Lessons not Learned: Economist Brian Wesbury thinks the adage about “those who forgot the lessons of history are doomed to repeat them” may apply to those thinking we’ve ducked a recession. Of key concern to Dr. Wesbury is the decline in the money supply (M2). Take a few minutes as Dr. Wesbury reminds us of some “Lessons not Learned” that may have to be learned again.

“Setting the Stage for Some Weakness”: ITR Economics’ Brian Beaulieu agrees that money supply, M2 is tight ( he says M2 is “lowest in four years…so that’s significant…it gives them latitude to lower rates if they’re so inclined”) but has some real concerns about housing and real after-tax income growth. In sum, he thinks that various metrics are “setting the stage for some weakness in the second half of this year”