Economists: US is in a recession

[w¡n9Nµ7 §£@¥€r 123]

The U.S. is now in a recession, according to economists surveyed by Bloomberg News.

The economy will shrink at a 0.2 percent annual pace in the third quarter and 0.8 percent in the last three months of 2008, according to the median estimate of 52 economists surveyed Oct. 3 to Oct. 8. The contraction would follow declines in the four monthly gauges the National Bureau of Economic Research also uses to determine recessions: payrolls, production, income and sales.

Growth will be undone by the demise of the longest expansion in consumer spending on record as Americans retrench in the face of the worst financial meltdown since the Great Depression and mounting job losses.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

[Mr. Big Dog 10,747]

wooooshhh

[w¡n9Nµ7 §£@¥€r 123]

With all due respect, Dawg, this transcends politics. Real people will be losing their real jobs and standing in some very real unemployment lines. Real states will lose real tax revenue and cut back on some very real services used by real people.

But no, by all means - let's refight the old culture wars of the 60's

It's time to move on. Say bye-bye to the old school.

[Mr. Big Dog 10,747]

With all due respect, Dawg, this transcends politics. Real people will be losing their real jobs and standing in some very real unemployment lines. Real states will lose real tax revenue and cut back on some very real services used by real people.

But no, by all means - let's refight the old culture wars of the 60's

It's time to move on. Say bye-bye to the old school.

Dude, I know it's real. I also know that the picture represents quite well where the economy is headed - down the crapper.

[w¡n9Nµ7 §£@¥€r 123]

The fvckin Dow dropped what, over 600 points today?

And I don't know about you guys, but that didn't shock me. It felt normal.

#######? I remember the days when a 100 point drop was bad.

600? No wonder Bush is considering martial law. This is insane!

[Trumplestiltskin 5,791]

Jeez - did you guys see the stock drop today?

The fvckin Dow dropped what, over 600 points today?

And I don't know about you guys, but that didn't shock me. It felt normal.

#######? I remember the days when a 100 point drop was bad.

600? No wonder Bush is considering martial law. This is insane!

You got there before me

Edited October 10, 2008 by Paul Daniels

[PlatyPius 5]

I don't think "It's a recession!!" is a surprise to any of us in the lower-middle class. We've known that for a while. It took it affecting the middle and upper-middle before they really got concerned about it, though.

Indiana residents have been suffering for a while now.

$4.00/gallon gas for a CA resident making the average wage there is a lot different than $4.00/gallon for an IN resident making the average wage here. (using gas prices as an example of rising costs for the average consumer. Everything else has been going up too, of course, except house prices.) We've been spiralling down the porcelain god's throat for months. Greencastle is emptying out. Foreclosures and people moving to Indy to get rid of their commute, primarily.

Then, to top it off, we've had yet another property tax reassessment this year. Last time, they doubled. And, since it's late, it'll all be due at once - right around Xmas. There are going to be a lot of people who are truly f##ked this holiday season.

[w¡n9Nµ7 §£@¥€r 123]

Greencastle is emptying out. Foreclosures and people moving to Indy to get rid of their commute, primarily.

We're seeing that out here too. Foreclosures are highest in the far-flung exurban communities. The economy is better (not good, but better) closer towards the urban core. Of course, Wall Street is a big part of the urban economy out here and once they are done taking their dump, that will likely change too.

[Trumplestiltskin 5,791]

I caught business news this morning and they were saying that once recession is "established" the stock market starts to do better...

[w¡n9Nµ7 §£@¥€r 123]

I caught business news this morning and they were saying that once recession is "established" the stock market starts to do better...

Equities are a leading indicator. Unemployment is lagging. So that does make sense.

[Trumplestiltskin 5,791]

I caught business news this morning and they were saying that once recession is "established" the stock market starts to do better...

Equities are a leading indicator. Unemployment is lagging. So that does make sense.

There's more confidence once people know what's going to happen - the only question will be how deep the recession becomes..

[Peikko 1,575]

Hubby tells me it was worse in the ninetees, still haven't hit rock bottom but yes, I think we are probably all in for a pretty bumpy ride for a while.

[w¡n9Nµ7 §£@¥€r 123]

Hubby tells me it was worse in the ninetees, still haven't hit rock bottom but yes, I think we are probably all in for a pretty bumpy ride for a while.

I remember my dad used to say it's a depression in the early 90s...until he finally found a good job after being under-employed for a few years. Then the economy recovered

[mawilson 2,133]

Hubby tells me it was worse in the ninetees, still haven't hit rock bottom but yes, I think we are probably all in for a pretty bumpy ride for a while.

It was worse in 1987 - the Dow fell 33% in 2 months (from 2,640 on Oct 2, 1987 to 1,766 on Dec 4, 1987).

It was worse in 1973 - the Dow lost almost 50% in 2 years (from 1,050 in Jan 1973 to 577 in Dec 1974).

It was a WHOLE LOT worse in 1929... the Dow lost more than 50% in less than a year, and then shed another 80% of what people thought was the bottom over the next 4 years.