No, this has nothing to do with the financial markets. It’s the fundamentals. Lots of charts at Econoday — go read:
The 11 prior negative readings correspond exactly with the 11 recessions, so far, of the post-war period. If the economy doesn’t fall into recession during the third quarter, it will be the first time that negative year-on-year change has not corresponded with recession.Â
OK, despite stiff denials, we are IN the Recession, and probably have been for several months (that little lie by itself ought to get Paulson fired).
Question is, since the Administration took many months of obvious recession to admit it, due to their obvious practice of ignoring all the inconvenient indicators (which also costs us pensioners many dollars in COLAs every year), are we now in a de-facto Depression?
Hey, in for a penny, in for a pound. If Bush, Inc actually admitted to a danger of Depression, maybe he could actually get his “fix” passed….