We Are In A Recession. . . Apparently, This Is News?

Well, it is at Yahoo! News anyway.

So, the DJIA is off by nearly 700 points. Yawn. What's 680 points between friends, anyhow?

If you really want to know how ugly it is looking out there, go read a few pages of old articles at Mish's place.

He called recession a couple of years ago, by the way. And currently he is saying the bottom of of the housing market is in. . . in 4+ years from now, that is.

Now is a bad time to be borrowing money, unless you really like paying interest. Also to be lending money, unless you don't like getting repaid. The Bush administration trying to push banks to lend is

stupid.

Have a nice recession everybody! Personally, I have $10 in firing range fees riding on the Dow Jones Industrial Average getting to 6,000 before the end of 2009. If you knew how seldom I bet and how I hate to lose my own money, you would know this bet says a lot about my forecast for the US economy. But don't feel bad, the world is going down with us.