The U.S. economy is expected to have lost 50,000 jobs in March, explains Dylan Ratigan. However, Apple has sold 3 million iPhones as of January 15th. And on Thursday Apple's iTunes online music store surpassed Wal-Martto become the largest music retailer in the United States. Might healthy sales at Apple mean the economy is better than economic data suggests?
Zachary Karabell, Fred Alger Management, joins the panel for this conversation. Following is a synopsis of his main points.
It doesn’t make sense to me that everything is bad in the economy, says Karabell. Of course the mortgage crisis is serious but it doesn’t touch everyone. In fact, there’s no question in my mind that there are multiple economies.
What does that mean?
People who buy Apple products aren’t the same people involved in the mortgage mess, for the most part. And Apple sales appear to be strong. That suggests to me there’s at least a section of the economy that’s prospering.
Would you trade it?