Another Guest Post for The Big Picture

I'm on a roll. Below is my latest column for The Big Picture, entitled "Heading in Different Directions":

Talk that the economy is on the road to recovery is growing louder. On Monday, for instance, MarketWatch reported that “economists say the recession is over.”

Of course, Wall Street has been quick to jump on the bandwagon. A recent Bloomberg survey of U.S. users, many of whom work in the financial industry, found that optimists on the economy nearly equaled pessimists for the first time since its Professional Confidence Index was introduced in November 2007.

Yet ordinary Americans aren’t buying it. In fact, a new CNN/Opinion Research Corporation poll reveals that 87% of those surveyed say the country remains in recession, a 13 percentage point jump from June’s tally.

Given how much closer-to-the-mark the average Joes have been during the past few years when it comes to reading the economic tea leaves, especially in comparison to those who are supposedly in the know, it makes sense to bet on the amateurs.

Source:
Americans Think Nation Still Mired in Recession, CNN Poll Finds
Paul Steinhauser
CNN.com, September 3, 2009
http://www.cnn.com/2009/US/09/03/economy.poll.recession/index.html

All Bad Things Must End – Economists Say Recession Is Over
Greg Robb
MarketWatch, September 1, 2009
http://www.marketwatch.com/story/recession-is-over-economists-say-2009-09-01

Global Confidence Increases on Signs Recession Is Nearing End
Shamim Adam
Bloomberg, August 13, 2009
http://www.bloomberg.com/apps/news?pid=20601087&sid=aLPMDBgb5c0Q

Comments

[HSpencer]

Wait until the cold dreary month of November, when job losses still plague us, and the prospects for the ordinary American family seem flat. Add the H1N1 scare into the mix and the most likely poor holiday season, and your still in the pickle. The financial picture of the United States American Family will always override the charts and darts of the economists. Jobs to finance the American dream are fading, and new prospects are slim. Those having jobs now are afraid of losing them. The holiday sales will blow up a lot of current retail positions. In retail, management is trying to figure out whom to possibly temporarily hire on Oct 1, and whom to permanently fire on Oct 2. Of course this is the "way" of retail management. Cut, cut, cut on December 27th or 28th. This year it will be cut the slim staff that was on for Christmas. You just gotta look at the normal family of four, forget the charts.

[roger]

The central problem of depression-prevention has been
solved! this view is now history and has been replaced
by: it was all a matter of bad management,greed & it was
the fault of the damn Feed. Ha ha keep on dreaming foolish
thoughts,after all some (cemented in concrete) illusions
about our world have been around for over 2000 years,
some people would rather die than give up these Ideas

[Jay Midnyte]

The collapse started today with Gold breaking out of it's suppressed trading range stopping $2 short of $1000. Hong Kong is removing their physical gold from London depositories and storing at their own secure location. I wrote a post with more information over at my blog.