Required reading for anyone interested in approachable economics is Data Points: The Dismal Scientist Blog  at Moody’s Economy.com run by Andrew Cassel.
For those of you craving perspective on who else on this planet is seeing red , take a look at their Global Recession Status  map. Funny how housing is seeing similar issues in the other “red” countries.
Apparently Peru and Uruguay are the exception to the global rule. And with the exception of New Zealand and Singapore, it sure looks like north of the equator is the Tropic of Recession.
Open the map .