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Sometimes investors can get a more accurate view of America’s economic health from local news outlets than big national papers or – dare we say it? – cable news networks. Those local outlets operate at ground level, and they often get the story first. In fact, it was by reading the Palm Springs Desert Sun and Modesto Bee, and not The Wall Street Journal, that Cramer discovered the turn happening in California.
While most of the media coverage of California has focused on the state’s budget and pension troubles, the local papers are telling a different story. They say the world’s eight-largest economy fighting its way back from the recession, and improvements are being seen in everything from retail and housing to the banks and commercial real estate . Hence Cramer’s weeklong focus on the state.
Today he covered California restaurant stocks, both fast food and casual dining. After all, if the economy there is picking up and people have money to spend, then they’re going to eat out. And the Palm Springs Desert Sun recently published an article about how restaurant chains are still expanding in Southern California.
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