Robert Gottliebsen writes that Recession in the US appears almost certain. My prediction in January that,

‘Despite the collapse of the Internet bubble, the state of the corporate sector remains dire. Bloated and overpaid management are the rule rather than the exception. More importantly, the corruption of Wall Street analysts and major accounting firms alike means that profit-and-loss statements and projections are now virtually worthless. It will take at least another year of recession or zero growth before this mess is cleaned up. ‘

was not looking too good after the strong growth (annual rate of 5 per cent!) in the first quarter. But both the analysis and the prediction now look over-optimistic, if anything.

Watch this space for an analysis of some of the really scary scenarios for the next few years