Steinberg at MerriLynch is backpeddling
This year, the Fed has cut rates to bolster growth. Merrill Lynch's chief economist, Bruce Steinberg, believes the central bank will slash rates by another half percentage point in April -- before its next scheduled meeting on May 15. "The current state of the economy requires more cuts and soon," he said.
on a panel discussion with Siegell at Wharton and Sinai at a private economic consultancy, Steinberg thought all was well over a week ago... he remained confident that GreenStink was in control and on top of the matter... I identified Steinberg as the only one of the three panelists with a vested interest in being positive in his outlook regarding recession
Houses contain whores
this one is waking up to reality
I expect a mild negative on Q1 GDP... something like -0.4%, enough to shake the establishment... esp since no signs of improvement anywhere, only more logs thrown on the worsening fire
the layoff momentum is picking up... that entire cycle also behaves like a supertanker, with clear momentum that is hard to stop and inevitable once earnings vanish... only perpetually naive optimistics believe the layoff cycle is complete... once I read Proctologist & Gambler announced large scale layoffs, I became certain that the layoff cycle would eventually cut rather deep
next asset class to get whacked might be real estate... SFrancisco property rose 30% just last year... GreenXanada probably sees this class as potentially dangerous and inflationary... Boston pooperty rose about 10-12% last year
the only inflation I see is between GreenBald's ears
when you fight the ghost of inflation, and it is truly a ghost, YOU GET DEFLATION... deflation is a byproduct of recession
Japan has it, and their economy is teetering toward depression
Europe economy is stalling, and will enter a recession simultaneously with the USA
South America is a wagging tail on the dog
dont be fooled on the next counter-trend rally
it could happen soon
/ jim |
