Whispering About the Apocalypse

The Fed and most mainstream economists, not to mention your friendly stock hustler, continue to say we aren't really in a recession, and probably won't be. Chronic bears, like yours truly, think that we hear whispers of the apocalypse amidst the cheery chirping. A rather loud whisper was heard this morning when Asian stock exchanges plummeted. A softer but still ominous hint comes from this Michael A. Fletcher story in the Washington Post. It seems that:

An unusually large share of workers have been out a job for more than six months even as overall unemployment has remained low, a little-noted weakness in the labor market that analysts said threatens to intensify the impact of the unfolding economic downturn.

The hollow core of the Reagan-Bush-Greenspan phony economy of borrow and spend is increasing exposed. The Republicans and their minions in the press are determined to stick the public with the bill, and no doubt they will succeed at least in part.

UPDATE: Department of heroic understatement. The WSJ speculates that the selloff in Asia and Europe reinforces fears that the Market might be tested on Tuesday. My utterly worthless prediction: DOW low, down 700; close, down 500.

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