Only three months ago I went out on the limb and said we will have no more recessions. I defined a recession these days as a full year with zero growth of GNP or negative GNP.
Now we are being inundated with experts of every shade and color saying we are in a recession and some are calling it a deep and severe recession.
First, there is a real decline in home building and the prices of housing in the U.S. and a few other countries.
Second, there is a global decline in financial markets, in many cases a decline of 20-40% since last July.
Neither of these is a recession. The home building and selling market is important but it is not the core of the U.S. industrial juggernaut. The financial market can be a critical source of economic growth, but in and of itself it is not a source of economic strength.
Frankly, I don't see anything close to a recession. I see a financial panic of global proportions, for reasons I have yet to identify.
The sky is not falling Mr. (Chicken) Little.