It was badder than Bad...
by, 1st-August-2009 at 10:07 AM (1905 Views)
Read all about the bad sh!t here, click me!
** nothing much to add, except this contrarian thought - if "they" got it so wrong and for so long, just ask yourself why do you continue believing them?The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.
The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said today in Washington.
“The current downturn beginning in 2008 is more pronounced,” ...
Which brings up the second question, the current media brains have been calling the Chinese' bluffs by saying their stats and numbers are not credible, etc... the "truth" in all these accusations, for all you know, is probably more credible than these accusing brains want to believe because of their own cognitive bias.
In other words, the growth and the pace of economic recovery in China as well as in the whole Asian region could be much higher and faster than the "west" wants to admit or accept.
Which again brings up another question, why do you want to guide your investment time frame based on what is happening over in the USA? For that matter, their economic recovery, whilst is good, what's that got to do with the Aussie econ recovery?
Already there are so many "authorities" and figures and numbers have been telling you that the Aussie fortune does not rest with the west but instead it's decided by people in some other part of the world; people Australia has problem identified with... more.