Just ended a conference call with several reporters about today's data, and I made a mistake. I thought the September revision showed a minus 1.5%--but the revision actually came in -2.3%. This is a disaster!
What happened to all of the stimulus and cash sent to the banks?!? Nobody is spending because 1) they are losing their jobs; 2) they're about to be homeless; and 3) they can't get a credit card!
Seriously--I was at a very upscale retail center on Friday night in San Antonio and what I noticed: Not only were the shops empty (shops like J.Crew, Brooks Brothers, Apple), but nobody was there. Seriously--it was empty. I think I even saw a tumbleweed roll by. And SAT is supposed to be your #1 growth city in the U.S.
I'll keep you posted if any quotes make it into print.
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, LLC
Monday, November 16, 2009
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