WELCOME TO THE RECOVERY – AT 8:00 P.M. ET:  Why do I think the American people aren't buying the idea that we're in an economic recovery?  From Reuters:

U.S. consumer sentiment unexpectedly dipped in early October to its weakest level since July, with buying plans on the decline, a survey released Friday showed.

Also, consumers' assessments of government economic policies fell to the lowest level since U.S. President Barack Obama took office, it showed.

The Thomson Reuters/University of Michigan's preliminary October reading on the overall index on consumer sentiment came in at 67.9, down from 68.2 in September and below the 69.0 median forecast among economists polled by Reuters.

COMMENT:  There is absolutely no reason for Americans to be optimistic about the economy.  Government policies have flopped, and the chief flopmaker has no idea what to do next.  God forbid, Mr. Obama should consult some Republicans.  That's original sin in his precincts.

We seem headed for a period of just bumping along, with unemployment continuing high, and underemployment even higher.  And Americans are listening to news reports that higher taxes and energy prices may be in the offing.  They are also noticing that state taxes, fees and fines have, in many cases, risen dramatically.

Happy days are here again.

October 15, 2010