Merrill Lynch Predicts Recession

Silicon Valley Insider:

Two major Wall Street firms have finally thrown in the towel and are now calling for a recession. For a variety of reasons, Wall Street is usually late to call downturns, so this probably means that 1) we're already beginning to come out of the recession, or 2) this recession is going to be a doozy (the more likely explanation, in our opinion).

The pessimism of Jan Hatzius at Goldman prompted Ben Stein to call him a lightweight, conflicted shill who was just "selling fear" to help Goldman's proprietary trading desk. We therefore look forward to Stein's explanation for the pessimism of Merrill Lynch economist David Rosenberg:

"The US consumer is on the precipice of experiencing its first recessionary phase since 1991 - the last time we had the combination of high, punishing energy prices; weakening employment conditions; real estate deflation and tightening credit conditions...

Read the whole story: Silicon Valley Insider

Comments

[LDJeff]

What do you think about this?
November 4, 2007 (LPAC)--Lyndon LaRouche today strongly chastized those who have attacked him, for repeatedly warning that the entire global financial and monetary system is hopelessly, irreversibly bankrupt, and must be put through a bankruptcy reorganization to begin a process of global reconstruction. "The news of the past 48 hours that two of the largest financial institutions in the United States, Merrill Lynch and Citicorp, are in dire crisis and have chosen to fire their CEOs," LaRouche said, "just serves to underscore that I have been right, and all of my critics have been wrong to the point of clinical insanity." LaRouche noted that Bloomberg was reporting on Nov. 4 that former U.S. Treasury Secretary Robert Rubin is likely to be brought in as the "interim" chairman of Citigroup.
More at: http://www.larouchepac.com/static/about-larouche.html

[rchsod]

recession has been here in most parts of the country for a long time. this is`t breaking news to tens of millions of americans. i guess the rich are afraid they will have to make do with their millions

[rh654]

No recession is going to happen - these companies are talking up recession fears to get more concessions from the government for their huge losses.

[Justinpassing]

Merrill Lynch Predicts Recession

Is suppose to read: Merrill Lynch helped cause Recession.

but there is no market for truth in america any more........which brings us to here and now.

[Dendroica]

Hey Huffpo:

Yesterday Dow drops 57, you called it a "wilt".

So when it goes up three times more than that, can you at least acknowledge that its not falling apart?

[nomoredead]

Countrywide
Banks
Hedge Funds
H&R Block
E Trade
AIG
I glad dendroica is still happy.

[nomoredead]

More news everyday...it seems like the big boys were doing something greedy and got caught with their pants down...why the hell was H&R Block and AIG Insurance in the sub-prime mortgage business?

[getoffmedz]

"Two major Wall Street firms have finally thrown in the towel and are now calling for a recession." Much truth, here.

Bedrock industries have already been laying off.

Better look for other jobs, now.

This is very good news for employers who can cut salaries, delete pensions and cut benefits like health insurance and other "overhead" costs like heating and air conditioning.

At the very worse, Americans will be fighting the "illegals" for jobs.

Eight years of Bush/Cheney and y'all get what you deserve. Fools.

[curiousasheck]

Turn out the lights, the parties over.