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spending up a little bit. gdp in the first half of the year was a little positive. but a recession is not a statistic. it is a process. when sales fall, which they have been easing quite dramatically, then production falls. when production falls, employment is weak which you have seen. incomes weak and then sales fall. we get in to a cycle. that cycle is what we see in our forward-looking indicators. that is starting so that when going forward, you re going to see production fall, you are going to see sales fall, incomes fall, jobs fall. that s a recession. increase in unemployment. absolutely. i would not be at all surprised, by definition unemployment rises. rising from here. deficits. there s arguments of how to deal with it. a recession drops your revenues and increases our expenditures so whatever it is now, a trillion bucks, it is going to get bigger. it is depressing speaking with you. better to know about it. yeah.

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