Here Comes The Double Dip Recession…

Here comes the double dip recession – the same one rumor control has been whispering about for several months now. Housing starts tumbled 17% in May as the homebuyers’ credit expires. Virtually all recessions and recoveries have a major housing component to them. Here we go again…

Full story on housing starts here:

A few other things to consider when tossing and turning at night:

  • Nobody’s hiring – the business community suspected this downturn  would occur and have been pretty slow hiring. The number of unemployed, underemployed and no longer looking is as well bove 17% (I can really relate here – my 7 job search engines looking in 3 different cities/states – effectively 21 search engines – have been yielding pathetic results). There are 5+ applicants for every job opening
  • The stock market. It’s making a small rebound now (though nowhere near its highs of couple years ago) because investors are cashing in this year before the tax increase in January. You remember tax increases, the very thing you do not do during difficult times. The accountants are busy getting it all in right now (psst… it’s a good time to buy for the long-term [10+ years] prices are low)
  • With all this debt, inflation can’t be far behind (or the dreaded stagflation of the 1970’s)
  • And finally, the Obama administration’s response, request another 50 billion in “emergency” funding. At the risk of repeating myself – these professors and politicians and community organizers have no idea what they’re doing (the President’s speech in the Oval Office last night = another log on the incompetence, deer-in-the-headlights fire)
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One Comment on “Here Comes The Double Dip Recession…”

  1. Matt Says:

    I agree wholeheartedly. Feels like we’re about ready to relive the 70’s….

    Very scary.

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