Thursday, January 31, 2013

Prepare for the Double Dip Recession

Art Cashin is a Wall Street legend. I had the privilege of starting my own investment career at Paine Webber (PaineWebber was bought by UBS) where Cashin worked providing daily market commentary from the trading floor. Today Cashin had this to say:

The year-over-year change in real GDP was 1.5 percent. There has never been a time since measurement commenced in 1948 when the annual pace of real GDP has fallen that low without the economy ultimately slipping into recession. Sub-2.0 percent readings are historically the warning signal.

Of course, Art Cashin is referring to "official numbers". Readers of this blog know we have been in a recession/ depression since 2008.

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