Q3 GDP DROPS 0.5%

We are so statistic driven. OK, now that we have a recorded drop in the Q3 GDP of 0.5% will everyone agree we are in a recession that could get worse. My shock is that this was inevitable last year. You can't stop building homes and not affect the economy. I remember arguing with my stock broker last year, when selling retirement funds and going to an all cash position. He said, "you can't time the market Jeff!" I said, I can use my brain. Why walk through the big hole when I could walk around it????
Just My Opinion...Jeff Cameron

Economy Drops 0.5%, Worst Fall in 7 Years
AP 25 Nov 2008 08:50 AM ET
The economy took a tumble in the summer that was worse than first thought as American consumers throttled back their spending by the most in 28 years, further proof the country is almost certainly in the throes of a painful recession.
The updated reading on the economy's performance, released Tuesday by the Commerce Department, showed gross domestic product shrank at a 0.5 percent annual rate in the July-September quarter.
That was weaker than the 0.3 percent rate of decline first estimated a month ago, and marked the worst showing since the economy contracted at a 1.4 percent pace in the third quarter of 2001, when the nation was suffering through its last recession.
Read the rest of the story: http://www.cnbc.com/id/27905989