In theory we are not in a ressession. I believe that you have to have negative GDP for 2 or more consecutive quarters. Q3 was +2.0% down graded from +2.5%.
Now with that said, the only thing keeping the GDP from slipping into negative growth is the spending being done by:
1) The remaining employed,
2) Unemployed folks hitting up their savings and retirement (My wife and I), and
3) Folks living off the 99 weeks of unemployment.
Once more folks get laid off, run out of savings & retirement $$$ and exhaust their 99 weeks the shit will really hit the fan. [img]http://www.arrse.co.uk/at
IMO, once Israel drops the big one on Iran and oil stops flowing to China & Russia things will get REALLY bad. Russia will retaliate against Europe for not dropping or allowing Russia to drop the big one on Israel. They will cut off natural gas, oil and coal to the EU- Then they will crumble. Of course we have been supporting the EU behind the scenes with $$$$ so then we will then crumble. Nobody will have a job, the last of your money in savings & retirement along with your unemployment $$$ will be worthless.
Bottom-line, there has to be a reason for "their" madness- If it is global melt down we are way along down that road.
Last, please talk to friends and family over this Thanksgiving holiday. It might be the last one anybody has in awhile.
Love and kisses from old JohnyMac at his BOL enjoying the smell of roasting turkey.
