Merrill Lynch: Recession is already here

[Ulli]

    The US has entered its first full-blown economic recession in 16 years, according to investment bank Merrill Lynch.

    Merrill, itself one of Wall Street's biggest casualties of the sub-prime crisis, is the first major bank to declare that a recession in the world's biggest economy is now underway.   

    US Treasury Secretary Hank Paulson has admitted that the US economy faces severe challenges David Rosenberg, the bank's chief North American economist, argues that a weakening employment picture and declining retail sales signal the economy has tipped into its first month of recession.

    Mr Rosenberg, who is well-respected on Wall Street, argues: "According to our analysis, this [recession] isn't even a forecast any more but is a present day reality."

Read the whole article here: http://bigpicture.typepad.com/comments/2008/01/merrill-recessi.html

[briann]

Yes, its looking very likely.

Looks like the Hillary/Obama presidency is a certainty.

Brian