11/3/2025
By Charles Payne CEO & Principal Analyst

The Consumer

Listening to the Federal Reserve talk about the economy, which is akin to describing an idyllic summer day with the sun rays sparkling off blades of grass, was confusing and frustrating. Rich people are spending, and everyone else is waiting for their chance to get a piece of the action. The Bank of America (BAC) card spending says it all. Discretionary spending is collapsing, as consumers search the Internet for values.

Shares of Caesars Entertainment (CZR) fell through a trapdoor last week, but have been on the back foot for years. Perhaps some of that’s about Vegas, which has lost its luster, but it’s a proxy for discretionary spending.

Shared Prosperity

Fed Jay Powell threw a monkey wrench in the mix last week, saying a December rate cut is not a done deal. He believes inflation is a greater concern and that the labor market is stable. Still, there is a problem with his aggregate data points – it misses just how poorly prosperity is distributed.

Inflation is a moot point when you don’t have money, and when your neighbors don’t have money, inflation becomes deflation.

Currently, more than 80% of the population is not experiencing economic growth.

Finishing the Year with a Bang

The market is entering its historically best six-month stretch. Still, I’m concerned about ramifications for Main Street, as New York City is on the verge of voting in a candidate that I think has plans that counter the very blueprint of America's greatness.

It's not a shock, as the media suggests, since NYC has been shifting away from being the financial capital of the world to a city of non-governmental organizations (NGOs) and the global agenda. It's been a harsh city, where gentrification has already driven many lower-income families to other cities.

Their replacements are now seeking to steer America in a direction that has led Europe astray. Wall Street's greed hasn’t helped – there is no way to argue that free markets are in place when they don’t produce the kind of competition that drives innovation, keeps prices down, and shares gains with Main Street.

To read the full report, contact your account representative or email Info@wstreet.com.

Charles Payne
Wall Street Strategies

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