"To say that the backdrop is 'recession-like' is akin to an obstetrician telling a woman that she is 'sort of pregnant'."
This quote from a report by Merrill Lynch gives an "in denial” Wall Street the not-so-happy news that the US Economy has already given birth to a recession. But the National Bureau of Economic Research - the body that officially decides whether the "R" Word can be used - is still keeping mum!
Stalker notes that Merrill Lynch itself managed to rack up massive losses this past year - $9.8 billion at the last count.
No doubt there is a mini-recession all of its own, going on at that much vaunted, leading Wall Street investment bank - well it used to be...
