O How Things Have Changed

Last year this time, ‘recession’ was barely a word on the cusps of our lips. Our word was ‘slowdown’. O what a difference a year makes in the world of economic forecast. After the ever-present credit crisis, bottomless housing debacle, and a few rate cuts by the FED, we change our sights from ‘slowdown’ to ‘recession’. Friday’s employment numbers, subject to great and grand revisions and general flaw, did not help the market re-convince itself we are headed for a slowdown and not the other word. But this is old news; we have now transitioned into bail out talk and fiscal stimulus packages. 

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