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Fears that an outbreak of swine flu could become a pandemic brought a new threat to the global economy Monday, just as economic indicators appeared to be bottoming out.
The Obama administration said Monday it was too soon to determine the potential economic impact of the swine flu outbreak, but U.S. Treasury officials were looking at the issue.
"The National Economic Council ... is obviously aware of and looking into this notion. There is a working group in the Department of Treasury to deal with this," White House spokesman Robert Gibbs told reporters
The World Bank estimated in 2008 that a flu pandemic could cost $3 trillion and result in a nearly 5 percent drop in world gross domestic product.
An outbreak of severe acute respiratory syndrome, or SARS, which disrupted travel, trade and workplaces in 2003, cost the Asia Pacific region an estimated $40 billion. It lasted six months and killed 775 of the 8,000 people it infected in 25 countries.
The World Health Organization (WHO) declared raise alarm phase epidemiological Mexico it went from 3-4 level, which means strengthening the preventive health measures for the country.
The World Health Organization (WHO) provides six steps for a possible pandemic of swine flu.
Phase 4, the transmission from person to person capable of causing outbreaks at the community level and finds a significant increase in the risk of a pandemic.
Officials from the Ministry of Health reported that in the case of Mexico the activities of prevention and care for the country were taken from the start as if we were in stage four, this means strengthening the preventive measures among the population.
Once notified the Mexican authorities, at a meeting with representatives of WHO, the federal government take action to inform the next few hours in the population.
The credit-card industry, which is already under fire from the Obama administration, is getting hit with a double-whammy these days: losses are growing even as fewer people use plastic.
In the last six months, record numbers of consumers have stopped paying their credit-card debt. On top of that, many other consumers are cutting back on their credit-card spending. Both trends are leaving banks that issue credit cards with huge losses.
losses are likely to get worse. Credit-card charge-offs by lenders rose to 8.4 percent in February, a record high according to Fitch Ratings. Those charge-offs are expected to reach 10 percent by this time next year.
Americans in total have some $955 billion in credit card debt. According to Fitch Ratings, delinquency rates for credit card payments rose to 4.33 percent in February, the third consecutive record number. The overall delinquency rate has increased 36 percent in the last six months.
Entitled "Severe Space Weather Events — Understanding Societal and Economic Impacts," it describes the consequences of solar flares unleashing waves of energy that could disrupt Earth’s magnetic field, overwhelming high-voltage transformers with vast electrical currents and short-circuiting energy grids. Such a catastrophe would cost the United States "$1 trillion to $2 trillion in the first year," concluded the panel, and "full recovery could take 4 to 10 years." That would, of course, be just a fraction of global damages. Good-bye, civilization.
Originally posted by Night Watchman
Seriously, some of you actually believe EVEN THIS, the swine flu outbreak is part of a govt conspiracy? Really? I know this is a silly question but do we have anything to back up these assertions?
Originally posted by irishchic
Methinks some will be hugging this flu-virus before it's all said and done?
[edit on 27-4-2009 by irishchic]
Originally posted by irishchic
The past two months have aged me,I swear...what we need is a nice chart!:
Boise, Inc. Newsprinting facility -105
First Student, Inc. -660
Hundreds of coal miners laid off
Rainbow Play Systems -74
Hanes Brands (NYSE:HBR) -500
Lockheed martin (NYSE:LMT) -225
GM Canada will Slash Jobs, Close 395
Dealerships - up to -14,000 jobs may be lost
Franklin-Springboro, OH Public Library -4
Ottawa Valley Railway (Canada) -30
Timken (NYSE:TKR) Announces additional cuts -4,000
Monahan Filaments -54
HSBC lays off 100 bankers in Hong Kong -100
Legg Mason -24
Portfolio Magazine -80
PPG Industries -110
Allegan, MI Educational Service Agency -20
Magna International (Canada) temporary layoffs -725
Industrial employment in Alabama fell 4.5% in 12 months
Lakeside Steel (Canada) -29
General Motors (NYSE:GM) announces cuts, kills Pontiac brand -21,000
Heifer International -68
Vancouver, BC (Canada) School System -80
Sutton Bros. Lumber -12
Exide Corp Update - 567
TOTAL - 43,062 est.. -
...includes other parts of the world. Because - we are certainly all in this together...
Swine Flu and The Economy: Disconnect or Tipping Point?
Layoffs imminent at First Bank of Idaho after FDIC seizure
Russian jobless rate hits 10%, 3.5 million out of work
Recession has forced nearly half of all hospitals to shed staff