2/3 of Americans see recession ahead

From the Wall Street Journal:

America's Economic Mood: Gloomy

Broad Public Pessimism
Spurs Democratic Candidates
To Target Business Interests

By JOHN HARWOOD
August 2, 2007; Page A4

WASHINGTON -- Americans are feeling decidedly sour about the economy and those in charge of it, fueling Democratic efforts to target business interests in the 2008 election campaign.

More than two-thirds of Americans believe the U.S. economy is either in recession now or will be in the next year, a new Wall Street Journal/NBC News poll shows. That assessment comes despite the fact the economy has experienced sustained growth with low inflation and unemployment and generally rising stock values ever since the recession that ended early in President Bush's tenure.

Never thought I'd agree with the majority of Americans but hey there's a first time for everything. Despite the chorus of economists chanting "moderate" growth there are clear signs of a recession looming in 2008.

The earnings cycle is on it's last legs, the consumer is taking a standing 8 count and the credit crunch after a few telling left jabs is lining up the chin of private equity, homebuilders, mortgage providers and anything else that dares get in it's path for a devastating right cross.

Hell, blind Freddy could see a US recession coming. There, I've said it and I feel much better. Make sure to come back and castigate me when the US economy sails effortlessly through 2008 at some moderate growth rate.