Consumer spending in the fourth quarter is going to be low, and capital spending and inventory rebuilding is what takes up the slack. There are also increases in government purchases, a lot of that going for Gulf reconstruction.
More Quotes from Ken Mayland:
If the Fed is wrong and inflation runs too high, out of control, there can be a catastrophic loss of confidence in the Fed that has national and international implications.Ken Mayland
I think we can take heart in the fact that even with all the worries -- about energy prices, higher interest rates and a slowing housing market -- confidence moved higher.
Ken Mayland
These results cast more cold water on the notion that if nondiscretionary spending on energy swells, it must crimp discretionary spending. It hasn't,
Ken Mayland
Considering everything, I think the picture is a little bit brighter for the second quarter and some of our fears on the economy in context of this soft patch scare are at least slightly alleviated.
Ken Mayland
Any long-term plan without an education component isn't a complete plan. We are seeing a brain drain.
Ken Mayland
What the Commerce Department calls savings is something different from what ordinary people call savings. Commerce calls savings basically current income not spent, whereas individuals call their savings really their wealth, their accumulation of all past savings.
Ken Mayland
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