It’s refreshing to see a normally bearish commentator acknowledge the good news when it happens. I was amused yesterday to see other bearish economists say that the ABS stats didn’t seem correct… they didn’t argue with them the month previous, why now if it doesn’t conform to their “forecasts”?
Australia sometimes seems to think that whatever happens in America will happen here. I dont know why, but it seems that nine out of 10 times, it never eventuates. We then all scratch our heads and wonder what the big deal was in hindsight.
Although there might be some time to run in this recession, I don’t think Armageddon is here just yet or is likely to be here for some time.