Thursday, May 10, 2007

Duh

The brilliance of Wall Street's best and brightest never fails to astound. Spotted today on Bloomberg.com:

``The market may be getting a little bit ahead of itself,'' said Kevin Divney, who manages $8 billion as chief investment officer at Putnam Investments in Boston. ``One concern now is whether the consumer is leveraged more than we understand with too much of their wealth tied to real estate.''

I guess when you manage 8 billion dollars you don't get much chance to drive past all the "For Sale" signs out there in the burbs...

One other tidbit further down in this article - the U.S. trade gap widened by 10% in one month - an additional 6 billion dollars. I'm no economist, but that doesn't sound good. Unless you're Saudi or Chinese.

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