MUST READ! Don't Be Fooled by Wall Street's Happy Talk

[Joanne98]

The next phase of the financial and economic crisis is creeping up on us. You can see the signs in the U.S. stock market, where all the major indexes have reversed a three month rally and are now declining back to their March lows. This decline is led by the Dow and is in fact accelerating, taking with it last month’s cheerful prognostications that the U.S. not only has escaped a recession, but is bouncing back into full growth mode for the second half of this year.

The economic data do not confirm this picture at all. The employment situation continues to worsen, industrial production and factory utilization are lodged firmly in recessionary territory, and the only retail stores showing any sign of life are the deep discounters like Wal-Mart, benefiting temporarily from the tax rebates. Wall Street executives are telling us that the credit crisis is halfway over, but their behavior suggests otherwise. Lehman Brothers, for example, assured us last week that it was well-capitalized and fully in control of its future, but a few days later it announced a $2.8 billion loss and was forced to turn to the stock market and private investors to raise $6 billion more in capital. Where have we heard this story before?
http://agonist.org/numerian/20080613/dont_be_fooled_by_wall_streets_happy_talk

I'm cross posting this from GD. Please do not rec cause it's already on the Greatest page. I'm putting it here so it will last longer. Thanx

If you want to rec, you can rec the first thread..
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=3457435&mesg_id=3457435

[Warpy]

1. Thanks!

I'm sure this one will get its share of comments tomorrow when people are posting from work.