Misery on the rise? Say it ain't so! Yet according to a survey out by Calamos Investments, it's true!
On the Closing Bell, Calamos Co-Chief Investment Officer Nick Calamos told Maria Bartiromo the recent financial crisis has outdone the Great Depression in creating 'misery.' The firm's new 'misery' index adds the variable of personal net worth to the traditionally combined impact of inflation and unemployment. Calamos said the results "indicate the initial economic shock of the past year and a half has created a spike in misery more acute than during any other period we considered, including the Great Depression."
Calamos believes the new misery index illustrates a clear impact on the economy and the average household, especially those Baby Boomers who are nearing or entering retirement age. Calamos said "the time for these individuals to rebuild net worth is short, so the savings rate should remain high for the foreseeable future."
For those who are feeling miserable by reading these results, there is a silver lining though.
Calamos told Bartiromo the "current misery may not last as long as the Depression-level misery."
How's that for optimism?
Donna Burton contributed to this article.
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