NY Times Business Section headline "Unemployment Hits 5.7% As Jobs Fall for the 7Th Month". Quoted in the story is James Glassman senior domestic economist with JP Morgan Chase..."What we are seeing is a steady hemorrhaging of jobs, and that is going to continue until housing stabilizes and stops dragging down the rest of the economy".
Follow that up with Barron's interview NYU economist and Professor Nouriel Roubini who sees the bursting housing bubble debt related losses around $2 Trillion. " Yes , That's $2 Trillion of Debt-Related Losses. We are in the second inning of a severe, protracted recession, which started in the first quarter of this year and is going to last at least 18 months, through the middle of next year."
CalculatedRisk reports that Goldman Sachs put out a research note lowering second half projections.
That's enough to sour traders expectations come Monday when the market opens. Unfortunately, one more news worthy event occurred Saturday afternoon. Iran has decided to reject US calls for an end to their Nuclear Energy pursuits. I would expect tensions to begin to rise again in the Middle East as Israel will now question its safety in the region. Oil prices should once again see a higher premium.
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