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The mainstream media is overflowing with hyperventilating bears preaching about a depression. All fear-mongering aside, we see two very positive developments in the U.S. economy: retail and corporate spending.
1. Retail Spending
The International Council of Shopping Centers has announced that retail sales expanded at the highest pace since September 2006. Luxury retailers posted an eye-popping 8% rise in sales. Seems like consumption is our culture. Some people think the U.S. consumer has changed. Personally, I would never bet against the DNA of a tribe ... and ours is shopping. As my brother Derek said, "In the Great Depression we had bread lines. Now, there are Apple (AAPL) iPhone 4 lines." That is a mind-blowing distinction.
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