Call me a technophobe on vacation
We have been coming to the island of Nantucket for over 30 years. We rented forever and when we got lucky, we bought a home. It is very modest by Wall Street standards, but not many people admire Wall Street standards anymore. So that means it is just about right. 30 years ago, there was one place on the island that sold the papers, and only if there was no fog so the plane could get in. You got almost no TV reception, but there was no CNBC to watch, so all we really missed were the Yankee games. But this is Red Sox nation and who wants to watch them!
Now I have a cell phone, an old Palm handheld that I can't figure how to get the addresses off of, an iPad, an iPod (but I can't find it, which doesn't matter because I don't know how to record on it), a Blackberry , a Kindle (which I love, but I'm told I don't need any more since I have an iPad), one working PC (thanks, Raymond, for getting it to me), and one non-working PC.
I need a PC to write this note on because the PC distribution lists don't talk to the iPad which would be easier to carry around. I have 14 or more power cords and I long for the days I couldn't get the paper. But we do have a sign you see as you walk into the house. It says, "If you are lucky enough to live near the beach, you are lucky enough." And we do watch more of the Tour de France than anything else, and hope and pray Armstrong wasn't doping. We need our heroes. But as long as I have Jeter and Mariano Rivera, my cocoon will be safe.
It doesn't look like the economy is safe.
I never believed in the "V"-shaped recovery. I was more with Lee Cooperman's square-root design of an economic graph. It looks to me like that is the best we can now hope for. The stock market toppled last week (why does it always do that on vacation?) due to revenue declines by companies that reported more or less OK earnings. The fear is clearly that the economy is slowing. Consumer confidencetook a dive as well. Retail salessagged and inventories rose. The economic impact from an inventory rebuild may be over almost as soon as it started.