Retail…
More news came out today that will stockpile the negativity surrounding the markets. Retail sales continue to fall. As a matter of fact, this month retail sales declined in what is recorded as the second worst decline in known history. Again, as retail sales go, so goes our economy. Sales are a snapshot of consumer confidence. As I’m writing this Nortel just announced they will go into bankruptcy.
Art Cashen who serves as the director of floor operations for the NYSE, today made a comment on forward projections for the financial services industry. Art is known as the economic Yoda whose opinions are usually spot on. He stated he’s sees the recovery for the financial services sector exceeding two years. This coupled with news that Citgroup plans to spin off the Smith Barney unit into a merger with Morgan Stanley. Stability is not in the cards for this sector.
All this and Bernie Madoff still isn’t behind bars. I’m sure the regulators will get around to him someday.
