It is increasingly clear that by now that a severe U.S. recession is inevitable in next few months. Those of us who warned for the last 12 months about a combination of a worsening housing recession, a severe credit crunch and financial meltdown, high oil prices and a saving-less and debt-burdened consumers being on the ropes causing an economy-wide recession were repeatedly rebuffed [by] the consensus view about a soft landing given the presumed resilience of the US consumer.
But the evidence is now building that an ugly recession is inevitable.
Friday, November 16, 2007
Since the beginning of this blog, the one element for a perfect political storm, which has been missing, is the economic 'hard times'. Bush has managed to alienate a solid majority, without the usual critical ingredient of hard times. But, maybe that's about to change. Nouriel Roubini sees a hard landing.