Wilson Flags Consumer Strains, Stock Downside On Revisions Disconnect

Just how weak is the American consumer? That's what Morgan Stanley's Mike Wilson wants to know. The short answer is that betting against the American consumer is about like betting against America in general: It often sounds good in theory -- and sometimes it even looks good on paper -- but it's almost always a fool's errand. That was certainly the case last year. As Wilson put it in a Sunday note, "it was the consumer that buoyed growth and fended off the hard landing that many feared." But