In this issue:
The Recent GDP Numbers -; A Real Statistical Recovery
Consumer Spending Rose? Where Was the Income?
A Bubble in Complacency
Rosie, Las Vegas, Phuket, and Bangkok
week I had the privilege of being on the same panel with former Comptroller
General David Walker and former Majority Leader (and presidential candidate)
Richard Gephardt. A Democrat to the left of me and a self-declared nonpartisan
to the right, stuck in the middle and not knowing where the unrehearsed
conversation would take us. As it turned out, to a very interesting conclusion,
which is the topic of this week's letter. By way of introduction to those not
familiar with them, David M. Walker (born 1951) served as United States
Comptroller General from 1998 to 2008, and is now the Founder and CEO of the
Comeback America Initiative. Gephardt served in Congress for 28 years, was
House Majority Leader from 1989 to 1995 and Minority Leader from 1995 to 2003,
running for president in 1988 and 2004.