Rakesh Bhandari wrote: >At any rate, the crisis hit Dept I first. Consumption was not a >problem. We also know Marx's famous vol II passge in which he >criticizes underconsumption. Consumption will now give.
We'll see. Wall Street's favorite economist, Ed Hyman, has a piece out today claiming the U.S. recession probably ended in November (citing, as most recent evidence, a decline in unemployment claims, higher-than-expected chain store sails, a 23% surge in DRAM prices over the last week, and several major positive profits surprises). And, he says, a "synchronized global recovery is underway," citing higher Taiwanese exports, UK retail sales, Malaysian industrial production, and Canadian housing starts over only the last few weeks. Finally, in November, his composite leading indicator for the OECD had its biggest monthly increase in 18 years. For what it's worth, of course.... Doug
