More optimism.
I like the thought that Edward Harrison puts into his posts. I frequently haven’t agreed with his conclusions, but in this case, I do, at least in spirit. I think the scenario will play out slightly differently. We’ll have some decent numbers for GDP and manufacturing. But I think there will be another shock to the system before this crazy ride is over. I don’t think it’s simply going to be a matter of retail sales growth disappointing. Of course, if retail sales disappoint and the resulting market dive exposes the solvency problems of the banks, I’ll get my shock after Edward’s scenario plays out.
