The credit markets eased up a bit today, but the stocks are set for a slightly lower close. What's the diagnosis? The recession is unstoppable.
"Many, if not most, economists now say that a global recession is a certainty.
"'The damage to the real economy has already been done and the developed world will suffer a major recession, while emerging markets will at least slow sharply,' Dariusz Kowalczyk, chief investment strategist at CFC Seymour in Hong Kong said in a note. 'This may yet push stocks, commodities, emerging currencies and short developed government bond yields lower, but in a controlled fashion.'"
