Intel, Dell, Gannett, AMR, and CSX.......major players in Technology, Media, Airlines, and Transportation all reporting revenue declines around 20%.
This is 20% revenue declines, not just 20% earnings declines. The disturbing part about this MASSIVE, across the board, sales contraction is it is occurring while collective government spend is running at historically high levels with over a $2 Trillion dollar deficit.
If important corporate revenues are declining 20% with government spending skyrocketing, imagine the NEGATIVE impact on corporate sales if government spending slowed?
It is clear that the world is heading into a global depression as defined as a 10% decline in GDP from peak to trough.....confirmation came this morning form this release about Russia:
NEW YORK (MarketWatch) -- Russia's gross domestic product contracted by an estimated 10.1% in the first half of 2009 compared to the year-ago period....