Nesto talking about the Boston Bruins.
My burly Bostonian benchmate notes that what’s been billed as an economic “soft-patch” is being revealed as an economic wasteland. And that’s before the Philadelphia Fed Manufacturing Survey hit the tape. I’ll save you the time it would take to look up what the Philly Fed measures exactly. Let’s leave it at “manufacturing.” The scale is negative 100 (manufacturing coming offline) to +100 (Booming, baby).
The Philly Fed number was in the 40’s in March. It was expected to come in somewhere between flat and +20 today. It came in at -7.7, the lowest reading since 2008 which, as old-timers will recall, wasn’t a good time for the economy.
Nesto points out that the same people calling for this nascent downturn to be transitory never saw the downturn coming in the first place. “A rut is nothing but a grave with both ends kicked out” he says. I believe that’s Boston for “We’re not in danger of a double-dip but only because we didn’t get better in the first place.”
I kicked my segment off with a note on hubris. I said a lot of stuff which was essentially things I’ve said before phrased in a slightly different way. I’m not plagued by an absence of creativity. I’m plagued by a deep-seeded fear that Breakout viewers are going to get themselves hurt in this market.
See the full “Breakout” segment below:
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