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02:39 AM
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Morgan Stanley’s Doom Scenario: Major Recession in 2013
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[quote:Anonymous Coward 2920706:MV8yMDYzODUxXzM0NzIyOTYxXzc5RTlBQjM5] This fiscal cliff shit makes no sense. The point of raising tax on the wealthy is to spread it around, according to lord Obama. Since we are the wealthiest in the world by far here in the US, ALL of our taxes should go up according to his vision. Dem's should be loving the fiscal cliff tax hikes, gives them more money to play with and the rest of us less. I say we let it happen and live with the consequences. We deserve it for electing such immoral people. [/quote]
Original Message
The global economy is likely to be stuck in the “twilight zone” of sluggish growth in 2013, Morgan Stanley has warned, but if policymakers fail to act, it could get a lot worse.
The bank’s economics team forecasts a full-blown recession next year, under a pessimistic scenario, with global gross domestic product (GDP) likely to plunge 2 percent.
“More than ever, the economic outlook hinges upon the actions taken or not taken by governments and central banks,” Morgan Stanley said in a report.
Under the bank’s more gloomy scenario, the U.S. would go over the “fiscal cliff” leading to a contraction in U.S. GDP for the first three quarters of 2013. In Europe, the bank’s pessimistic scenario assumes a failure of the European Central Bank (ECB) in cutting rates and a delay of its bond-buying program.
[
link to www.cnbc.com
]
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