Tuesday, September 6, 2011

Winter is coming

The rain is lashing on the windows here in New York this morning. There is a general feeling of gloom in the media as well. Labor day brought a rash of articles fearing for the future of jobs in general, and specific worries on the back of Friday's zero job numbers.

European stock markets plunged yesterday, with Deutsche Bank down almost 9%. Obama is falling in approval ratings and Congress is unlikely to do anything to help the economy in any meaningful way. Even if the Fed does QE3, it is unlikely to help much.

A double dip recession is becoming the mainstream expectation.

It feels like it is going to be a rough September.

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