The Consumer and the Consumer Credit Crisis

There's a disinflationary trend which we think is great for the consumer, but it's not great for people like Walmart. In fact, Walmart's comps are expected to be 6% to 7% they've actually been downgraded. The good news might be, if you want to be on the sunny side of the street, that they continue to spend and so that bodes well for retailers in terms of the quarters that they will report.