THE BASIS POINT

Goldman Sachs Economic Outlook: Seasons In The Abyss (bTunes)

 

Goldman Sachs today upped recession estimates, saying 4Q2008 GDP is declining at 5% annualized and predicting that GDP will drop 3% and 1% respectively in the next two quarters. An official recession is two consecutive quarters of negative GDP growth.

Goldman economists are also predicting unemployment of 9% by 4Q2009. This would be a 38.5% increase over the existing 6.5% unemployment rate (which already includes 1.2m jobs lost from January through November 2008). Goldman’s unemployment call is the second bigtime prediction of 9%. The first was from NYU Economics Professor and market analyst Nouriel Roubini in mid-October. Which brings us to our latest bTunes selection…

With consensus building that a consumer-led recession will last several quarters, the latest addition to our Market Meyhem Metal collection is Seasons In The Abyss by Slayer. Faint of heart are scared by a metal band of this magnitude, which is the same feeling many have about economic fallout of this magnitude.

But no need to be afraid of this Slayer pick—it’s hard, but just accessible enough to give you hope for good ol’ heavy metal. Just the same hope you’ll need for the economy—it’ll be hard for awhile, but markets don’t die, they just evolve. So make your $0.99 contribution to the economy and obey Slayer’s rules for insane times:

Close your eyes
Look deep in your soul
Step outside yourself
And let your mind go

Slayer: Seasons In The Abyss
[iTunes] [Amazon MP3]

 

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