Markets Discover Recession. Act Surprised.

Markets are amazing discounting machines — they just don’t always discount anything useful or important. Case in point: Their belated discovery today that not only are we in a consumer-led recession, but that said recession is going to continue and deepen into 2009.

Amazing. Truly.

fv

As an aside, the carnage in commodities is also impressive, with copper off big, oil touching $70, etc. Turns out that during recessions people buy less raw materials. Gosh.