Wag the Economic Shih Tzu
The unwinding has begun without many really knowing about it.
Our former fed governors say we are facing the worst financial crisis in over 60 years. Hedge funds collapsing. Banks collapsing. Cities and counties on the verge of bankruptcy. LEH says everything fine but begging at the discount window. Layoffs starting to really pick up. Earnings imploding (S&Ps PE higher this year vs last even though price lower). Airlines cutting back. Auto manufacturers cutting back. Truckers pulling off to the side of the road. Hotel bookings down. Teachers getting cut. Hair cutters slow. Slowing sales at retailers. Retail inflation picking up. Upward sprialing forclosures. Incomes stagnant. But don't worry, we are not in a recession.
Anyone think there is a chance of some kind of diversion before we must really smell the coffee? Can't you hear that rattling sound?