So much for the all will be well as soon as 2007 is gone theory.
Wednesday January 2, 11:10 am ET By Vinnee Tong, AP Business Writer
NEW YORK (AP) -- The U.S. manufacturing economy unexpectedly contracted in December, ending a streak of 10 consecutive months of growth and sinking to its lowest point in almost five years, a private research group said Wednesday. The decline suggests that the overall economy may be weakening faster than some economists predicted
I'd like to know who these "some economists" are. I'd also like to borrow some of the shit they're smoking, must be really good stuff. Probably the same economists who predicted housing would bottom out in 2007 and also said subprime was nothing to worry about.
If any of you economists need help understanding this crazy unexpected decline here is a short recap
2001-2004: Everyone with a pulse buys a house using ninja loans; economy booms
2004-2006: The insanity continues but now with HELOC money available as well; economy booms even more as people buy all sorts of things with their newfound wealth
early 2007: the new found wealth is gone but people won't accept it thanks to economists saying all is well, don't worry be happy
late 2007: the shit hits the fan; people realize they're in deep doo doo and stop buying
2008: recession is here, a deep recession that will be really painfull
Glad to be of help.
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