Mike Whitney: Obama's Cockeyed Optimism: "We are starting to see glimmers of hope across the economy"

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The rally in the stock market will not fix the banking system, slow the crash in housing, patch-together tattered household balance sheets, repair failing industries or reverse the precipitous decline in consumer confidence. The rising stock market merely indicates that profit-driven speculators are back in business taking advantage of the Fed's lavish capital injections.

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