Back in July I posted the video timeline series of the interviews that Lakshman Achuthan has provided both CNBC and Bloomberg over the past year (see ECRI's Achuthan: The Recession Is Here Now) . He originally made his recession call last year at this time and said in January that it would arrive around the mid point in the year. He has come back on Bloomberg once again to get laughed at (how could a country be in recession when the stock market is rising?), and to provide some excellent points on how people viewed the economy just days and weeks before Lehman collapsed back in 2008.
At that point we were still looking at positive GDP data, the stock market had only fallen a small percentage amount, and most people felt it was just a small dip on the road upward. Just weeks before Lehman most analysts did not even have a recession on their radar and we had already been in recession for a full 8 months. Try not to pay attention to the other talking heads making ridiculous comments that are unfortunately also part of the interview. Bloomberg and CNBC usually have the courtesy of letting Achuthan speak alone.