The question is, are we in a recession now, not, are we approaching a recession. The question of how mild or serious a recession it will be is the last part of the debate and if the Fed or this administration, along with Congress, doesn't act soon we should have an answer for that question imminently.
Inflation is rising and two thirds of the economy (consumers) are slowing down their spending.
The banking industry is in complete turmoil and selling out to foreign investors, mostly the Chinese central bank and arab kings and emirs flush with petro-dollars.
The housing market has tanked, foreclosures continue at record pace and house prices are declining quicker than you can say 'subprime'.
All in all, this is pretty reflective of Bush's business years, he couldn't find oil in Texas, he used other peoples money to run a baseball operation (that sold Sammy Sosa before he was Sammy Sosa) and was installed in the Governors mansion in Austen just to keep him out of trouble, Texas governor being the most powerless, titular and ceremonial governorship in the Union.
It's the work of 'Gentlemen C MBA's' and it's starting to tell.
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