It’s already in the works and goes far beyond subprime.
References to 2009 & the Global Financial Crisis keep popping up in the reports because that’s how bad it has gotten.
Markit and ISM add to the gloom.
“The wheels have come off this quarter.”
Ugly, ugly, ugly. Manufacturing and non-manufacturing.
A terrible deterioration.
“October was, for unknown reasons, the worst month in memory.”
“Like someone just flipped the switch to ‘off’”
Hit by per-capita reality.