> Bush does not think the economy is headed for a recession
Here's yet ANOTHER memo our Glorious Leader missed...
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JPMorgan economist says US in recession
The Associated Press March 7, 2008
The U.S. economy is two months into a recession, according to a
research note released Friday by JPMorgan Chase & Co.
JPMorgan anticipates the current recession remaining short, unless
there is an "abrupt change in cor****ate behavior."
In a short recession, the bottom occurs at about five months, Thomas
Lee an analyst with JPMorgan wrote in a research note. Lee said during
typical "short" recessions, equity markets gain about 12 percent in
the year following the bottom.
Lee said if the recession lasts more than 12 months, stocks are likely
to have additional downside. Only eight of the 22 recessions since
1900 have lasted longer than a year, Lee added.
JPMorgan originally estimated the Standard & Poor's 500 index would
rise to 1,590 during the year. It also did not predict a recession,
instead saying the economy would face a period of "slow growth." With
the revision in the economic outlook to a recession, JPMorgan now
estimates the S&P 500 will bottom out in May before rising toward
1,450 by the end of the year.
The S&P 500 fell 11 points to 1,293 in afternoon trading.
http://www.businessweek.com/ap/financialnews/D8V8OQKO0.htm
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