The Recession Train Keeps Rolling . . .

Remember just last week when Citibank said its revenue is "strong and stable" and its capital is "plentiful?" Well, tell that to the 50,000 plus employees it just announced it is laying off. That is after letting 23,000 go this year. Sounds really strong and stable to me.

Seriously, is it any wonder that financial institutions are not loaning out money? There is absolutely no credibility in this crowd. Now I know that Citibank stock took a drumming last week, but making foolhardy statements like it did then only to follow up with a massive layoff this week is not going to help them in the long run. I am not saying anyone believes anyone out there right now anyway, but that is not an excuse to fan the flames with more idiotic statements.

http://www.bloomberg.com/apps/news?pid=20601087&sid=amJDipAa2oNw&refer=home

Four Out of Five Economists Recommend Running Like Hell

Getting economists to agree on anything is a challenge. Some say inflation while others say deflation. Some say throw money at the problem others say let the free market economy correct itself. So when 96% of the economists surveyed agreed that we are in a recession, that is truly amazing. I wonder what the other 4% are drinking.

http://money.cnn.com/2008/11/17/news/economy/nabe_survey/?postversion=2008111707

Manufacturing Slump. Are you surprised?

The New York Fed manufacturing index set a new record low at minus 25.4. Mind you, the records only go back to 2001, so the new record is not that incredible. This just confirms what we have been seeing. Manufacturing - and pretty much everything else - is off the cliff. Deere, Caterpillar and Alcoa, all down - again, like pretty much everything else. And there does not appear to be much relief in sight in the short to medium term.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a.Q5z6xlZSo8&refer=home

There was an overall climb in the U.S. in industrial output, but Bloonberg is attributing that to refineries and oil rigs coming back on line after the hurricanes. Still, up is better than down.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aJ_htC7sLMaE&refer=home