Merrill Lynch is pissing on the Bush parade with the estimate that U.S. economy has a 55% chance of recession in 2007. Main Merry-ill topics are:

  1. 55% chance of recession
  2. House builders already reduced prices by 33%, despite lower official readings
  3. Growth estimate at 1.7% in 2007
  4. Yen-dollar carry trade starts unwinding
  5. Dollar should decline and decline even more
  6. Europe and Japan show US a middle finger

Should I add here my own very scientific estimate that Bush will puke?

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