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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Secret_Agent_Man who wrote (189338)	8/24/2002 2:42:19 PM
From: Secret_Agent_Man	Read Replies (1) of 436258

Almost every single report over the past six months, in context has been negative. Wall Street, government and CNBC refuse to discuss the recovery that never happened. This is doubly negative when you consider the trillions of dollars thrown at the US and foreign economies. We are in recessionary stagnation fighting deflation. This is a vicious falling cycle. The weekly index of economic indicators is down 3.2% over the past three months in the US and is mirrored in Asia and Europe. This is three consecutive declines, which means if September follows, we are in an expanding recession particularly if GDP figures decline over the next two quarters. There is absolutely no question the economic outlook has deteriorated significantly from earlier in the year. Economists won’t admit that because they get paid to project happy stories. If you remember these same “experts” said the “slowdown” would be over by 1/1/01 and of course they were wrong again. Japan and Europe are being squeezed by the stronger Yen and Euro and both show almost no growth. The geniuses at JP Morgan Chase predicted the world’s other economies would expand by 3.2% in the second half of the year. They now predict 2.15% and we predicted 1.5%. Nobody seems to get it; the world economy is falling. It is in various stages of recession and depression. Worse yet, all the US figures are phony. Germany will only show 0.5% growth for the year. Meanwhile the US Congress is finding new ways to cut taxes and raise deficits. Hours worked and productivity gains are falling, which means less consumer spending and a deeper recession. Household wealth has been decimated by the drop in the stock market. What happens when the debt and real estate bombs explode?

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