Bull Hubris

There’s a video going round mocking ECRI’s recession call.  A recession is what the NBER says it is. I suggest that with a negative print on 4Q GDP, horrible January sales from Caterpillar this morning and unofficial leaks from Wal-Mart of a poor January and a worse February that the mocking may be a bit premature.

My guess is that ECRI did not expect that the Fed would increase its liquidity pumping even though the economy was supposedly in “recovery.” But I think they will have the last laugh, as the collapse with full pumps already running will be unstoppable.

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