Unless you are in the market and betting long on Kool-Aid, you are resigned to a long period of economic gloom. And just in time for such an extended projection of less than "happy days", I have recently established a computed and color-coded mood index.Read related » Welcome To 'The Great Lessening'
Joe "Effing" Biden, Vice-Economist/Co-Pilot (image h/t Theo)
[Reading this related article in its entirety is recommended.]
“We start the new week with a decidedly glass-half-empty view of the domestic economy. Last week's revised Q2 GDP release showed a modest improvement to 1.6% versus the 1.4% initial reading. Although a moderately bullish data point on the margin, underlying figures showed that government spending accounted for much of that growth figure. It is now clear that the pace of US economic growth is slowing. While the chances of a true double dip recession seem increasingly less likely, we are now certainly at least on path to reach a cycle of moderate growth, of sustained high unemployment and of continued pressure in the housing markets that could potentially last for years. Indeed as the "great recession" fades into history we now appear to be entering the "great lessening", a sustained period of lessened expectations for growth broadly that will have a profound impact on sentiment.”
— The Macro Report | Aug. 30, 2010 (businessinsider.com)
Being a long-term optimist, however, I have implemented the broadest range of potential American moods, from the current lowly "WTF?" mood, which is one tick above "Rage", to the theoretically highest possible mood of "Ecstasy!" Nevertheless, be prepared to hover in the neighborhood of "FML" for the foreseeable future.
Don't forget to vote November 2nd.
Post 1,402 Less Greatening
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