CautiousInvestor

The Economy Is Bottoming

And while there are some encouraging signs in existing home sales, consumer spending and orders for durables, I'm still not ready to declare these as green shoots of a recovery.

The fundamental problem of troubled assets is still very much front and center; the various PPIP plans have not begun. Employment losses continue to mount and this recession has now cost us over 5 million jobs.

Manufacturing remains in shambles and the "adverse feedback loop" between the financial economy and the real economy is still wreaking havoc owing to falling home prices. World trade has fallen off a cliff and the global economy will contract.

I will readily cede that rates of deterioration have stabilized.