Poll: Economists expect extended recession.
By on Oct 10th, 2008 at 9:49 am
Poll: Economists expect extended recession.
Earlier this week, White House Press Secretary Dana Perino said that she didn’t know whether the U.S. economy was in a recession, adding, “But I don’t think anybody could tell you right now if we’re in a recession or not.” However, a new Wall Street Journal poll of economists finds that America “has sunk into a recession and government action is critical to stem the damage.” Fifty-two percent “now expect U.S. gross domestic product to contract in the third and fourth quarters of this year, as well as the first quarter of 2009. … Economists put the odds of recession in the next 12 months at 89%, up from 60% in last month’s survey.”
Update The AP reports, "Stock prices swung sharply in early trading Friday as investors again dumped stocks but also scooped up shares that have been devastated by more than a week of intense and panicked selling. The Dow Jones industrials, down nearly 700 points in the opening minutes of trading, recovered to a loss of just over 125 and then headed lower again."
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According to the White House, we won’t officially be in a recession until after the Inauguration….
October 10th, 2008 at 9:52 amAs I wrote in March and subsequently, we’ve long been in a Recession and are heading into Depression.
October 10th, 2008 at 9:55 amYou can tell the economy is “cratering” because the paid trolls seem to have been laid off, too.
No more McPoints for McChickens?
PEACE
October 10th, 2008 at 10:00 am“The recession started upon my arrival. It could have been — some say February, some say March, some speculate maybe earlier it started — but nevertheless, it happened as we showed up here.” –George W. Bush, Meet the Press, Feb. 8, 2004
“Recession means that people’s incomes, at the employer level, are going down, basically, relative to costs, people are getting laid off.” –George W. Bush, Washington, D.C., Feb. 19, 2004
“You see, not only did the attacks help accelerate a recession, the attacks reminded us that we are at war.” –George W. Bush, on the Sept. 11 attacks, Washington, D.C., June 8, 2005
The recession to which Bush referred to did not include the combination of $3-4 gasoline, a loss of over 750,000 jobs in 8 months, record foreclosures, record bankruptcies a collapsed finance system and a 1,000 point drop in the DOW, a record $10 trillion national debt and a record federal budget deficit of nearly $500 billion.
Yet somehow in the present the US is not in a recession?
October 10th, 2008 at 10:07 amStocking up on Woody Guthrie music.
October 10th, 2008 at 10:08 amWhere is Tracy666 to remind us again about the technical definition of a recession?
October 10th, 2008 at 10:12 am5th Estate Says:
Yet somehow in the present the US is not in a recession?
You can’t expect consistency from Republicans. Consistency is an anathema to them. Consistency is closely related to facts, which in turn are related to truth.
October 10th, 2008 at 10:14 amas 5th estate notes, Bush ran in 2005 with cries that he had it really rough as the economy was in recession when he took office.
Well if a flat market is a recession, what is a 15% drop in a couple of days ?
October 10th, 2008 at 10:15 amIn related news, yesterday McSame had a stump speech where he claims to be telling Obama that the economy is in trouble.
Wasn’t it the McChurian Candidate giving speeches of the fundamentals of the economy are strong >?????
October 10th, 2008 at 10:17 amNote: Average Americans expect an extended depression.
October 10th, 2008 at 10:22 amThis land is your land. This land is my land.
October 10th, 2008 at 10:22 amOh silly MapleStreet: Wasn’t it the McChurian Candidate giving speeches of the fundamentals of the economy are strong >?????
McPalin explained that he meant the American worker was strong, not the fundamentals!. Not the ones who don;t have a job, of course, but the ones who are working more for less. Strong! They all eat Wheaties now, only without milk becasue they can;t afford it. Strong!
October 10th, 2008 at 10:24 amRUCerious Says: Note: Average Americans expect an extended depression.
October 10th, 2008 at 10:25 amAs an average American myself I can tell you I’ve been depressed since 2000 . :(
ohcomeon Says: This land is your land. This land is my land…
…And you can pitch your, tent over there.
This house is not yours, not any longer,
and did I mention, we’re laying you off?
Altogether now!
October 10th, 2008 at 10:29 amI don’t care how the government define a recession, I’ve always believed we’ve been in a continuous recession since 2001. I don’t mean “recession” when it comes to stock market numbers, I mean the “recession” the average, middle class American has endured the past 7 to 8 years in this country. Rising prices, jobs shipped overseas, little prospects, no sense of hope. A recession of the mind and soul, if you will.
Election day can’t come soon enough for me to cast my vote for Obama. Until the republicans fundamentally change their current a**hole ways, I won’t be voting for anyone in the GOP for a long time. Not after the disaster of the last eight years.
October 10th, 2008 at 10:40 amThese guys will never admit anything because they’d have to explain why it happened. Dana Perino=nonsensical talking head.
October 10th, 2008 at 10:41 amDana,Dana,Dana. Guess what? You’ll be laid off soon too, and we won’t have to hear your double-speak any longer. So buh-bye now.
October 10th, 2008 at 10:41 ambush just gave a short cheerleader stint on tv and the dow dropped another 300 points.
October 10th, 2008 at 10:53 amthis morning on TODAY, bartaloma and friend admitted that many are calling it a “Depression”…
October 10th, 2008 at 11:01 amThis isn’t a depression, it’s the birth pangs of a new economy, one that just happens to use a barter system.
October 10th, 2008 at 11:08 amGarrison Keillor wrote this yesterday – “Your broker kept saying, ‘Stay with the portfolio, don’t jump ship,’ and you felt a strong urge to dump the stocks and get into the money market where at least you’re not going to lose your shirt, but you didn’t do it and didn’t do it, and now you’re holding a big bag of brown bananas.” The feelings of many no doubt.
October 10th, 2008 at 11:09 amEvery thing that has been done (lowered interest rates, bailout after bailout, etc) will have a negative effect 10-12 months down the road. If you thought things were bad now, well I am sorry to report that the inflationary depression is just getting started.
October 10th, 2008 at 11:18 amVerbalKint Says:
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Where is Tracy666 to remind us again about the technical definition of a recession?
He lost his computer when he had to file bankruptcy.
October 10th, 2008 at 11:42 amEconomic Democracy or nothing!
====
October 10th, 2008 at 1:47 pmIt’s gonna hurt, but in chaos there is opportunity. The system has been such a racket for so long…when it falls apart we have a chance to live a better life than being wage slaves.
I hope the economic rentiers bite it hard and leave the country. Like Kass said, barter.
Es solo dinero.
October 10th, 2008 at 2:38 pmAs I was walkin’ – I saw a sign there
And that sign said – no tress passin’
But on the other side …. it didn’t say nothin!
Now that side was made for you and me!
In the squares of the city – In the shadow of the steeple
Near the relief office – I see my people
And some are grumblin’ and some are wonderin’
If this land’s still made for you and me.
~Woody Guthrie
October 10th, 2008 at 2:43 pmIt’s funny how everyone still insists that what’s happening and will happen is a “recession”. I think it going well beyond that.
October 10th, 2008 at 8:15 pm