by David Stockman
Today’s 0.9% decline in December retail sales apparently came as a shock to bubblevision’s talking heads. After all, we have had this giant “oil tax cut”, and, besides, the US economy has “decoupled” from the stormy waters abroad and is finally on its way to “escape velocity”.
The Wall Street touts and Keynesian economic doctors have been saying that for months now—-while averring that all the Fed’s massive money printing is finally beginning to bear fruit. So today’s retail report is a real stumper—–even if you embrace Wall Street’s sudden skepticism about government economic reports and ignore the purported “noise” in the seasonally maladjusted numbers for December.
Continue reading at David Stockman’s Contra Corner