Swiss_Buffett

The Reason to Ignore Most Economists

Just because GDP has not had 2 consecutive quarters of negative "growth" does not mean that there is no recession. Especially the labor market has been weak, and that the consumer is pinched serverly.

Kudos to Todd if his falling home price value does not matter to him and his lifestyle. But apparently there are millions of other folks who were not so restrained and indebted themselves far more than they should have thanks to ever increasing home values. Now that the ever pyramiding lending schemes have dried up, somebody will hold the bill. And that's always the consumer - and that's bad for the US economy and eventually may very well be bad for the global economy (especially China).