A man in denial

Bush just finished his meeting with the Plunge Protection Team and made his remarks to the media.  And what slender reeds he has to grab onto:

President Bush said Friday that while there is some uncertainty
about slowing economic growth, the nation's "financial markets are
strong and solid."

"This economy of ours is on a solid foundation, but we can't take
economic growth for granted," Bush said. "And there are signs that will
cause us to be ever more diligent and make sure that good policies come
out of Washington."

Yeah, whatever.  My favorite part:

He said there have been 52 straight months of job creation, but job
growth slowed last month; core inflation is low, but U.S. consumers are
paying more for gasoline and for food; and consumer spending is strong,
yet the values of many U.S. homes are on the decline.

52 weeks of job creation — if you buy into the BLS's bogus birth/death model.  Low core inflation — for people who don't consume food or energy.  And strong consumer spending — on the back of cheap credit that's drying up.   God help us.

In a subscriber-exclusive update for readers of the Survival Report, Mish and Brian unpacked today's unemployment numbers and declared "there can no longer be any doubt" the economy now in recession.   And they have in mind some plays to profit from the bad news.  Follow the link to subscribe.

The Daily Reckoning