It looks like the mid-Atlantic weathered the hurricane well. Activity rebounded smartly. It does reinforce the view that the underlying economy remains strong in the mid-Atlantic and more broadly across the country.
More Quotes from Mark Zandi:
The economy is going to be hit hard by Katrina, and it is going to be hardest on consumers who are already stretched thin. With the surge in gasoline and home heating oil prices, consumers will have a difficult choice to make between filling their gas tank or spending on other things.Mark Zandi
Christmas sales are shaping up to be OK.
Mark Zandi
This Administration is trying to change the whole intellectual basis for fiscal policy that Alan Greenspan enforced when deficits were large in the early 1990s. We got fiscal discipline through the idea that deficits matter. That's been flipped on its head.
Mark Zandi
A bunch of problems that we have ahead of us are largely because of these tax cuts. They are very costly and will contribute significantly to budget deficits in the future.
Mark Zandi
Ultimately, if you err on the side of being dovish it will only come with more pain from slower growth. The hit to growth would be more substantial from higher inflation than from interest rate hikes.
Mark Zandi
If my decision were based solely on economic considerations, I would tighten again. I think the economy won't be derailed by this. I think the economy is firm and they (Fed governors) can send a signal that things are as they were.
Mark Zandi
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I won't be happy until we have every boy in America between the ages of six and sixteen wearing a glove and swinging a bat.
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