcasm]. Additionally, 47% of respondents believe the worst is yet to come for the economy, the highest since the March 2009 low when the number was 57%. Furthermore, Obama's approval rating dropped from 49% to 45% over the past month. Perhaps it is time to kill Osama for the 3rd (or is that 4th?) time. Bottom line: pessimism is now at or near fresh all time highs. And this is the environment in which the true viceroy of the Americas, Goldman Sachs, has now decreed will proceed with QE3? If the American revolution was deferred back in November when QE2 was enacted, we fail to see how it will be avoided this time around when people realize that gasoline is headed for $9/gallon. Or roughly what Europeans pay today.

Visually:

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Baron Rothschild, an 18th century British nobleman and member of the Rothschild banking family, is credited with saying that "The time to buy is when there's blood in the streets."

He should know. Rothschild made a fortune buying in the panic that followed the Battle of Waterloo against Napoleon. But that's not the whole story. The original quote is believed to be "Buy when there's blood in the streets, even if the blood is your own."

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But the blood just started leaking a couple weeks ago....We could be at NASDAQ sub-2000 (see, didn't use the DJIA!) in a month...And around 1500 in less than 3 months!