The U.S. economic contraction in the fourth quarter was deeper than the government first estimated, with other reports today signaling little prospect of relief until at least the middle of 2009.
Just wait until the 2008 numbers are revised even further downward. The market responded rationally (for once) to the news today:
U.S. stocks slid, sending the Standard & Poor’s 500 Index to a 12-year low, as the government cut shareholders’ stake in Citigroup Inc. by 74 percent and the economy shrank at a faster pace than previously estimated.
I'm staying short. How 'bout you?
