Talk of Worst Recession Since the 1930s

By DAN DORFMAN
November 12, 2007

After what Los Angeles money manager Arnold Silver called "a brutal three days," the question is: What now for the market?

A Wall Street superstar this year who runs Balestra Capital Partners, Jim Melcher, says he's "worried about a recession. Not a normal one, but a very bad one. The worst since the 1930s. I expect we'll see clear signs of it in six months with a dramatic slowdown in the gross domestic product."

Balestra Capital, a $350 million New York hedge fund, was up 3% for the past three market sessions, when the Dow Jones Industrials, spearheaded by widespread declines in financial stocks and fears of more billion-dollar-plus asset write-downs, tumbled more than 677 points, or about 4.5%. The Nasdaq fared worse, skidding about 7%, triggered by across-the-board declines in those fast-stepping technology stocks.

Balestra has increased in value by 175% so far this year, Mr. Melcher tells me. A 9-year-old fund, it has posted compounded annual growth of about 30% since its inception.

Mr. Melcher, a market bear, had some pretty discouraging words. "What I think is not good for the country, but good for me." he says. His basic advice to the country's roughly 80 million stock players: Run for the hills — the worst is far from over. An investor's stock portfolio now, he believes, should be only about half of what it might normally be.

With the housing market in a state of collapse — and he says he believes it is far from over — Mr. Melcher argues that average homeowners will not be able to withstand the kind of recession he sees, given the added burdens of rising energy and food costs, and continued deterioration in the credit markets.

Noting that consumption is already slowing, Mr. Melcher figures sharply rising unemployment is inevitable. Another of his worries is that central banks around the globe, America's included, are debasing their currencies, which is setting the stage for a new round of higher inflation. Our bear figures the next six to 12 months will be awful for investors as the market goes down "pretty substantially." His frightening outlook calls for an additional 20% to 30% decline from current levels. A drop of that magnitude would put the Dow down in a range of roughly 9,100 to 10,400.

Asked how he could conceivably give credibility to such an ominous forecast, Mr. Melcher observes: "I've never seen a market with more risk and what's significant is that risk is not yet priced in."

Given his grim expectations, he says there is no equity market in the world he would play right now. "When the American market goes down, other equity markets around the world should follow," he says.

As of now, his portfolio is pretty much devoid of stocks, save for an exchange-traded fund focused on leading companies in oil services, which he regards as an ongoing growth industry. The ETF, the Oil Services Holders Trust, trades on the American Stock Exchange under the symbol OIH. Although enthusiastic about the industry's growth prospects, Mr. Melcher says he would be reluctant to recommend oil services stock because he believes the price of oil could easily drop 50% in the recession he envisions.

Another danger he sees for the market is the prospect of huge withdrawals of funds from America by foreign investors due to the falling dollar, the credit crisis, and a slowing economy.

At the moment, Mr. Melcher's chief investment strategy is shorting stocks and certain bonds, notably mortgage-backed and junk bonds, through the use of derivatives, put options, and credit default swaps. He is also short ABEX, an index of residential mortgage-backed securities.

His short strategy is largely responsible for his super performance this year, as are his holdings in gold. The fact he's sticking to this strategy is evidence that he firmly believes the chaos in the financial markets is far from over. Mr. Melcher is also gung-ho on several currencies, particularly the Swiss franc and the Japanese yen.

The average investor, he believes, should seek to protect his assets by raising cash, putting money to work in short-term treasuries, and buying some gold (notably through StreetTRACKS Gold Trust, an ETF that tracks the price of the precious metal and trades on the Big Board under the symbol GLD).

Is the world coming to an end? I asked our bear. "I don't think so," he replied, "but as I mentioned, the ingredients are in place for the worst kind of a recession, which means it's the wrong time to own stocks."

Reader comments on this article

Title

Date

badnews [4 words]

bad

Mar 11, 2008 17:30

It's all the Politicians [119 words]

Boomer

Mar 7, 2008 12:17

You can't blame this on anyone but Bush [54 words]

ATG

Feb 21, 2008 03:07

↔ For the record [22 words]

Blueoxe

Feb 24, 2008 15:07

↔ WRONG [54 words]

sockergrl80

Feb 25, 2008 16:03

↔ Blame Congress [95 words]

Feb 28, 2008 14:19

↔ True Sentiments [4 words]

V Malhotra

Mar 5, 2008 13:28

↔ open are eyes [83 words]

brenda

Mar 12, 2008 12:16

How many illegals can we afford? [96 words]

tank

Feb 11, 2008 11:05

Rodney, what?! [112 words]

james

Feb 5, 2008 14:54

Rags - Bottles - Cans [45 words]

Darkness on the Horizon

Jan 24, 2008 01:33

↔ theres no recession [101 words]

RodneyC

Jan 30, 2008 06:41

↔ proof it is bad [161 words]

David

Feb 8, 2008 19:47

Welcome to Michigan [16 words]

Bamboozler

Jan 17, 2008 12:08

↔ Michigan is in a Recession already, but do people really want to work? [210 words]

Kim

Jan 30, 2008 05:17

The Depression is closing in on us [172 words]

Nailer

Jan 15, 2008 09:17

↔ What a mess [6 words]

Sandra

Jan 22, 2008 23:27

The response from Richard Clark [186 words]

The harsh reality is that the forces allied against us both foreign and domestic are formi

Dec 12, 2007 20:15

↔ Manufacturing Gone [144 words]

Rocco

Dec 20, 2007 22:52

↔ 1980s was noticeable slide [299 words]

Bruce de la Vega

Jan 2, 2008 11:30

↔ before and during WW2 [144 words]

Bruce de la Vega

Jan 2, 2008 11:43

↔ Jobs lost [81 words]

Jack L.Kinch (1uncle)

Jan 25, 2008 19:21

Oil execs enjoying their 1000% profit margins are you [160 words]

Nicolai

Dec 10, 2007 22:45

doomsday [38 words]

howard lamel

Dec 7, 2007 07:51

bad news for the oxbridge/yalvard crowd [262 words]

Alex Morfesis

Nov 16, 2007 00:47

Early tremors [42 words]

PJM

Nov 14, 2007 09:48

Bad News Bears piling on the bottom again, time to BUY! [29 words]

Jim Turner

Nov 14, 2007 09:38

↔ Suckers Rally [39 words]

Alan Walters

Dec 2, 2007 06:49

Country Before Party [266 words]

John

Nov 13, 2007 19:44

It's All Planned! [128 words]

Steve Noe

Nov 13, 2007 16:44

$350 million is a pretty small hedge fund [41 words]

jfm

Nov 13, 2007 16:41

The harsh reality is that the forces allied against us both foreign and domestic are formidable [2905 words]

Richard Clark

Nov 13, 2007 14:27

↔ Software Products [151 words]

Bruce de la Vega

Jan 2, 2008 11:14

Recession 1937-38 [12 words]

wijg

Nov 13, 2007 10:46

Elites will collapse economy [78 words]

conspiracy

Nov 13, 2007 09:26

↔ Don't worry [195 words]

Ima Bilderburger

Jan 2, 2008 19:27

↔ Nincompoopery [34 words]

Recovering Republican

Jan 23, 2008 12:06

↔ The New World Order [47 words]

Genghis

Jan 26, 2008 23:25

Put in all in perspective [77 words]

Thomas

Nov 13, 2007 08:22

Sure [6 words]

Pierre

Nov 13, 2007 07:14

Buying opportunity- no recession [100 words]

William West

Nov 13, 2007 05:49

↔ Speculation? Nope. The recession of 2008 is upon us. [10 words]

Richard Givis

Jan 22, 2008 13:30

↔ Buying opportunity- No recession revisited [101 words]

William West

Jan 27, 2008 02:36

the 30's was a RECESSION [76 words]

Buyman

Nov 13, 2007 01:19

↔ Recession, Depression subjective [112 words]

Bruce de la Vega

Jan 2, 2008 10:58

It may even be worse than Melcher fears! [77 words]

Dave

Nov 13, 2007 00:29

IF YOU HAVN'T DOWNSIZED YET ~ IT'S PROBABLY TOO LATE. [58 words]

Allen L Roland

Nov 12, 2007 22:44

what? Me Worry? [77 words]

bob dylan

Nov 12, 2007 22:40

They are robbing this place!!! [19 words]

Lilly

Nov 12, 2007 21:38

Financial Revolt [117 words]

Concerned Citizen

Nov 12, 2007 21:36

End of Days [266 words]

James

Nov 12, 2007 20:20

↔ Agreement to James's comments [99 words]

Tom Massey

Jan 21, 2008 15:49

↔ Holy Doomsayer Batman! [43 words]

Kim

Jan 30, 2008 05:23

Depression/Recession [26 words]

William Watson

Nov 12, 2007 20:04

Look at the other side of the fence, guys! [196 words]

Alicyn

Nov 12, 2007 19:47

Well Duh? [62 words]

g moss

Nov 12, 2007 19:10

Typical Media Alarmist [123 words]

Nov 12, 2007 19:02

Risk not priced in? [75 words]

jdwren

Nov 12, 2007 18:46

panic [27 words]

pisces

Nov 12, 2007 18:40

Wrong [37 words]

MIke

Nov 12, 2007 18:40

So, which one is it? [112 words]

ISLV

Nov 12, 2007 18:39

Hillary will save us all [17 words]

Kramer

Nov 12, 2007 18:29

I figure he's half right, so I'll sell half my portfolio OPPS... [25 words]

Paul

Nov 12, 2007 18:18

The sky is falling! [28 words]

Reynard

Nov 12, 2007 18:09

Dary Valley by Piers Brendon [79 words]

DMC

Nov 12, 2007 18:07

PROFIT IN PANIC [150 words]

Steve

Nov 12, 2007 18:03

Self Serving Observations [27 words]

Jon Smith

Nov 12, 2007 18:02

There was a great DEPRESSION in the 30s, not a recession [51 words]

David Rohret

Nov 12, 2007 17:28

↔ We need a recession to get people's heads out of the clouds [119 words]

Chuckiechan

Nov 12, 2007 18:24

all too predictable [85 words]

The Truth

Nov 12, 2007 17:26

Crash is enevitable [137 words]

Nov 12, 2007 17:22

↔ have no fear [213 words]

richard clark

Dec 16, 2007 21:04

It does'nt take brain surgery to figure this one out [195 words]

Neal A E

Nov 12, 2007 17:22

guess which way the country is going [104 words]

les

Nov 12, 2007 16:51

↔ It doesn't take a genius [148 words]

Earl Harris

Nov 12, 2007 17:24

↔ The stock market in 1972 was 312...the sky was falling....it was over...another depression was coming [115 words]

charles banks

Nov 12, 2007 17:25

↔ every recession was the beginning of another boom... [29 words]

george

Nov 12, 2007 21:11

Recession [109 words]

Nov 12, 2007 16:48

Everyone is working...everything is going to be fine. [219 words]

Vince Hugh

Nov 12, 2007 16:38

↔ Thank God All Sense Isn't Dead [88 words]

Elise

Nov 12, 2007 18:07

↔ everyone is working [50 words]

ExPat

Nov 12, 2007 18:12

↔ Wake Up [15 words]

Professor X

Nov 12, 2007 18:53

↔ NO ITS NOT WAKE UP GET OUT OF THE BUBBLE YOU'RE LIVING IN. [114 words]

pitbull

Nov 12, 2007 19:23

↔ reponse to Mr hugh's opinion [68 words]

Enyiazu Ehiemere

Nov 12, 2007 23:13

↔ not alarmist [71 words]

Nov 12, 2007 23:29

↔ Everybody's Working [Low Pay Jobs] [57 words]

WillieG

Nov 13, 2007 04:09

↔ Vince Hugh is an absolute DREAMER! [233 words]

jackiebaron

Nov 13, 2007 04:24

↔ Vince Hugh, doesn't have a clue [7 words]

Nov 13, 2007 12:49

↔ Trends Expert has simliar forecast but even bleaker [60 words]

Dylan Skriloff

Nov 25, 2007 14:45

↔ Pitbull, whats your point? [278 words]

Vince Hugh

Dec 1, 2007 15:01

Article is correct [32 words]

Nov 12, 2007 16:29

Dan is dead right [17 words]

Mike

Nov 12, 2007 16:17

ITS THE OIL STUPID [40 words]

Shredder

Nov 12, 2007 16:01

Help the economy! [94 words]

Thomas

Nov 12, 2007 16:01

Why would we listen to a hedgefund superstar? [50 words]

Chris

Nov 12, 2007 15:56

We've given away the store [89 words]

John

Nov 12, 2007 15:52

NO WORRIES [158 words]

George French

Nov 12, 2007 15:52

↔ Telling Secrets Reveals Real Truth (which is not yours, by the way) [102 words]

Pier Johsnon

Nov 13, 2007 02:45

IT IS AGREED AMONG THE FREED THAT THE POWERS THAT BEED HAVE NO NEED TO FEED [67 words]

ALEX S. GABOR

Nov 12, 2007 15:48

Agree [187 words]

Nov 12, 2007 15:48

www.HalTurnerShow.com [16 words]

Mike

Nov 12, 2007 15:44

Ouch! I hope this guy is wrong. Then again, he's generated a 175% return this year for his shareholders. [6 words]

Mike Foti

Nov 12, 2007 15:37

↔ ughhh..excuse me but does ANY recessionary economy provide a 175% ROI? [77 words]

Randy

Nov 12, 2007 17:44

↔ response to roi of 175% [17 words]

ehiemere

Nov 12, 2007 23:16

↔ 175% Of course [59 words]

jackiebaron

Nov 13, 2007 04:30

Grab your life jacket! [73 words]

Jack

Nov 12, 2007 15:36

chicken littles... [259 words]

mark

Nov 12, 2007 15:25

Self-Serving? [63 words]

Cyro

Nov 12, 2007 15:03

I have heard this before... [69 words]

Goodbye Natalie

Nov 12, 2007 14:48

commensurately [46 words]

phil

Nov 12, 2007 14:39

globalization [216 words]

joe stafura

Nov 12, 2007 14:38

Get Ready [31 words]

Mike Foti

Nov 12, 2007 14:37

The dollar is still ok and so is US economy [386 words]

Shaun

Nov 12, 2007 14:36

WORST RECESSION ? not WORST DEPRESSION ? [143 words]

Bob Graham Las Vegas

Nov 12, 2007 14:31

Is this a news report or an advertisement [165 words]

SilasSez

Nov 12, 2007 14:21

Every Recession Has Winners [90 words]

Aldo Watts

Nov 12, 2007 14:20

US Economy has been Debased [176 words]

Nov 12, 2007 13:59

Buy gold? [50 words]

Jay

Nov 12, 2007 13:51

↔ Maybe no so silly [62 words]

DKM

Nov 12, 2007 14:30

↔ Yes, Do buy Gold [79 words]

Peter Spina

Nov 12, 2007 15:19

↔ Re: Buy gold? [36 words]

Bill Bob

Nov 12, 2007 15:23

↔ the play [77 words]

B. Kuhl

Nov 12, 2007 15:51

↔ Yep Gold [90 words]

Willy

Nov 12, 2007 16:31

↔ and furthermore..... [115 words]

Doug

Nov 12, 2007 18:58

Return to sound money [21 words]

ron heringhauser

Nov 12, 2007 13:50

Worst Recession Coming Soon [65 words]

Mike Adams

Nov 12, 2007 13:48

The bad news, the good news [76 words]

A Reader

Nov 12, 2007 13:31

Worst Recession [61 words]

James McCue

Nov 12, 2007 13:30

Why and What to Do: Ask Ron Paul -- and Vote for Him [157 words]

Frank Kellam

Nov 12, 2007 13:23

Worst recession [179 words]

Raymond Allen

Nov 12, 2007 13:19

Why does a declining dollar lead to lower stock prices? [146 words]

Carl Schattke

Nov 12, 2007 13:17

Wow... a bear hedge fund trying to talk the market down... gee what a surprise [101 words]

Chicagolawyer

Nov 12, 2007 13:16

recession vs depression [29 words]

bob johnson

Nov 12, 2007 13:15

Worst Recession Since the 1930s? [40 words]

Massapequa Mike

Nov 12, 2007 13:06

Recession [104 words]

Todd

Nov 12, 2007 12:53

Agreed [27 words]

Jay

Nov 12, 2007 12:32

You're poor at what you do [36 words]

MMW

Nov 12, 2007 12:22

Using the 'D' word, {'depression', 'economic', NOT 'emotionl'!), as opposed to the 'R' word, {'recession'}!!! [237 words]

R.g. Frano, N.R.-E.M.T.-P, A.C.L.S.

Nov 12, 2007 12:22

Worst recession...blah, blah, blan [72 words]

Schratboy

Nov 12, 2007 12:20

↔ Mostly nonsense [117 words]

Joey

Nov 12, 2007 12:58

↔ Depression equals chaos and the fall of America [210 words]

George

Nov 12, 2007 13:19

↔ Same tune, different day [296 words]

Jake B

Nov 12, 2007 13:47

↔ worst recession my a- - [54 words]

cousin brucie

Nov 12, 2007 17:21

↔ Just a campaign issue [27 words]

Dave DeBord

Nov 12, 2007 17:40

↔ Money Masters [15 words]

fhb

Nov 13, 2007 13:16

↔ Jake's LaLa Land [52 words]

Dale

Jan 12, 2008 16:48

Our Collapsing Economy [132 words]

Mike Brooks

Nov 12, 2007 12:20

↔ Free Trade? [45 words]

Joey

Nov 12, 2007 12:59

↔ China is killing us. and Mortgage dealers should be in jail. [35 words]

Brian Foster

Nov 12, 2007 13:01

↔ Same old story [61 words]

Matt

Nov 12, 2007 13:01

↔ The worse is yet to come [76 words]

Doug

Nov 12, 2007 13:08

↔ Stop bowing to lobbyists and get decent make better accounting laws [97 words]

Andy Marks

Nov 12, 2007 13:53

↔ Hogwash [115 words]

ED Jones

Nov 12, 2007 13:57

↔ Silliness [149 words]

mark-o

Nov 12, 2007 14:16

↔ House of cards [86 words]

Guiedo in FL

Nov 12, 2007 14:42

↔ Mike is right on, Mark is either misguided or dishonest [191 words]

F Hughes

Nov 12, 2007 14:46

↔ China owns the USA [15 words]

Brent

Nov 12, 2007 14:47

↔ mark-o nails it [101 words]

Tim

Nov 12, 2007 15:01

↔ Mr Silliness I ask you [154 words]

UrDrWho

Nov 12, 2007 15:02

↔ Talking points [29 words]

John

Nov 12, 2007 15:05

↔ Re: Silliness [102 words]

Bill Bob

Nov 12, 2007 15:31

↔ Spot on... [76 words]

tony

Nov 12, 2007 15:33

↔ Taxes [87 words]

The kid

Nov 12, 2007 15:39

↔ Free trade is great... [167 words]

Dokidiver

Nov 12, 2007 15:45

↔ AMERICA DESERVES THIS! [71 words]

Anthony

Nov 12, 2007 15:58

↔ Skilled "Americans" [232 words]

Dovi

Nov 12, 2007 16:01

↔ Recession? No, it's a result of greed and irresponsibility [125 words]

Gaffer

Nov 12, 2007 16:10

↔ Sending jobs overseas is great! [192 words]

Outsourcing is bad

Nov 12, 2007 16:17

↔ Of course! [72 words]

RatFanner

Nov 12, 2007 16:46

↔ Collapsing Economy [95 words]

Nawang

Nov 12, 2007 16:53

↔ no whine [147 words]

raul tsan

Nov 12, 2007 17:07

↔ View from an outsider [145 words]

Vicente Licona Galdi

Nov 12, 2007 19:07

↔ People need to Wake up I see Peoples Finances Up Close [282 words]

Martin CPA In CT

Nov 12, 2007 19:13

↔ Don't worry for the wealthy. [58 words]

Robert

Nov 13, 2007 01:51

↔ voting [41 words]

terry lawrence

Nov 13, 2007 01:55

↔ Nonsense [92 words]

Jason dinAlt

Nov 13, 2007 03:09

↔ Talk of Worst "Recession" Since the 1930's [121 words]

Islandeagle

Nov 13, 2007 20:52

↔ Welcome.... [47 words]

Snadmaster

Nov 13, 2007 21:21

↔ Who is the federal prosecutor? [16 words]

Kashdog

Nov 16, 2007 03:17

↔ The truth is in the origin of the Federal Reserve [177 words]

Tom Liddle

Nov 16, 2007 21:46

↔ Greed, Corruption, and Ignorance [98 words]

d.a.n

Nov 22, 2007 09:39

↔ Hey Mike, do some research [70 words]

william huber

Dec 17, 2007 16:42

Simpletons [147 words]

urt

Nov 12, 2007 12:05

sure and the bird flu [36 words]

brian

Nov 12, 2007 12:02

Living thru the 1930 depression [83 words]

Raymond A. Kemper

Nov 12, 2007 12:01

recession? [2 words]

lucien coronel

Nov 12, 2007 11:56

Question on foreign currencies and investments [301 words]

warren

Nov 12, 2007 11:54

It's Cyclical Stupid [77 words]

Clifford Michael

Nov 12, 2007 11:53

↔ It's Cyclical. Stupid. [71 words]

Nov 12, 2007 17:01

↔ You only need go back to the late 1980's to see the last real estate "correction." [398 words]

Tom Ritchie

Nov 12, 2007 20:12

↔ manipulation [66 words]

jeff

Nov 20, 2007 08:47

economic growth and the recession of 2008 [87 words]

phil

Nov 12, 2007 11:45

FYI [18 words]

Bob Burns

Nov 12, 2007 11:36

...and the American Democrats [54 words]

john smith

Nov 12, 2007 11:28

Fear Monger [71 words]

Sick and Tired

Nov 12, 2007 11:15

NO BIG DEAL [23 words]

R.J.

Nov 12, 2007 11:14

Going into a recession and he says buy gold? [18 words]

Tim

Nov 12, 2007 11:06

recession [6 words]

john micklos

Nov 12, 2007 11:05

can't believe your telling people it's the wrong time to own stocks. [181 words]

wcampbell

Nov 12, 2007 11:00

↔ Thank the banks for this mess. [173 words]

Jeff in Miami Beach

Nov 12, 2007 18:10

↔ Why would we believe someone who profits from doom and gloom? [93 words]

j bell

Nov 12, 2007 19:54

↔ DO EXACTLY WHAT THIS MAN SAYS. YOU CANNOT SAY YOU WEREN'T WARNED. [90 words]

Dale H

Nov 13, 2007 00:48

Gold [8 words]

Tommy John

Nov 12, 2007 10:56

Don't listen [25 words]

Scot

Nov 12, 2007 10:54

squawk squawk [130 words]

Rae Lynch

Nov 12, 2007 10:52

Downturn is Being Engineered for a Purpose [65 words]

Deacon Elurby

Nov 12, 2007 10:51

Too conservative [25 words]

Erik

Nov 12, 2007 10:31

soothsaying madness! [89 words]

mike e. coon

Nov 12, 2007 10:28

the first pitch was thrown out last weekend- the "D" train is sitting on the tracks [64 words]

catherine

Nov 12, 2007 10:24

Remember our conversation in the car yesterday? [15 words]

Krissy

Nov 12, 2007 10:22

Basics [112 words]

Hank Swain

Nov 12, 2007 10:18

Redirect investment into Renewable engery [53 words]

M Baker

Nov 12, 2007 10:08

Totally Irresponsible [45 words]

William Bowles

Nov 12, 2007 10:01

ANOTHER HEDGE FUND IDIOT [77 words]

STEVE COCHRANE

Nov 12, 2007 09:55

Worse Reccession? [13 words]

neal

Nov 12, 2007 09:50

Mr. Dorfman is a Wise Man [85 words]

Marcie Williams

Nov 12, 2007 09:49

Recession? [15 words]

GAC

Nov 12, 2007 09:46

Gee wizz [5 words]

Lorin Friesen

Nov 12, 2007 09:45

You know we've already seen the worst.... [79 words]

Paul Stifflemire

Nov 12, 2007 09:44

Your political affiliation [70 words]

aciongoli

Nov 12, 2007 09:27

Obama can fix this mess. [44 words]

Obama in 08"

Nov 12, 2007 09:24

Bear Wrong [56 words]

Karl Lingenfelder

Nov 12, 2007 09:18

Party Over? [55 words]

Dan White

Nov 12, 2007 09:17

gloom and doom democrats [16 words]

bill clinton

Nov 12, 2007 09:17

Holy Hyperbole Batman! [46 words]

Christopher Gonzalez

Nov 12, 2007 09:15

↔ Economics not Politics [177 words]

twa

Nov 14, 2007 02:04

Jim Who? [82 words]

yirmin snipe

Nov 12, 2007 08:58

Yeah right. [204 words]

Phillip Allen

Nov 12, 2007 08:54

Will those Liberal Welfare Programs be there for us when we need them? [102 words]

R.Bodner

Nov 12, 2007 08:49

Central Banks are Fractional Reserve Banking Are the Cause [241 words]

Nov 12, 2007 08:47

The issue is still TIME [188 words]

sanjosemike

Nov 12, 2007 08:45

1930s Worst Recession Since.... [9 words]

Bill

Nov 12, 2007 08:39

Those who caused... [61 words]

Oliver Bateman

Nov 12, 2007 08:39

Melcher [42 words]

DON PULLEN

Nov 12, 2007 08:39

Can he even spell self serving? [18 words]

sparsons

Nov 12, 2007 08:37

Trash [92 words]

Thomas Kenny

Nov 12, 2007 08:36

Worst recession since 1930s [2 words]

Bill

Nov 12, 2007 08:34

Dont believe the hype [61 words]

mike

Nov 12, 2007 08:29

Worst "recession" since the 1930s? [69 words]

John T. Anderson, Olean, N.Y.

Nov 12, 2007 08:19

transfering [11 words]

bob lewis

Nov 12, 2007 08:08

and that is just the economic beginning [27 words]

phil

Nov 12, 2007 08:05

response to the erroneous article on the drop in our economy [142 words]

dennis braunreiter

Nov 12, 2007 08:01

National debt [7 words]

David Thaggard

Nov 12, 2007 07:54

Economic cycles [140 words]

Rick Levandowski

Nov 12, 2007 07:52

Who didn't see this coming [415 words]

UrdrWho

Nov 12, 2007 07:52

he is a bear, what do you expect him to say? [21 words]

republican

Nov 12, 2007 07:52

Middle East War [24 words]

Larry Pippin

Nov 12, 2007 07:49

"crash" good new for Dems. [78 words]

steelwillin

Nov 12, 2007 07:30

spooky markets and looming recession(?) [302 words]

grumpy

Nov 12, 2007 06:56