21st Century Great Depression is Here

The mask is off and no matter how the government talking heads spin it, we're in the 21st century Great Depression.  Unemployment up, home sales plunging and manufacturing slowing, there just ain't no good news. Obama's Summer Recovery died 10 days after birth.

Tyler Durden says it better than me "Another big leg down into the recognition that i) the recession was really a depression all along and ii) we are smack back in it. The ISM Manufacturing index came at 56.2 on expectations of 59, previous was 59.7. And the stunner - the prices paid index came in at 57 on expectations of 70, with a previous read of 77.5. The crash in margins will be surreal and companies will have no choice but to raise prices. And just so there are no mistakes that the Great Depression 2.0 is here, pending homes sales plunged a massive 30% on expectations of -14.2, and a previous read of 6%. This was the biggest MoM drop on record. Deflation is here, as is a full blown economic contraction, coupled with the complete pull out of the US consumer, who, absent government subsidies, will contain purchases solely to the iPad. Ben Bernanke has no choice but to print money now, or it is game over."

DOW 7000 or 8700? I really don't know where the bottom is but it's pretty clear that we're gonna find it soon.