Consumer sentiment was up in early May in the U.S.. Why? I would just chalk it up to the fact that, in the northern temperate zone, ANY kind of sentiment is up in May. How could it not be the case with warmer weather, lilacs in bloom, leaves opening on trees and birds chirping? It almost can make a person forget all the storm clouds on the horizon.
Not least among those storm clouds is the move towards private equity firms taking public corporations private. This month's purchase of the Chrysler Corporation by Cerberus Capital Management is still reverberating. I find it interesting that Cerberus was named after the demon dog who guards the gates to Hades, the underworld realm of the dead, allowing the spirits of the dead to enter but none to exit. Nice.
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