Expect the Worst Recession Since WWII

This week we look at a short but excellent summary of the state of the current economic crisis. I always enjoy reading David Rosenberg, the North American economist of Merrill Lynch. He has a no-nonsense style that is refreshing from most mainstream economists. The reality is that things continue to deteriorate. Today’s stock market action shows that we are not of the bear market woods just yet. Rosenberg gives us a few reasons why.

FEMA sources confirm coming martial law

WMR has learned from knowledgeable Federal Emergency Management Agency (FEMA) sources that the Bush administration is putting the final touches on a plan that would see martial law declared in the United States with various scenarios anticipated as triggers. The triggers include a continuing economic collapse with massive social unrest, bank closures resulting in violence against financial institutions, and another fraudulent presidential election that would result in rioting in major cities and campuses around the country.

US private sector shed 250,000 jobs in November: ADP

WASHINGTON (AFP) — The US private sector lost 250,000 jobs in November, the largest decline in six years, in a further indication of a tightening labor market amid recession, according to a private payrolls report Wednesday.

The job loss was again driven by the goods-producing sector, which posted its 24th consecutive monthly decline in November, the ADP National Employment Report said.