Wednesday, May 13, 2009

Tales of the Unexpected

With apologies to Roahl Dahl and his collections of short stories titled Tales of the Unexpected, I doubt some of recent financial surprises would have risen to the level of "unexpected", although maybe spooky. Today Bloomberg reported consumers' retail spending unexpectedly dropped in April, "indicating that rising unemployment is prompting consumers to conserve cash."

Another half million people lose their jobs and then, bless their souls, they spend less money. I suspect some out of work real estate writers, (charming fixer upper; cozy eat in kitchen) have been picked up by the financial press. Who wants to buy a bank handyman special? Nothing a lick of paint and some air freshener can't make right.

John Barnyak