A recession in the U.S. “has arrived,” reports Merrill Lynch this morning. "According to our analysis, this isn't even a forecast any more, but is a present-day reality.” "To say that the backdrop is 'recession like,’” Merrill asserts, “is akin to an obstetrician telling a woman that she is 'sort of pregnant.'" What a refreshingly mordant statement for a Wall Street bank. Makes our coffee taste that much better this morning.
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