Don't forget to eat your ECRI

Memories of Guambat's youth are fading faster than news of Obama's miracle emergence.

But he is sure he must have heard his Mum tell him to be sure to eat his ECRI. But what's an ECRI?

Now he's found out, and he's quite pleased he's avoided eating any since he left home.

A flashing red light from the ECRI

Friday’s breaking news is the annualized growth rate slowed to -9.8% from -9.1 for the week ended July 9.

At this level, the ECRI — which Lex says is noted for its prescience, longevity and impartiality in predicting business cycles — is flashing a great big warning sign that the US economy is going to double dip and head into recession.

A -10 per cent market nearly always signals a recession, apparently.

Gulp.

Click the link to see the chart. One picture is worth a thousand copyright claims.