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And lastly, sealing the deal for the "recession" argument is the following data from John Lohman which finds that the collapse in real-time economic data over the past three months is the sharpest in history.
Another day, another disappointing real-time indicator declines AND is below consensus estimates. In fact, every manufacturing index for the month of August has missed expectations and signaled further weakness. As Bernanke, the IMF, and most Wall St. economists cling to the notion of a second-half acceleration, the rest of us are witnessing a deterioration in global growth which is unprecedented.
As shown, the current three month change is the largest in the history of the model. In other words, the collapse in real-time economic data (such as ISM, German IFO, etc.) over the past three months is the sharpest of the last two decades for which data is available.
and we might just see 650k+ jobs lost Friday... which (hopefully) wake the hell up of those braindead people who still think Obama and congress are doing a ``good job`` to revive the economy...
And Obama doesn't have any power at all over the economy, unless you want him to use unconstitutional dictatorial powers.