It's Official....

As if we did not already know that the last year of financial turmoil or "term oil" as in the last eight years being about that mess in Iraq, and yes it has meant something much more ominous, today it was announced that we have been in a recession for the last year. Duh. Who is the savant that gets chosen to utter these "official" words? Stocks got hammered today, as investors bailed out following confirmation that the U.S. is mired in a recession and indications that it's likely to continue for some time. Double Duh...

So when the Dow Jones industrial average (INDU) loses 680 points, its fourth-biggest single-session decline on a point basis ever, the R word is pulled out.The decline was 7.7% in percentage terms - the 12th worst percentage one-day decline ever. Year-to-date, the Dow is down 38.6% and has lost 42.5% from its record close of 14164.53 hit on Oct. 9, 2007. The question looms where are we going and why are we in this handbasket? With a financial bail out that pays dividends, Citibank gets more cash than it needs, and all economic indicators are pointing to gloom and doom there IS one bright spot. One bright guy I should say. Peter Schiff. Peter Schiff, the president of Euro Pacific Capital and frequent TV commentator spent the past few years telling anyone who'd listen that America was heading for a recession. Now Peter Schiff tells us what he expects next. NPR has a new podcast, and it's excellent. The Money Podcast nails it, well produced and articulate- a rare combination.

Peter Schiff, has taken the heat for the past few years because of his doom and gloom stance or as I like to refer to it as realistic observation . I have a little crush on Mr. Schiff, so I am a bit biased at the moment but don't let that get in the way of his brainiac observations...so refreshing!