[MAD-AS-HELL]

I have said all along that there are no green shoots and if there are they are random weeds growing the ever mounting pile of crap that Obama and his merry band of socialist tinkers are using to snuff out our economy.

[wbones8765]

Yes, we are the road somewhere. Recovery? I do not think so!!!

[PGalt]

Very interesting. Thanks for posting.

[TSgt]

RIP U.S. Economy

[jwalsh07]

The details of the unemployment report are even worse than the headline. Not only are there large job losses right now, but as a way of sharing the pain, firms are inducing workers to reduce hours and hourly wages. Therefore, when we’re looking at the effect of the labor market on labor income, we should consider that the total value of labor income is the product of jobs, hours, and average hourly wages – and that all three elements are falling right now. So the effect on labor income is much more significant than job losses alone.

He's absolutely right here. The metric that interests me is the same that interests Roubini but I simply want to know the average hourly wage and hours worked. Until those increase re-employment ain't happening and I'm not putting any money in Larry Kudlows green shoot pipe dream.

[blam]

"Home prices have already fallen from their peak by about 27 percent. Based on our analysis, they are going to fall by at least another 40 percent, and more likely 45 percent, before they bottom out. They are still falling at an annualized rate of over 18 percent. That fall of at least 40-45% percent of home prices from their peak is going to imply that about half of all households that have a mortgage – about 25 million of the 51 million that have mortgages – are going to be underwater with negative equity in their homes, and therefore will have a significant incentive to just walk away from their homes."

Holy Moly!

[FastCoyote]

Well, looking on the bright side, at least Roubini is confirming what I’m seeing out in the commercial real estate world. Being right doesn’t bring the joy it used to.

[domenad]

Maybe, but Roubini has a vested interest in the economy tanking (a.k.a. “being right”). As my economics teacher told me once, pessimists are never wrong. If something bad happens they were right. If nothing bad happens, it was because you heeded their warnings.