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The Economic View from the Railroads

Oct 30, 2009 - 7:27 AM EDT

Jim Delaney submits:

After yesterday’s about face erasing all of Wednesday’s rout and adding a few additional points to the SPX, does it mean that Ken Chenault, CEO of American Express (AXP), was right all along when he said: “Today, while there is still reason to be cautious about high unemployment levels, we are seeing broad-based improvements in credit quality, the trends in card member spending are encouraging, and there are signs that the recession may be approaching an end,” while discussing 3Q09 earnings?

After all, haven’t we been bludgeoned with the eco-snippet that 70% of our GDP is driven by the consumer and while possibly at the higher end of the spending spectrum, don’t most “card members” use their cards for consuming?

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Source: Seeking Alpha (Oct 30, 2009 - 7:27 AM EDT)