wallydownundy

It’s definitely a Monday. Weekend gone - week of work stretches ahead. And what a week it will be.

Today in America, General Motors is expected to declare bankruptcy. It will be the largest ever. And while government and insiders may wish for a “surgical” effort and a quck recovery, a reorganisation on this scale will take months - if not years.

Closer to home Australia is expected to declare recession on Wednesday. For those living through job losses and declining confidence it seems a no-brainer. However a recession is technically declared when two quarters of declining economic activity. The last quarter of 2008 saw a 0.5% contraction - forecasters predict the first quarter of 2009 saw shrinkage between 02. and 0.4%.

For those unfamiliar with an Australian custom, on the first day of the month (prior to 12:00 noon) you’re to rush up to people and provide a pinch then a punch while saying, “A pinch and a punch for the first of the month.” Given the economic news this week perhaps it’s a pinch to ensure they’re awake then a punch to stop them screaming.