The Certainty and Dramatic Language of ECRI's Recession Call
What was particularly striking about ECRI's current recession call is the fervor and certainty of the language in the public press release:
Here's what ECRI's recession call really says: if you think this is a bad economy, you haven't seen anything yet. And that has profound implications for both Main Street and Wall Street.
Note the complete absence of wiggle room in the announcement, nor have there been any public communications from ECRI to qualify or soften its recession call. ECRI has put its credibility on the line.
Seven months have now passed since the ECRI recession call, which coincidentally occurred on the same day that the Federal Reserve announced Operation Twist (see this update on the effectiveness the Fed's strategy). Has Fed policy been a factor in delaying or eliminating the recession ECRI saw in its crystal ball?
They can delay but they will only make the crash worse when it comes. I am completely distraught over the long-term unemployed. Real, needed jobs are shrinking and I grieve for those who will never get back to a solid middle class paycheck or have to live off the partial support of family.
This is bad. We are in a full on economic depression that is deepening, disguised only by the economic smokescreen of the FED and the breadline smokescreen of EBT cards and unemployment checks.
There are people out there who are nearly suicidal to find work and others who are deeply frustrated they can’t find anything beyond McDonalds fry cook or Starbucks Barrista.
This is really bad, and the EU hasn’t even collapsed yet.
The pace of a depression comes so slowly that you can’t feel the full effect of the contraction and deleveraging. But individual people out there certainly can.
Obama is toast, a one term wonder. No way he gets re-elected in this economy. No way. ABO.
Globalism’s chickens have come home to roost...
These days about 40.75% of GDP is government spending. So if government spending increases by 5%, that means GDP increases by better than 2%. But you’re no better off, unless you can find a way to pay your mortgage with your share of the benefit from a bridge to nowhere.
Obama and the fedgov are lying. The inflation and other numbers they put out are BOGUS.
Romney needs to call them on this. The people KNOW that Obama is lying.
Ridicule is in order.
If France goes socialist, that could be the final straw that collapses the EU which will spread the contagion globally. Add a win for zero, and recovery will be impossible.
Is it no wonder that stagflation is here again. Same policies same problems. Washington never learns.
No recovery...No way out Bump