I think things may be sustainable this summer but the coming winter is going to be rough I suspect. I fully expected temporary summer jobs to stall the unemployment trend but that will end before Christmas and we’ll back on track for meltdown. and, like you said, who knows what’s really going on with housing especially considering the millions of newly unemployed Americans created this spring? I see a stock market doing “OK” but I see it being manipulated and it becomes more and more evident that the stock market is pretty well disconnected from Main Street, USA realities.
The Meltdown of jobs, look at it geographically & graphically.
Interactive map:
Job Loss/Gain 2007-2009 by county-
http://www.slate.com/id/2216238/
I hear the Whistle of the coming TrainWreck in the NE, East, Great Lakes cities and in Southern CA. in 6-9 months when the unemployment benefits are exhausted.
The epicenter of this is right in the heart of the Obamanista country.
There is no way the government can “create” enough government jobs to offset this.