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New GDP Numbers Strongest Signal Yet The Country Has "Hurtled Into Recession"

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posted on Oct, 30 2008 @ 09:24 AM
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New GDP Numbers Strongest Signal Yet The Country Has "Hurtled Into Recession"


www.huffingtonpost.com

WASHINGTON — A day after the Federal Reserve slashed a key interest rate to battle an economic downturn, the government reported Thursday the economy did shrink in the summer, sending the strongest signal yet that a recession may have already begun.

The Commerce Department reported that the gross domestic product, the broadest measure of economic health, fell at an annual rate of 0.3 percent in the July-September period, a significant slowdown after growth of 2.8 percent in the prior quarter.
(visit the link for the full news article)




posted on Oct, 30 2008 @ 09:24 AM
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HRUMPH!!!!

Ask just about anyone on the street from small business owner to working stiff and you will learn that the recession has been underway for a year or better.

Who the hell are they kidding?

Stocks have long ceased to have any connection with the real world so they can no longer be used as a bellweather.

Its the average income, and retail and wholesale orders that paint the most accurate pictures, and when you consider unemployment claims, inflation, gas prices and so forth we have been in recession since early 07 at the very least.

But as with everything with this administration preception is everything, reality is nothing, they think that if they can keep saying that we are either not or might be just entering a recession, people will believe it...

... but our wallets know the difference.

www.huffingtonpost.com
(visit the link for the full news article)



posted on Oct, 30 2008 @ 09:32 AM
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well just like the great depression , according to the rules of resession, (Somthing like 2 quarters of downturn is a recession) Then were not there yet, but the depression was the same way..

WHAM and you in depression.. hits hard and fast.. no time to declare a recession.

This next quarter will be drastic.. Huge falls from the norm, Christmas sales will be next to nothing what they usually are.

Remember it was a little over a month ago bush was saying the economy is fine.. not that he is right, but this thing is a plane doing a nose dive, get you parachute on and get out of the plane while you can.



posted on Oct, 30 2008 @ 09:50 AM
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I remember back in 2000/01 all the talk was of a recession. I was working in one of the most recession sensitive businesses back then (I was a chef) and I saw no evidence of it in terms of drop in business. I was convinced then and still am that we were literally talked into that downturn... that Allen Greenspan and company created it.

Think about it.... he kept talking about an overheated economy and kept raising interest rates to cool it down... and it cooled down, even before 9/11... and what is a cooled down economy? A recession. In other words he created it.

Up until it became unavoidable, the bush minor administration has been trying the opposite tack... claiming repeatedly that the economy was fine... but the working stiff and small business owner knows better.



posted on Oct, 30 2008 @ 09:55 AM
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Flame me if you wish but I think the "rules of recession" are if the upper crusties don't feel it and don't yet have to drive their BMW in lieu of their taking a helicopter then we are not in a recession. It kind of reminds me of something I think I heard about the Thames sewage problem not being a problem until the smell went up river way back in the olden days.



posted on Oct, 30 2008 @ 09:59 AM
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I am waiting to see what happens with GM and Chrysler, Best buy, Sears, Wal Mart, Target, Ford and Intel.

We will throw more money at it so they can build more Hummers as the standard American CEO is so out of touch with reality they cannot see the forest for the trees.lol

I started an ignored thread a few months ago on US/Canadian holiday sales with the view that if two thirds of the North American economy is consumerism then we are in for a world of hurt. ouch.

Speaking of pain.....

I have dealt with a few of these airheads in charge of major gunk and you need to spell out the future to childking CEO's in the way you do to a preschooler.

Life is fun when you are king just don't feed the king reality as it spoils their mojo as well as the mojo of all the parasites who surround the child king CEO.

I like to read the doomboomgloom report as Marc seems to get down and dirty with the peasents like Jesus did in order to form an opinion which is in direct contrast to the dirty diaper CEO's as they wonder why nobody warned them that they will lose that bonus.

He, Marc, has said that capital has moved west (ie NYC to LALA land to Japan to China to India etc) and the circle is almost complete as capital started in the Orient. lol

I guess Crazy Horse was right when he said Custer will eat the dust from which he came.

I need to go and do something constructive. Later.



Peace
WR





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