Tuesday, December 26, 2006
The disappointing retail sales for this holiday season can be traced directly to the decline in the real estate market as consumers can no longer tap the equity of thier homes to spend elsewhere in the economy. Wall Street economists are "shocked" because they can no longer relate to the real economy due to their mighty status as the elite of this country. How can a Wall Street economist accurately predict what the masses will do, if he or she takes home millions in bonuses? These economists just assume everyone is doing well. Its impossible to feel the pain of the average broke American conusmer.
Posted by Steve at 8:55 AM