jepittman

ECRI: Economy Falling at Fastest Pace in 60 Years

The data reflects conditions in late October and very early November prior to the elections. The shock of the stock market collapse and the unknown election results caused temporary a panic in the public's mind. In my view this decline is not sustainable for a long period of time. The election is decided, the stock market has shown some evidence of a bottoming process, the Federal reserve has backstopped the credit markets and the political powers are no longer in denial about the seriousness of the problem. It will take a little time but people will calm down and resume a more normal behavior pattern quite soon. This is not to say the recession will end soon but the rate of descent has likely already slowed markedly.