As risk markets soar this morning on the latest news out of Europe, we should recall that the real story is not how they move the deck chairs around in Europe, the real story is the incoming recession. This clip from April 2008 is perfect to remind us how most financial “experts” never see downturns, always buy stocks and always hope for the best. It is also important to note that none of the forecasts being used by politicians and bankers today to calculate budgets going forward include the possibility (never mind the virtual certainty) of a recession. Ever. This means that their math is now, as always, fated for failure. More losses and write-offs to follow.
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