Today’s economic reports are horrible. The second quarter GDP came in at an anemic 1.3%; that is, if you believe it. Last quarter was said to be 1.9%, but the real number has just come in at .4%!
Personal consumption came in at .1% a drop from 2.1% and not even the pathetic .8% they expected. That means that the consumer is hiding out, reluctant to pay anything but the mortgage.
Gold reacted by jumping to $1625 an ounce; who can assure anyone it won’t hit $2,000?
Zero Hedge blog says we are “on the verge of a triple dip recession within the bigger depression.” QE3 looks increasingly likely.