Just a month ago one of the most accurate economic forecasters on the planet looked at the economy and concluded that another recession is 99 percent certain.
David Rosenberg of Gluskin Sheff, a Canadian private money management firm, noted at the time that consumers were still trying to reduce their debt load, which reduces their ability to purchase consumer goods and services. That continued reduction in demand is being felt all across the economy with no end in sight:
We still have this credit contraction shock as it pertains to the broad consumer sector…. Recession risks are as acute as they were a year ago, but with far less certainty that the Fed and Congress have another rabbit to pull out of the hat.
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