Seems like the financial Boyz and Wall Street Wizards are still in KOO KOO Land. They only admit the bad news when it's a foregone conclusion, which is how the situation got so bad (talking up all the positives ad bankruptsome).
While recession takes hold of the US, my prediction is that it will roll out everywhere else, not because the world is catching cold from the US, but because the world is discovering that it doesn't have a nougat centre filled with limitless supplies of oil.
Our own finance minister said it best: we have to tighten our belts...but not sure if there's much left to tighten. That's code for recession. This will be a recession that gets worse over time.
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