Michael Snyder, on January 15th, 2016
Barack Obama got up in front of the American people and proclaimed that anyone that was saying that the economy was not recovering was peddling fiction. … Wal-Mart decided to shut down 269 stores. … What in the name of Sam Walton is going on out there?
The truth, of course, is … we have now entered the next great crisis, but most communities around the country never even recovered from the last one. In fact, the Wall Street Journal is reporting that a whopping 93 percent of all counties in the United States “have failed to fully recover” from the last recession …
And the financial markets are finally starting to catch up with economic reality. As the collapse on Wall Street accelerates, we are going to increasingly see panic selling and forced liquidations. In the past, it was mostly humans that had their hands on the controls … . The following comes from CNBC
… “It feels like sell program after sell program,” said Michael Cohn, chief market strategist at Atlantis Asset Management, a boutique firm in New York. “It seems to happen first thing in the morning, and then however the market transpires during the day is how they close it. If it looks like it’s coming back, they’ll take it at the end. If if looks like it’s heading lower, they’ll slam it at the end of the day.”
Earlier today, an article authored by Michael Pento entitled “A recession worse than 2008 is coming” was posted on CNBC. …