The New York Times reports, a significant fall.
Meanwhile a UCLA Report continues to hold the line that we're not in for a recession. Its logic - a recession requires weakness in the manufacturing sector. New construction and real estate will stay weak they argue, and the Fed is likely to drop the rates before the end of the year. This however will not be enough help recover the housing sector, which is simply over saturated. To do that would require that loans be granted to people who can't afford to pay them. Imagine that?
Recession indeed will come, and the Washington Post reports last week, that our industrial hearland is among the hardest hit.
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