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