Why this Christmas will be the US economy's last hurrah

The image of Christmas portrayed in the media is of happy, affluent-looking Americans shopping for flat-screen TVs and cashmere sweaters. The real picture will be of shoppers pulling out the last card they haven't maxed out for one last consumer binge before the recession bites.

As 2007 winds down, it's time to reflect on how bogus government statistics along with Wall Street media hype have impacted the psychology and perception in the financial markets.

Sheer disappointment is one way to describe what the financial markets will experience as the existing belief in a Goldilocks economy is challenged by sobering facts and a hard landing, yet to come.

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MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.