http://www.hoisingtonmgt.com/pdf/HIM2011Q3NP.pdf
Negative economic growth will probably
be registered in the U.S. during the fourth
quarter of 2011, and in subsequent quarters in
2012. Though partially caused by monetary
and fiscal actions and excessive indebtedness,
this contraction has been further aggravated by
three current cyclical developments: a) declining
productivity, b) elevated inventory investment,
and c) contracting real wage income.
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