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Everything Looks Bad

Posted by Chris Farrell on Saturday, July 26, 2008

The stock market is down, Housing is down. David Rosenberg, chief economist at Merrill Lynch, offers up this assessment:

With rebate check delivery winding down, there is now little shielding the consumer from the full force of $4+ gasoline, deflating real estate and equity markets and rising unemployment. The new reality means a deeper downturn for consumers, higher headline inflation, more belt-tightening from businesses and a mammoth profit squeeze. It also keeps the odds squarely in favor of more rate cuts from the Fed, in our view.

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