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Doom and Gloom Inspires Catchy Country Tune

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There's increasing chatter about whether the US economy will suffer a double dip, or relapse into recession.

Certainly, economic data tripping across the headlines this week suggested an economy losing momentum: New single-family home sales slumped 12.4% in July to a record-low 276,000 unit annual rate; durable goods orders, excluding transport, fell by 3.8% month-over-month. (Hat tip: Markman Capital Research.)

Earlier this week, Chicago Federal Reserve Bank President Charles Evans said that the risks of a double-dip recession have risen in the last six months. “A double dip is not the most likely outcome but I am concerned about how strong the recovery will be,” Evans said. (Hat tip: Yardeni Research.)

Indeed, forget about just our fragile economy: Dr. Gary Shilling told us that he now puts the risk of a global double dip at 50%. Check out the article here.

The good news: All this gloom-and-doom has inspired a new catchy country song.

Check out the latest from Merle Hazard, who bills himself as the first and only country singer to write about mortgage-backed securities, derivatives, and physics. (Hat tip: Greg Mankiw’s Blog.)

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