Say “hello” to the 2008-2011 recession
Bailout News, Politics, California Housing Crash, Florida Housing Crash, The Economy, Real Estate October 22nd, 2008
More signs that the economy is already in a recession and that the worst is yet to come. The Dow dropped more than 500 points today showing that investors are nervous about the economy. CNBC reports:
If you think the economy looks bad now, imagine this:
* An unemployment rate above 10 percent for almost a year.
* A 82-percent increase in the number of unemployed in a three-year period.
* A 7.8 percent contraction in the gross domestic product in one quarter alone.
* An economy that doesn’t grow for two consecutive years.Those are some of the things that happened in the long and nasty recessions of 1973-1975 and 1980-1982—and could happen this time. Though few are predicting it’ll get that bad, most economists say the current downturn will be far harsher than the blip of the 1990-1991 or even 2000-2001 recessions.
“The worst is still very much ahead of us,” economist and professor Nouriel Roubini told CNBC. Click here to watch his interview
Though Roubini has been pushing his doom-and-gloom forecast for a couple years now—and recent developments have made him look particularly prescient—few economists are quite as dour.
And this from CNNMoney:
NEW YORK (CNNMoney.com) — Stocks tumbled Wednesday afternoon as weak corporate results and forecasts - and slumping commodity prices - amplified fears of a broad recession.
Global markets slid, with Asian and European stocks ending lower. Treasury prices rose, lowering the corresponding yields. The dollar was mixed versus other major currencies. Oil, gas and gold prices fell.
With roughly 20 minutes left in the session, the Dow Jones industrial average (INDU) had lost 667 points, or 7.4%.
The Standard & Poor’s 500 (SPX) index lost 8.1% and the Nasdaq composite (COMP) lost 6.3%.
October 22nd, 2008 at 6:47 pm
SAY HELLO TO THE GREAT DEPRESSION PART 2.
November 14th, 2008 at 5:41 pm
start C C C ? victory gardens?
save fats, etc?
(People in many nations did this c.WW2 era)