http://pragcap.com/jp-morgan-dull-is-good Fri, 25 May 2012 19:36:46 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://pragcap.com/jp-morgan-dull-is-good/comment-page-1#comment-8109 DH Wed, 28 Oct 2009 14:21:07 +0000 http://pragcap.com/?p=11681#comment-8109 I worked across from the World Trade Center until September 2008 and now am working in Times Square. Walking outside at lunch and on weekends, you would never know we're in a recession. Despite a 10.3% unemployment rate (NYC), people shop here likes it's going out of style. I'm not sure whether they're Europeans taking advantage of the exchange rate or Americans unwilling to give up the addiction but it certainly distorts your view of the rest of the country. The only time I noticed any change was from Feb to April when I actually fit on the subway comfortably. Thanks for the insight Jack. I worked across from the World Trade Center until September 2008 and now am working in Times Square. Walking outside at lunch and on weekends, you would never know we’re in a recession. Despite a 10.3% unemployment rate (NYC), people shop here likes it’s going out of style. I’m not sure whether they’re Europeans taking advantage of the exchange rate or Americans unwilling to give up the addiction but it certainly distorts your view of the rest of the country. The only time I noticed any change was from Feb to April when I actually fit on the subway comfortably. Thanks for the insight Jack.

]]> http://pragcap.com/jp-morgan-dull-is-good/comment-page-1#comment-8103 Jack Wed, 28 Oct 2009 12:37:38 +0000 http://pragcap.com/?p=11681#comment-8103 I wonder if these sell-side analysts in NY sky scrapers and wearing 3k suits ever go outside, walk around, and actually try seeing with their own eyes what the economy really looks like. With so much government free money distorting economic data sets, you really can't sense how bad things are until you walk around. Go to any mainstreet all over America and you'll see out of business signs on storefronts. Stand behind people in grocery store check out lines and you'll see stacks of coupons in their hands and discount, generic store brands in their carts. Go to a matinee movie on a Tuesday afternoon, and you'll see a pretty full theater of people who should be at work but have beem unemployed for months. This is what America looks like. I wonder if these sell-side analysts in NY sky scrapers and wearing 3k suits ever go outside, walk around, and actually try seeing with their own eyes what the economy really looks like. With so much government free money distorting economic data sets, you really can’t sense how bad things are until you walk around. Go to any mainstreet all over America and you’ll see out of business signs on storefronts. Stand behind people in grocery store check out lines and you’ll see stacks of coupons in their hands and discount, generic store brands in their carts. Go to a matinee movie on a Tuesday afternoon, and you’ll see a pretty full theater of people who should be at work but have beem unemployed for months. This is what America looks like.

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