Recession? Yes, I fully expect it. In the UK? Yes, by the year end. Why? The property boom has continued for too long and the banks have not shut the stable door.
In the USA? Yes, I expect it there too. Talking with a US friend today, reports that jobs in the mid-west are being lost and the Iraq war is costing them close on a $Billion a day, to keep all those folks and their equipment in place. The country is frozen until the election and the next Pres does not take office for a year.
What will happen at LTN? Silver must be at high risk and the others will lose to a greater or lesser degree. The numbers cannot currently be guessed at but I expect that it will be very uncomfortable for everyone - in all areas, not just airlines.