BUSH'S "MARKET CORRECTION" = RECESSION

We are now in a recession. Merrill Lynch’s chief North American economist David Rosenberg said recession is no longer a “forecast” but a “present day reality.” He added:

"At no time in the past 60 years has the unemployment rate risen 60 basis points … from the cycle low without the economy slipping into recession, and here we now have the jobless rate hitting five per cent in December versus the [March 2007] trough of 4.4 per cent,"

But, perhaps, there’s nothing to worry about. According to Bush appointee and the head of the National Bureau of Economic Research, Martin Feldstein "… we're not in a recession now."

With the Bush administration’s track record on truthiness - and reality - I think I’ll go with Mr. Rosenberg's position.

- Mark