DislikedUh, with all due respect, its actually the other way aroud. The US was the first to announce that it was in a recession. Trichet took forever to figure out that his supposed de-coupled EC was in the same boat. And, unfortunately, Trichet and company are still so behind the 8-ball that when true reality sets in, it will be very sad. EC is gonna be blindsided due to their inaction.
By the way (and this doesn't have anything to do with your post), but Peter Schiff is about as absurd as they come. Sounds like a buy signal to me...Ignored
ECB made their recession calls last week.
NBER appears to have finally called this on Monday, 11/17, but I have not seen this really come across the mainstream press yet.
http://www.pressofatlanticcity.com/1...ry/319115.html
http://blogs.wsj.com/economics/2008/...ecession-call/