Given that we import more than 50 percent of our oil consumption from abroad, it is clear that as these prices rise, we are essentially transferring net wealth from U.S. consumers to oil producers that are mostly located overseas.
More Quotes from Anthony Chan:
This gives the Fed license to continue executing monetary policy. If they see any signs of slow growth in employment, industrial production, or retail sales, they certainly have the green light to make another cut. They have total flexibility to do whatever it takes to prevent a recession.Anthony Chan
Yes, the published consensus estimate was higher, but that survey was compiled before the Chicago PM was released. After that number was released, many Wall Street investors feared that we could see a 47 or 48 reading for ISM.
Anthony Chan
It confirms the belief that the weakness in retail sales was the result of a bunker mentality in the wake of the terrible events of Sept. 11.
Anthony Chan
More people are entering the labor force, so there is more competition. More competition means there's less leverage for employees.
Anthony Chan
Yes, the economy was slow and would have come within a hair's distance of a recession. But Sept. 11 was the fatal blow to the economy this year. That probably will be the most important market and economic event of the year.
Anthony Chan
While job losses may be ebbing, we have yet to see any signs of outsized hiring. This will not come ... until we transition from a slow-growing expansion to a normal economic recovery.
Anthony Chan
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