- Not a bad day in the markets after yesterday's ramp. I remain with a bunch of cash on the sidelines and believe that while we are in a bull market, we are also in a correction. Same thoughts as I've had for quite a while. Just being patient. No changes even though I have been pondering them in recent blog entries!
- Weakness in consumer spending alert: A government report released Thursday showed that consumer credit fell at an annual rate of 4.5% in May, making it the fourth consecutive month of declining credit.
- Who needs credit when they're giving the lemonade away for free? Terry Savage writes, "In giving drink away, girls ignore rules of economics -- and sum up what's wrong with U.S." Great article. Sounds heartless, but isn't giving away free stuff part of the reason why the country is $13T in debt and unemployment is in double digits?
- Does anyone really even know what a "double-dip recession" is?
- A gambler lost $127 million to Harrah's casino? Good grief! Makes me feel less bad about the trips to the local Indian casinos! Mr. Watanabe suffered what is believed to be the biggest losing streak in Las Vegas history. The Omaha, Neb., businessman, who grew rich from the sale of his family's party trinket empire, Oriental Trading Co., spent most of 2007 gambling in Las Vegas while living in a three-bedroom suite in Caesars Palace, a casino owned by Harrah's.
- Big news coming out on the verdict in the trial of Johannes Mehserle. (Oakland BART killing). Stay tuned!
