JohnsBlog (articles, news, thoughts, advice)

I've been noting/discussing with clients the fact that recession seems inevitable from where we're at concerning the economy...just a couple of days ago, Mr. George W. Bush shared his opinion that the country is NOT heading into recession.

This morning, I came in to read the following:

``All the lights are flashing red,'' said Nariman Behravesh, chief economist at Global Insight Inc. in Lexington, Massachusetts, in an interview with Bloomberg Television. ``We're in a recession. I don't think there is any doubt about it at this point.''

Funny how an economist and our president share completely different views.
However, as I've been saying for a while now (read prior blogs) recession was inevitable with the combination of a credit crunch, depreciating home values, and a weakening dollar.  Common sense should have shown for months that this was coming, but it seems some just didn't get it.

Anywho, todays weak job numbers gave mortgage rates a little much needed boost, hopefully we can get a wave of good news for rates (unfortunately at the expense of the stock market most likely) and ride it into the 5% range again before the Fed cuts rates again!