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IPFS News Link • Economy - Economics USA

Downgrade of US economy: It’s time to play the Wall Street version of follow the leader

• The Economic Peephole
A dead Osama bin Laden is the great news from last week. It took almost ten years and as President Obama said on 60 MInutes last night it was no lay-up, but the United States got their man. Unfortunately, weak economic data leading to a violent sell-off in commodities was the bad news. If you remember in The Economic Peephole article this morning I discussed the fact that when the consensus starts to move to one extreme it is usually time to go the other way. In the case of crude oil and the price of gas at the pump, up until last week the forecasts were uniformly for $5.00 a gallon at some time during the summer peak driving season...