>Doug Henwood wrote:
>
>> Well, there's a chance they're right. Lots of indicators are
>> bottoming, even looking up - and not just in the U.S. It's not a done
>> deal yet, but...
>
>But what's financing the expenditure that causes those indicators to rise?
>
>Today's NY Times: "Last week, the Fed reported that consumer borrowing rose
>in November by $19.8 billion, the biggest monthly increase since the Fed
>began keeping records in 1943."
>
>Maybe this can go on forever. But in order for that to happen, the dollar
>will have to stay high, interest rates low, the c/a deficit enormous, and
>debt rising until kingdom come.
I know all these problems, but the labor market is showing signs of stabilizing, manufacturing bottoming out, and real wages for the 94% of the labor force that is employed are rising. Maybe I err too much on the side of avoiding leftie recession obsession, but all I'm saying is keep eyes and mind open to the possibility of recovery.
Doug