As warned previously on these pages, the US is in a recession… again.
The latest ISM reading came in at 49. Any reading below 50 is considered recessionary. And an ISM of 49 is the worst in four years.
The
Fed, as usual, is oblivious to this. Bernanke claims we’re going to see
a 3% GDP growth in 2014. We haven’t seen annual GDP growth of 3% since
Bernanke took office. And he and the Fed have been claiming that a
recovery was just around the corner for five years now… that’s HALF a business cycle.
At
this point we should ALREADY be in a massive economic expansion, not
waiting on a recovery. And we certainly shouldn’t be seeing weak growth and higher costs, which is the worst possible combination: stagflation.
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