Wealth effect

[Enrique Diaz-Alvarez]

April retail sales plunge unexpectedly. -0.2% vs. expectations of +0.5%.
Apparently, the (partial) bursting of the bubble did what 5 interest
rates hikes and the certainty of more to come wouldn't. So far, my view
that the US economy is completely dependent on the stock bubble is born
out.

Doug, do you have the link to that paper denying the wealth effect?
Thanks!

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Enrique Diaz-Alvarez            Office # (607) 255 5034
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