digg

Facebook Connect Join Digg About

Year of the Thaw: CNN's 2009 Economic Forecast

money.cnn.com — In the third quarter of 2008, consumer spending was expected to fall for the first time since 1991 - an inducement to retailers to trim prices in 2009. Most economists expect consumer prices to rise by less than 3% next year.

Who dugg this? Made popular Dec 3, 2008

Digg DudeWhat is Digg?

Digg is a place for people to discover and share content from anywhere on the web. Digg surfaces the best stuff as submitted and voted on by the community. Take the Tour to learn more.

37 Comments

show profanity settings
expand all
  • organicpop, on 12/01/2008, -1/+22Man i really like the price of gas now.
  • selfprodigy, on 12/02/2008, -0/+19Consumer spending will be down. Government spending however will be disgusting.
  • skittlez1, on 12/02/2008, -2/+14hahahahhahahah. Their predictions change day by day. They can't predict *****.
  • brandita, on 12/02/2008, -6/+17Year of the Thaw: The melting of the ice caps accelerates as cheap gas returns.
  • Carpy, on 12/02/2008, -2/+11and salaries to rise by less than 0%?
  • Bluetar, on 12/02/2008, -0/+8Keeping inflation in check sounds good to me, but I'm sure we'll pay for it somewhere else, we always do.
  • neveroddoreven, on 12/02/2008, -0/+5you mean fall by x%? not rise by less than 0 thats just wordy
  • Damoclez, on 12/02/2008, -10/+15the last two months have sets records for cold temperatures throughout North America (including Canada) and Brazil (yes, snow in southern Brazil, that almost never happens!), the ice shelves have returned to the Arctic at unprecedented speed this year, and the ice cap on Antarctica has been GROWING for the past five years.

    @Brandita you are all wet. You're espousing the Greenie Religion, like a truly brainwashed, but useful, idiot.
  • csm888, on 12/03/2008, -1/+6Now we can all afford to drive to collect our state benefits
  • PeppermintPig, on 12/03/2008, -0/+4That's the problem. This ISN'T keeping inflation in check. They're looking at GDP and calling it inflation. lol

    Economic decline hasn't deterred the government from giving billions, and soon to be trillions to the banking and automotive industries which didn't earn it.

    It's systemic because the politicians only think far enough ahead to consider their re-election possibilities. Lately, it's not merely lame ducks destroying the economy, which is very alarming. Unfortunately, Obama will do much, much more to contribute to the problem than alleviate it. Hard times might have him scale back his programs, but he still wants to implement them.
  • topgigmedia, on 12/03/2008, -1/+5The global climate change epidemic (or "Global Warming" as some like to refer to it) is specific to the point that earth's global, average temperature is rising. It is possible that some regions may actually experience cooling trends, but the overall overage shows drastic trends towards warming. How much effect humans are having on this has certainly sprouted great debate.

    Honestly, it would be most efficient to both sides if we could leave religion and bigotry out of it and try to work together to determine what we can do to slow the trend realistically, if anything.
  • jbmcb, on 12/03/2008, -0/+3> Economic decline hasn't deterred the government from giving billions, and soon to be trillions to the banking and automotive industries which didn't earn it.

    Well, the government got the ball rolling on the economic downturn, by keeping interest rates stupidly low, and encouraging banks to give out lousy loans to spur growth in the housing market.

  • jbmcb, on 12/03/2008, -0/+3Wrong way 'round. Gas is cheap BECAUSE of the recession.
  • foohookups311, on 12/03/2008, -1/+4@topgigmedia

    I had to digg you up. You are the first person that speaks of actual common sense when on the topic of global climate change. You do not vacillate to one side or the other but just tells it like it is. Thank You it was rather refreshing to see this on digg.

    -foohookups
  • Swingdown, on 12/03/2008, -2/+4Run on sentence! Bury mee!
  • hwy9nightkid, on 12/03/2008, -1/+3why would anyone be FOR pollution and inefficiency?? Damoclez ***** THING SUCKS
  • bot001220, on 12/03/2008, -0/+2Pretty much everyone's predicting that cheap "netbooks" are about to flood the market, that's partially why the average laptop prices are projected at $727.
  • MindTrigger, on 12/03/2008, -0/+2Well, changes I have made to my habits are permanent, I and I am still planning to replace my truck with a smaller, efficient vehicle when the time comes. Anyone who thinks gas prices are going to stay down permanently, deserves whatever they end up paying later. This is another reason why I don't want to he auto companies to be bailed out. They need to reinvent themselves, not shove more gas guzzlers down everyone's throat.
  • PeppermintPig, on 12/03/2008, -0/+2FTA: "Inflation roared back in 2008 - as of September, the consumer price index had risen by 4.5% over the previous 12 months.

    But the rate of increase has been leveling off lately, and the slowing economy should help keep inflation in check in 2009."

    False. Inflation of the money supply leads to what is known as market contraction, which takes time to reveal itself, but you STILL have inflation even when people stop spending since the government has no reservations about creating credit despite lacking the funds or means to pay off the debt. Apparently CNN thinks inflation either 1. has nothing to do with the Fed and Government's manipulation of the money supply, or 2. that inflation ceases to exist when productivity stalls.

    This report is absurd.

    CNN has no integrity on economic matters. When I occasionally watch their network economic pieces, they talk about how stock market losses are just a case of irrational fear and that you should keep your money in themarket no matter what.

    FTA:"When times are tough, consumers gain bargaining power. More than 70% of Americans have managed to finagle a better deal on a purchase in recent months, according to America's Research Group - a 14-percentage-point jump from a year ago."

    Meanwhile, people lose their jobs and some won't be able to afford deals, particularly on luxury and entertainment items. This is not unlike the broken window fallacy, but expressed in a more complex manner. Basically, it's CNN's way of trying to be optimistic while IGNORING the cause of the economic decimation. Sugar coated vomit is still vomit.

  • foohookups311, on 12/03/2008, -0/+2You didn't know?? The internet is a staple now.


    If the internet leaves, well then I am just gonna have to head out calli forni way.
  • PeppermintPig, on 12/03/2008, -0/+2Yes, manipulation of rates was a drop-kick to the risky loans of home owners...

    And the government continues in its attempt to keep house prices artificially high.
  • bonmot5, on 04/08/2009, -1/+2Who said anything about being FOR polution? All he said was that the ice cap on Antartica has been growing for the past five years. FACT!!
  • CaptainRotundo, on 12/03/2008, -0/+1http://blog.longnow.org/2008/02/07/nassim-nicholas ...

    You can also watch that talk, or listen to an mp3. It is the only response you need to these so called predictions.
  • inactive, on 12/03/2008, -2/+3do you really think you sound intelligent with that idiotic comment?

    So bascally, you are saying that no matter WHAT the climate is like, it is cause for alarm?
  • 808ethan, on 12/03/2008, -3/+4This is why the intelligent countries call it Global Climate Change, not Global Warming. Unfortunately it was too long for us Americans to remember, so we all got idiots going "Gosh poppa, it sure dang don't feel warm to me, praise jesus! Those commie liberals are lying again, praise jesus......jesus"

  • TreeTops8, on 12/04/2008, -0/+1It would actually work just the opposite: Falling oil prices boost the economy and help the incumbant party (Bush/McCain). Rising prices hurt the economy & help the challenger (Obama)
  • PeppermintPig, on 12/03/2008, -0/+1Optimistic chicanery. :)
  • Swingdown, on 12/03/2008, -2/+3$727 for a laptop?!?! I must be shopping at the wrong store! oh wait... I have a mac. I did find it funny that in tough financial times i went in to a mac store for a new bluetooth mouse and there had to be at least 75 people in there shopping for computers/ipods. This internets thing must be important!
  • foohookups311, on 12/03/2008, -0/+1In silicon valley they are just rollin around in it.
  • TreeTops8, on 12/04/2008, -0/+1Your posting has the tone of resignation to it. There is no reason to be dejected or down. You CAN affect the world around you in a positive way!
  • TreeTops8, on 12/04/2008, -0/+1Why are you giving people reading/viewing assignments? Are you unable to make a point on your own?
  • PeppermintPig, on 12/03/2008, -0/+1Most oil is owned by governments.
  • TreeTops8, on 12/04/2008, -0/+1Yes, and (portions of) our scientific community is so compromised and so desperate to demonstrate the rise in temperatures that "every right-thinking person knows" are happening that they take Septembers data and try to pass it off as October data!
  • TreeTops8, on 12/03/2008, -0/+1jbmcb is right: had oil prices stayed sky-high, we would be much more recessed, much more depressed, much more panicked than we are now.
  • Subliminational, on 12/03/2008, -0/+1I hear they got all the internet a man could want out that a way.
  • inactive, on 12/03/2008, -1/+1But at what cost? ECONOMIC RECESSION?
  • kd1s, on 12/03/2008, -1/+1Some serious wishful thinking in that article. I don't know about oil prices pushing back up. They've saw a steep runup than a precipitous drop. And if Obama actually delivers on a comprehensive energy plan, I suspect oil might head down into $30 a barrel territory.

    You have to ask two questions:

    1) Who benefited most from increased price per barrel for oil?

    2) Why did it drop so suddenly. It wasn't just because of the recession, but note it happened just as Obama was elected.

    The answer to question 2 means that that big oil was screwing us, plain and simple. But what is big oil? Who owns the oil companies?

    Those are the people who don't want you to know they own the shares in the oil companies.

  • Add a Comment

    Login or register to comment!
    Or, sign-in super fast with your Facebook account ...

© Digg Inc. 2009 — Content created and posted by Digg users is dedicated to the public domain | Terms of Use Updated | Privacy Policy
DIGG, DIGG IT, DUGG, DIGG THIS, Digg graphics, logos, designs, page headers, button icons, scripts, and other service names are the trademarks of Digg Inc.