The WSJ call’s em as they see ’em:
Barry Ritholtz, in his relentlessly bearish fashion, argues against the conventional wisdom that suggests today’s retail-sales report wasn’t all that bad. "One might have thought that, given all of the dollar savings at the pump, at least an equivalent amount of dollars would have been plowed back into the economy. Indeed, the new-found energy savings could have led to a wealth effect, leading to more big-ticket items — including cars," he writes. "Nope. But taking a page from the school of inflation ex-inflation, if we remove the items that went down in sales, we can reach the conclusion that sales were not punk."
I do try to "argues against the conventional wisdom."
And, I admit that I have been very bearish since moving away from the the Summer’s Buy ’em for a trade call way back in June.
Hey, at least I ain’t short!
Update: October 14, 2006 11:07 am
This also got picked up by the Afternoon Report, as well as Consumers Impress Economists With Quick Spending Turnaround
A WSJ hat trick!
MarketBeat: Blog Roll — Afternoon Edition
David A. Gaffen
WSJ, October 13, 2006 1:12 p.m.
Consumers Impress Economists
With Quick Spending Turnaround
October 13, 2006 11:03 a.m.
THE AFTERNOON REPORT
WSJ, 12:48 p.m. EDT Friday, October 13, 2006