There are two ways to sleep well at night ... be ignorant or be prepared.

Wednesday, November 19, 2008

Merrill Lynch CEO Warns that Epic Global Slowdown to be Like 1929

Arnaud De Borchgrave's columns are always worth reading and often incude unique scoops. This week's column about the velocity of the economic spiral is no exception.

Click on the title below to read the entire column. The excerpt included here is confirmation that Wall Street barons see the blight at the end of the tunnel.

TARP Trap
Arnaud de Borchgrave
Monday, November 17, 2008

... John Thain, chairman and chief executive officer of Merrill Lynch, warned that the global economy is entering a slowdown of epic proportions. Addressing the company's annual banking and financial services conference, Mr. Thain said: "Right now, the U.S. economy is contracting rapidly. We are looking at a period of global slowdown. This is not like 1987 or 1998 or 2001. The contraction now going on is bigger than that. We will in fact look back to the 1929 period to see the kind of slowdown we are seeing now."
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1 comment:

The last cause said...

1929?

Ehh...how can Merril be considered reliable when they missed the whole sub prime meltdown thingy?

As I recall, 25% unemployment and 30% foreclosures typified the worst of the Depression, we are not even close to those numbers as of yet and even then, it took 3 years to reach them.