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119 Comments
- theNazz, on 01/25/2008, -2/+40Crash or no crash, the dollar lost over 30% of its value since 2002.
- scabbers, on 01/25/2008, -3/+39Economists remind me of those people who write horoscopes.
- trickyt, on 01/25/2008, -1/+32I hardly call a record 0.75% emergency rate cut by the Fed a "market reaction." The market did crash on Tuesday, the Dow dropped over 500 points until the Fed made it clear it was going to react with the same band-aid it used in the dot-com bust that got us into this mess in the first place -- cheap credit. This means that when the debt finally comes due, it will just be that much worse. Just because you run to the high end of a sinking ship doesn't mean you aren't sinking.
- allaboutdatiki, on 01/25/2008, -9/+37short and shallow? bwhahaha
- hdar3415, on 01/25/2008, -4/+24I think it's going to get pretty bad and probably even worse if our existing government tries to "fix" it. They haven't been able to fix anything yet.
- SemiSarcastic, on 01/25/2008, -4/+22Don't worry guys! Jesus is coming soon and he'll sort everything out!
- oOLiquidNightOo, on 01/25/2008, -0/+16shallow and pedantic.
- scheibs14, on 01/25/2008, -6/+20If we hit depression status, I'm going to coin the phrase calling it "The Bush Depression"
- sgiffy, on 01/25/2008, -4/+16The economy will have a minor recession, 90% of people will not notice and life will go on. It has happened many times before. Hell in the 70's we had double digit inflation for a while and you know what, life went on.
- sgiffy, on 01/25/2008, -6/+16STOP ARGUING FACTS ON THE INTERNET! Go watch zeitgeist or one of the ***** loose change vids. We're trying to have an irrational panic here
- inactive, on 01/25/2008, -1/+11Thanks for another insightful, useful comment that really adds to the topic at hand.
Take a look at this morons posting history, about half of his posts talk about some ones mother. I only wish I was kidding.
Its past your bed time Bangbang, now go brush your teeth. Adults are talking now. - jmpeagle, on 01/25/2008, -3/+12stock markets have correctly predicted 9 out of the last 5 recessions if you get my meaning
- FatLoser, on 01/25/2008, -1/+9Half the reason, or more, that the market is declining is because people are talking about a recession. The market is so fickle and it often influences itself. Then the dominoes fall and everybody has to react in the real world, which further feeds into the recession.
- HomerS1, on 01/25/2008, -9/+16uhh, excuse me, but we aren't even in a recession yet (and may not be soon either). A little premature to talk about how deep it will be.
Seeing the GDP in the US grew 4.6% in Q3 2007, it is impossible to be in one now. - inactive, on 01/25/2008, -0/+7Kids these days
- NotOptium, on 01/25/2008, -1/+8I see what you did there.
- SemiSarcastic, on 01/25/2008, -1/+7Hehe I can tell your parents aren't home.
- jmpeagle, on 01/25/2008, -1/+7true that a recession is defined as 2 quarters of negative GDP growth but if come 3rd quarter 2008, we learn that 1st and 2nd quarter had negative GDP growth than we would in fact would have been in a recession in January of 2008. It's an impossible ex-ante probability but it's a significant ex-post possibility.
- akatherder, on 01/25/2008, -0/+5Except election results... ZING!
- LastVisibleDog, on 01/25/2008, -2/+7If any of you think the economy is run by the president - you are so screwed this recession will mean nothing to you
- Daniel591992, on 01/25/2008, -0/+5Analysts too!
- aukxsona, on 01/25/2008, -0/+4Uh if you use the REAL CPI inflation IS double digits.
- abenton, on 01/25/2008, -22/+26What a crock of *****. People talk, markets react differently, I've stopped listening to news when it comes to financial matters, they're bat ***** clueless, just look at the supposed "crash" that was supposed to occur tuesday..
- geekee, on 01/25/2008, -0/+4I guess the 2001 recession was the Clinton recession then, by that logic.
- inactive, on 01/25/2008, -0/+4noooo, you dis info agent.
- inactive, on 01/25/2008, -0/+4Look up the technical definition of "recession." Seriously.
- inactive, on 01/25/2008, -1/+5 Everyone forgets whats going to happed when China and Japan start spedning that 2 billion in US paper they hold. The conomists all act like they are never going to do this, as if it's so awful an outcome they just won't let themsevles consider it. It will happen. They won't stand by forever and watch their assets depreciate. And those that think they wont do it because they rely on us, well that may be true for Japan. But China would just revert to where they were 20 years, they could take it no problem. Plus it's foolish to impart our Westernized ideals and goals to them.
One day the Asians will dump, then things will get really interesting. Never mind gold, you better have the other precious metal. . .lead. - nirav72, on 01/25/2008, -0/+4Because that would be un-american.
- mikemil828, on 01/25/2008, -0/+4FTFA: "The economy is exceedingly more resilient than in the past,'' Mr Greenspan said, when asked if he thought if a recession would be shallow or deep, adding later "for that reason I would argue for a relatively shallow recession.''
Uh huh..... - inactive, on 01/25/2008, -0/+4Go type everything in lowercase and use a bunch of profanities that are funnier than they are insulting.
- elipabst, on 01/25/2008, -0/+4You were right on the first point but by definition if the dollar is losing value then you cannot be strengthening the currency, in other words the dollar is now weak. Whether it will lead to economic growth is unclear. Because we're so dependent on foreign oil which now costs significantly more (mainly because our money is worth less) the price of virtually everything has gone up because of increased transportation costs. So you have inflated costs for both foreign and domestic products while wages have remained fairly stagnant. Large companies that do a lot of exporting are doing well, but most Americans are getting pounded. Just wait until the other shoe drops and people start losing their homes because of the bad loans banks gave out. This tax rebate is a bandaid that isn't going to solve the problem.
- kingmanic, on 01/25/2008, -0/+3Which do much for you since most of the capital used to rev up production will be foriegn so the flow of currency out will be the same or worse.
- gak001, on 01/25/2008, -0/+3Welcome to the world of the Self-Fulfilling Prophecy.
- Barbega, on 01/25/2008, -1/+4Life is changing, were running out of oil. Once that's gone and the system still hasn't been fixed we will face GLOBAL recession: no question about it... the consequences are huge, and you cannot expect a politician or a miracle to save us.
- Smills, on 01/25/2008, -0/+3I agree, shallow and pedantic.
- notahappycamper, on 01/25/2008, -3/+6"The sputtering U.S. economy has gotten everyone from the financial markets to the Federal Reserve to Congress in a panic."
Really? Panic? - drjones78, on 01/25/2008, -3/+6The press loves bad news. Nothing keeps people watching like a catastrophe.
There most likely will be slowdowns in growth, which is still high, but that doesnt make a recession. - martoq, on 01/25/2008, -1/+4*sighs* I am sure this new tax cut will definitely bandaid things. And I sure with cheap credit people will be smart and not spend beyond their means.
- Kythas, on 01/25/2008, -0/+3This is a bunch of crap. Bernanke never said the Fed expects a recession - he said he expects a slowdown of growth, but the economy will still expand. The media is pandering for a recession because it suits their agenda.
To see the difference between what Bernanke said to Congress and how the media reported it, see http://tinyurl.com/3cacmo - Albionshores, on 01/25/2008, -1/+4Yeah panic, hundreds of thousands of jobs were on the line. As it is they just took a knife to the rate so everyone's pay check isn't as good in real terms anymore and there is more reason than ever for people like China, or OPEC, to drop the dollar altogether, in favor of something that holds its value longer than a vegetable.
- thethorax, on 01/25/2008, -1/+4All I know is that I work for a major financial institution that was not mentioned in the article and the belt has been tightened. All of our upcoming IT projects have been put on hold and little things like corporate travel has been suspended. While this does not signal that a recession is here, it does say that everybody is waiting for it... which is probably the worse thing that could happen.
- PeppermintPig, on 01/25/2008, -0/+3Economy suffers, dollar loses value. They're not mutually exclusive issues. We can fool ourselves into thinking a higher wage is the growth of our wealth, but this is not a metric of growth. We ought to feel our dollar is worth more when we can get more with it, and certainly it should be made clear that interest rate adjustments and the printing of money are two sides of the same economically hazardous coin.
- crapmatic, on 01/25/2008, -0/+3We had the Great Depression... even Auschwitz too... and gosh darnit, life went on.
- crakbot, on 01/25/2008, -1/+4I stopped reading after...
1) "Foreign money will pull out of the US market." Oh really? Foreign money is pouring into the markets because of the low dollar.
2) "Oil prices could spike up even higher." Duh! Recession reduces demand and oil prices will fall. Unless there is a new system where low demand raises prices. - TKardinal, on 01/25/2008, -0/+2Do you have the first clue what that actually means economically?
- thankyousir, on 01/25/2008, -2/+4could someone explain, why doesn't the government just make a law making credit less easily available so people won't spend beyond their means? of course this goes against libertarianism, but still...
- dimebonics, on 01/25/2008, -0/+2Jesus is my car insurance.
- dtele, on 01/25/2008, -4/+6Greenspan announced today that there is a 50 percent chance of serious recession : http://digg.com/world_news/50_per_cent_chance_of_r ...
- inactive, on 01/25/2008, -2/+4This animal is different. We've never had this type of globalization before. Never this many Trillions of dollars in bad debt either. The recessions previously didn't have all this digital money floating around. This is a different situation. Things could get REALLY bad for America.
- a517, on 01/25/2008, -0/+2Which is pretty much why we are not in a recession. The plan right now is to borrow our way out of it, but that can only go on for so long.
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