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Letter 1568

The initial shock hasn't dawned on the public yet, but it will. The reality is that the U.S. is sinking back into recession even after six years of pumping by the Fed. I think we have reached the inflection point, and the bad news is coming out. Once the newspapers start having to carry news of the recession, this will frighten the retail public. I think we're moving into the area where panic will take hold. Bear markets ultimately end in panic, and the economy and the stock market tend to feed on themselves. 


Recession will also obviously terrify the Fed, which has been trying with all its might to push up core inflation to the much desired 2%. So what's next? The Feds raising rates more than a tiny percentage is out of the question. What's more likely is the return of QE, because the Fed is terrified of the current position ... Log in or subscribe to continue reading.

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