Friday, March 14, 2014

New economic report shows Wall Street’s ‘weather’ excuse a fraud

In last week’s Beige Book, the Federal Reserve blamed harsh weather as being the primary factor for a slowing economy.  This report also came after several Wall Street banks, brokers, and analysts used harsh weather as an excuse when over 20 indicators came in below expectations this winter.
However, RBC Capital Markets came out with a newly detailed report on March 11 showing how consumers actually increased their spending overall in two categories, but that these numbers simply validated what most true economists already knew… that the retail economy is in a massive recession and is a long way from any legitimate recovery.


Post a Comment