Jim Puplava recently spoke with financial analyst and commentator A. Gary Shilling on FS Insider. Shilling has a long history with Wall Street - he was fired from Merrill-Lynch for accurately calling the 1969-1970 recession, noting how important it is to be aware of the bias of many Wall Street forecasters, he said "they're basically paid to be bullish."
Shilling on Consumers and Employment
Surveys of consumer sentiment have recently fallen, and "one very interesting point is in the last six quarters consumer spending has grown faster than after tax income..." Shilling said. People