From Zero Hedge:

Something tells us that Mohamed El-Erian is aware of the bulls' last bastion of "growth" and "decoupling" -- the dip in Initial Claims below 400,000.

Even so, his appearance on Bloomberg TV was full of sound and fury, and some quite memorable soundbites, starting with this one:

"Let me tell you what I find most terrifying: we’re having this discussion about a risk of recession at a time when unemployment is already too high, at a time when a quarter of homeowners are underwater on their mortgages, at a time when the fiscal deficit is 9%, a time when interest rates are at zero. These are all conditions coming out of a recession, not going into a recession."

The Newport Beach dweller is spot on: the situation is getting worse by the day, and the only option left is to...

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