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Realistbear

" Green Shoots" Confidence Collapsing Worldwide

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http://www.bloomberg.com/apps/news?pid=206...id=am_a8Blvc7HU

Global Confidence Drops as Unemployment Surge Counters Stimulus

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By Shamim Adam

July 16 (Bloomberg) -- Confidence in the world economy dropped for the first time in four months in July as government stimulus efforts showed little sign of reducing job losses, a Bloomberg survey of users on six continents showed.

The Bloomberg Professional Global Confidence Index declined to 39.13 in July from 43.57 in June. A reading below 50 means pessimists outnumber optimists. A measure of U.S. participants’ confidence in the world’s largest economy fell to 29.5 from 36.7, the survey showed.

“No one can wave a magic wand,†said David Semmens, an economist at Standard Chartered Bank in New York and a regular survey participant. “We aren’t pulling out of the recession in the same way as in past recessions. The economic outlook isn’t improving as strongly as people would have hoped.†*

Stage 2 of the greatest house market crash in history is about to begin (Stage 2 was the 20-25% credit crunch fuelled drop). The unemployment driven collapse will be much more powerful as the market is driven by the ability of people to buy and mass unemployment, in the absense of irresponsible credit, will drop prices like nothing we have seen before.

* The understatement of the year.

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That article was out yesterday RB.

Slackening off, are we? ;)

Edited by VoteWithYourFeet

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