Millionaires Are Feeling Good

Millionaires are optimistic.  So reports CNBC.

Millionaires are feeling good. Maybe too good.

The Spectrem Group's Millionaire Confidence Index, which measures the investment outlook of the wealthy, reached its highest limit in its 9½-year history. After bumping along in single digits since the recession, millionaire confidence suddenly spiked to 23.

Why? Because they know what the rest of America doesn't know - that current economic policy, the Obama economic policy, is great for millionaires even if it bad for everyone else.  I've laid it out many times before.  Let's review...

That's what Washington has created for us, a modest recovery that is accruing to capital and not to labor. How did they achieve this feat? Easy. First we must start with a misdiagnosis of the financial crisis. Politicians blamed it all on the banks and business, when it was largely the creation of government through highly distorted incentives. They further chose to tackle a financial panic, a monetary event, as a traditional business cycle recession and applied traditional counter-cyclical Keynesian "stimulus". Also, coming out of the financial crisis, the politicians ramped up both anti-business rhetoric and an anti-business policy agenda the likes of which this country hasn't see in seventy years. So as the monetary disruptions healed, the government was sucking the oxygen out of the economy by crowding out private capital to borrow and spend on "stimulus" and sending risk-takers to hide under their desks. So as the world beyond our borders recovered, having indulged in less over the top business bashing, US manufacturers have been able to secure alot of business exporting our great products to the world, but have little incentive to hire (ObamaCare) and expand here at home (card-check, EPA, NLRB, etc). Ergo the profits but not too much hiring. So that's how we got an economy that stinks for "workers" but is OK for "owners".

And this sweet deal should last at least another 847 days, possibly even longer.