It's a Recession Stupid

If it smells like XX, and it looks like XX, and it feels like XX then it is probably XX.

Substitute for XX as required. In this case let's try the word Recession.

Manufacturing is falling
Businesses are being closed and moved offshore
Other businesses are just being closed and people are being laid off
The unemployment rate is rising
Interest rates are falling
Home buying is on the decline
Shoppers are less prevalent are are buying less
The government is bailing out all manner of organizations, typically larger ones, but including banks.

It is becoming as little clearer now?

The business groups are giving us mixed signals.
The government wants to give out borrowed money as a 'stimulus' even after the last one didn't work. They believe we can spend out way out.
The media, generally, are just mindless mouthpieces for the government who want everyone to feel great.
Meanwhile exports are down, imports are down and the government is trying to sell anything it has left.
Businesses are also trying to sell stakes in their operations, primarily to the Chinese.

They might have fudged the Q4 2008 figures but we are in reality, in a recession. Get used to the word because it is only at the leading edge with a lot worse to come.

Of course since Rudd's popularity is still at 74% how stupid does that make the average Australian?