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Recession has already started, CFOs say-survey

biz.yahoo.com — Fifty-four percent of the CFOs said the United States is in recession, and another 24 percent said there is a high likelihood of one starting later this year, according to a Duke University/CFO Magazine survey completed on March 7

Who dugg this? Made popular Mar 13, 2008

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  • yoshman, on 03/13/2008, -3/+58But the Bush administration said the dollar is doing great. They wouldn't lie to us. :(
  • blaze03, on 03/13/2008, -2/+43On the upside, apparently syphilis in the United States has been growing steadily for the seventh year in a row and shows no sign of stopping!
  • Barnolde, on 03/13/2008, -4/+38We're ***** and have been for years, just legalize drugs to let us go out happy and in moderately less debt.
  • XBSHX, on 03/13/2008, -7/+34Recession... pfft, we're going into a depression.
  • doublebummer, on 03/13/2008, -8/+32The definition of recession: Two consecutive quarters of declining GDP. We haven't had one quarter of declining GDP yet. Just stating the facts.
  • CrankyHippo, on 03/13/2008, -0/+22yeah unless they can't afford to eat...
  • infamousjeff, on 03/13/2008, -10/+29Recession is a decline of GDP growth over two consecutive quarters. That hasn't happened. The problem is all of this recession talk is going to lead to a self fulfilling prophecy. That's not to say that the economy isn't bad! It's horrible but the truth of it is hidden amidst the plethora of daily indicators that are thrown at people. "Economics is a social science, with a graph I can prove anything."-- My economics professor 10 years ago. I believe him. The #1 problem with the economy is the decline of the dollar. The dollar is not worth as much because WE ARE IN SERIOUS DEBT! Thanks Bush, even though you claimed to be a conservative socially and fiscally, Bill Clinton (who with Newt Gingrich) balanced the budget and got us in the green, was ruined in the first four years of your administration.
    Ron Paul please run as an independent! He could fix this by getting the banks to trust each other again.
  • brufleth, on 03/13/2008, -0/+19Actually cutting agricultural subsidies has been on the table for a long time.
  • brufleth, on 03/13/2008, -0/+17True but we have outsourced so much of our manufacturing it is hard for the US to take advantage of the weak currency. I've heard that companies (like BMW) are going to increase US based manufacturing but who knows how long that could take to ramp up.
  • megaton, on 03/13/2008, -1/+14Glad I work in entertainment. People always have to jack off.
  • Tippis, on 03/13/2008, -1/+11If they're competent enough to mastermind that kind of plot, maybe they're fairly fit to rule after all.. ;P
  • inactive, on 03/13/2008, -1/+10Here's my professional analysis smart ass:
    The price of every *****' thing is going up and my paycheck ain't following. From what I understand I'm not alone. Want a bunch of percentages, statistics and "analysis" go find a wall street lacky who will tell you that everything's fine based on stock indexes and other ***** that doesn't mean dick to the rest of us looking for a way to pay for gas to get to work.
  • o0joshua0o, on 03/13/2008, -3/+12Wait, so you're telling me that the Democrats masterminded a fall in employment, elevated unemployment claims, mediocre results and falling sales for most retailers, plunging auto sales, weak consumer confidence, sharply falling home prices, a serious credit crunch in the banking system, a correction in all major stock markets, and a global economic slowdown? That's pretty impressive!
  • paker, on 03/13/2008, -2/+10Glad I work in agriculture, People always have to eat.
  • Akairenn, on 03/13/2008, -0/+8So what's up with the interest rates on my savings dropping like a rock? I bet that's all an evil Democrat plot too, amirite?
  • frooo, on 03/13/2008, -2/+10The solution?
    Start printing more money to pay for stuff... yeah that works!
  • MacEnvy, on 03/13/2008, -0/+7Yeah, all those damn Democratic CFOs.

    Wait, what?
  • doublebummer, on 03/13/2008, -1/+8U.S. Department of Commerce, Bureau of Economic Analysis: http://www.bea.gov/index.htm

    Here's a pretty graph: http://www.bea.gov/newsreleases/national/gdp/gdp_g ...
  • maj0rm0j0, on 03/13/2008, -1/+8He has refuted plain and simple truth his entire presidency.
  • vidorian, on 03/13/2008, -1/+7My fear for this economy is that I don't believe we have ever had so many negative factors hitting out economy at one time. Throughout history we have had housing bubbles, high oil, a weak dollar, depression, recession, droughts, etc. But i can't remember a time when so many things have hit us all at once.
    Inflation that is hitting all our pocket books. High oil and gas prices. High wheat and corn prices that is only increasing because of the use of bio fuels which is having a ripple effect in the cost of feed for livestock thereby causing soaring meat prices. (also more farmers are switching to bio fuel friendly crops to make more money causing shortages and higher prices in other crops, (also a further depletion of the soil because of not rotating.) A worldwide wheat shortage. Several month long drought last year. Hits to the agriculture crops in California last year. A weak dollar that no one is doing anything to stop. And i fear if it doesn't stop soon and we don't cut our deficits the credit rating of the US government will hit rock bottom and other countries will lose faith in our currency thereby switching to the Euro as the monetary choice for trading commodities. A housing and credit crisis that is not even close to the bottom yet.
    Credit card debt is rising at a rate never before seen, people are having to use credit cards just to make ends meet and this can not go on for much longer. And because of the bankruptcy laws changing a few years ago it will be even harder for families to start over again.
    If the world begins trading commodities in Euros we are looking at a further devaluation of the dollar by estimates of 40 to 60 percent.
  • Daedalus17, on 03/13/2008, -0/+6Actually you can have rising or falling U.S. currency exchange rates during a recession depending on changes in other factors.
  • CiXeL, on 03/13/2008, -1/+7because i wouldnt notice all the homes being foreclosed upon and the skyhigh gas prices?
    or maybe the fact that the ramen isle at walmart keeps getting cleared out.
  • Jexie, on 03/13/2008, -0/+5You don't follow the stock market (or currency trading, or your country's trade deficit, or the gold market) much do ya?
  • maley, on 03/13/2008, -0/+5Um, have people been living under a rock? We're in a recession NOW. I don't understand all this talk like it's not here yet and we might slide into it.
  • DarkLance, on 03/13/2008, -2/+7thats one way to define recession... the most common, but flawed when presented with our current situation. Most analysts would agree that we have had negative growth for the 4Q 07, and 1Q 08 looks to be on the same track. The weak dollar has boosted exports, thus covering our loses. 4Q 08 had a GDP growth of 0.6%, thats not terribly healthy when you consider the restrained growth numbers of 2.0 we try and maintain. The Fed and President Bush are allowing erosion of the dollar to hide their lack of monetary policy with overly aggressive rate cuts and throwing money out of helicopters. It feels as if we are getting the same treatment as Iraq.
  • ell0bo, on 03/13/2008, -0/+5You may want to read up on the great depression....
  • inactive, on 03/13/2008, -0/+5Is it Clinton's fault yet?

    I just got here
  • darkstar949, on 03/13/2008, -1/+6I think most people would prefer 100 Euros.
  • Look4Truth, on 03/13/2008, -1/+6Eh...duh. Soon followed by a depression and as the dollar collapses.
  • darkstar949, on 03/13/2008, -0/+5Straight from the U.S. Department of Commerce, Bureau of Economic Analysis - http://www.bea.gov/newsreleases/glance.htm
  • mediaspree, on 03/13/2008, -0/+4coffe costs around 3.50 brother.
  • misterenigma07, on 03/13/2008, -0/+4Keep digging, Watson
  • CiXeL, on 03/13/2008, -0/+4funny, coffee is no longer free at our work. they sent out a memo saying due to the rising price of everything coffee is no longer free. you can now get it from a machine for 25 cents.
  • xtmno3, on 03/13/2008, -0/+4From your linked article:
    "The no-recession forecast runs counter to the outlook among many economists and financial pundits..."

    In many situations people have differing opinions. In this case, it seems more prevalent that a recession is here/ is coming. Couple that with interest rate cuts, a mysterious "Economic Stimulation" refund from GWB in May, etc and I am fairly sure you are wrong.
  • macneib, on 03/13/2008, -1/+5HAHA, let me just put on my little professor's cap here... yep.. ok.. where were we?
    Fair enough you have the freedom to close your own barn doors any time you like. Horses in or out... whatever
    IMHO the sooner one recognizes a recessionary trend (which is what the trend is), the sooner they can take appropriate measures to function in it.
    Who's to blame? I for one do not subscribe to the 'We were Bushed' cop out.
    Please take some time and educate yourself as to What are the real contributing factors may be.
    You'll find a more likely precursory to this pending trainwreck in the repeal of the Glass-Steagall act (1999) by none other than Bill Clinton. http://en.wikipedia.org/wiki/Glass-Steagall_Act

    For those who want the short form:
    The Glass-Steagall Act is a series of laws, with provisions designed to keep a separation between commercial banking and the securities industries.
    Furthermore... I don't think RP can save you either. Kudos for the wishful thinking though.
  • vidorian, on 03/13/2008, -0/+4Exactly a weak dollar at the height of the manufacturing boom in the US would have been a good thing and maybe kept our manufacturing jobs here. But now that plants have closed down, workers have been retrained we no longer have the ability to benefit from a weak dollar.
  • spyd3rweb, on 03/13/2008, -0/+4Send more jobs overseas, that works too!
  • inactive, on 03/13/2008, -1/+4I think you were being sarcastic, but a lot of the reason those places are Third World is because they're not well suited for growing crops.
  • CiXeL, on 03/13/2008, -0/+3nah i'm actually in miami, i plan on eating the everglades.

    i used to live in los angeles, people there need to learn to fish off the piers, catch pigeons and seagulls or eat desert scrub.
  • macneib, on 03/13/2008, -0/+3and denial is not just a river in Egypt.
  • CiXeL, on 03/13/2008, -0/+3amen brother!
    what i do is fill up 5 gallons worth which is worth a few trips back and forth from work with the commute.
    then if i happen to be around one of the cheaper gas stations i fill up the full amount (walmart's murphy gas, racetrack, etc)
    sure, you fill up more but you save the most when you can finally fill up on the cheaper stuff.
  • inactive, on 03/13/2008, -2/+5You don't even realize that people like you who believe that's how it went down are part of the problem. Consumer's are all dumb asses right? Unscrupulous, greedy companies and banks had nothing to do with it so let's give them some free government cheese to bail them out. That will make all the rich bank investors richer by removing any risk they took when pushing those loans and therefore all of the economic problems will go away. At least for the people we're worried about right? The one's who can't afford to lose another $200K.
  • BaronSamedi242, on 03/13/2008, -0/+3With what? Money's already gone to bail out the big boys (who NEVER LOSE)
  • inactive, on 03/14/2008, -0/+3If Clinton were still President 9/11 would never have happened, OBL would probably be dead or captured, Saddam would still be a toothless, paper tiger, America would still be a respected nation around the world and would be at peace, the economy would still be booming, and we'd be running budget surpluses instead of trillion dollar deficits. Sure, we might have to wonder if the President was going to boink another fat intern, but you know what? I could live with that worry.

    Whether you call yourself a Democrat or a Republican, if you're honest with yourself you know this is true.
  • jaxter2010, on 06/17/2009, -1/+4*****, you make the US sound pretty bad, and yet we still have millions of people hopping to border to get in here illegally. Go figure. I think you might have missed something.
  • MacEnvy, on 03/13/2008, -2/+5Especially since they haven't held any real power in 8 years! They sure are crafty.
  • inactive, on 03/13/2008, -1/+4There is a specific definition of recession in economics: "two consecutive quarters of negative growth." However, there's also a colloquial definition, "The economy is getting worse." The economy can be booming, but to a guy that loses his job or can't afford to pay bills, it's a recession no matter what you call it. If enough people hit hard times, even if it doesn't fit the technical definition, a politician saying it's not a recession can piss a lot of people off, it gives them a sense you're ignoring their problems. Nobody but economists really care about whether it's technically a recession, they want to know how they're going to pay their bills, and if you're a politician, you and the markets might very well be better off saying "The economy is headed for trouble and we need to do something about it" rather than "The economy is great - keep spending."
  • maj0rm0j0, on 03/13/2008, -5/+8Why do we need a survey? A recession is when the economy has negative growth and we had that this last quarter! It amazes me that the press and the government act like they don't know what it is, or when we are in one.
  • CiXeL, on 03/13/2008, -0/+3there are plenty of things people can eat in those countries. the problem is many times they dont have an established agricultural system to look around the world and find out what types of fruits and vegetables can grow in their climate or they dont have access to drip system technology to maximize their water usage.
    my hobby is exotic fruits/vegetables. i am completely 100% certain that you could live in most climates short of antarctica if you only imported the correct plants and animals that would thrive and produce food in your particular climate.
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