Saturday, July 31, 2010

The Recognition Phase, Round Two

Mainstream economists are starting to recognize that the Great Recession is back on. Now Mish is confirming my gut instinct has been correct all along:
" light of today's GDP report sporting 3 Years of Massive Downward GDP Revisions it is becoming increasingly likely that the recession that started in 2007 never ended."

"It got less-bad-looking for a while, and then fell down again" will be the theme of reporting going forward, beginning in a few months from now. If the government continues to [deleted] it up, it will be "and stayed down for n years." where n is at least one more than the government was trying to "stimulate" a recovery.

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