a joke?
Merrill Lynch’s chief economist David Rosenberg writes:
Is this a joke? We see on page D3 of Thursday’s WSJ an article (”Majority See Housing Bubble on Verge of Collapse”): A poll taken by the Experian-Gallup Personal Credit Index found that 71% of American adults believe a housing bubble exists and that it could burst in the next year (only 24% say this won’t happen). But only 32% believe it will happen in their particular neighborhood - and 56% say it is unlikely to happen to them. It’s like the survey from the Employee Benefit Institute, which recently found that over 60% of Americans aren’t saving anything from their current income because they believe that their company-sponsored pension fund will cover them in retirement - meanwhile, only 40% are covered and that number is falling.