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WATERDOG
Gemini
HDF Silver Supporter
Don't Bother Me, I'm in Havi
 
MENIFEE, CA
Posts: 10,292
APPD 1.60
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ELIMINATOR EAGLE
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Posted: Dec. 01 2008,11:16 am |
Post # 1 |
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It's official: US is in recession By MARTIN CRUTSINGER, AP
posted: 29 MINUTES AGO
WASHINGTON -The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday.
The NBER — a private, nonprofit research organization — said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December.
By one benchmark, a recession occurs whenever the gross domestic product, the total output of goods and services, declines for two consecutive quarters. The GDP turned negative in the July-September quarter of this year, and many economists believe it is falling in the current quarter at an even sharper rate.
But the NBER's dating committee uses broader and more precise measures, including employment data. In a news release, the group said its cycle dating committee held a telephone conference call on Friday and made the determination on when the recession began.
The White House commented on the news that a second downturn has officially begun on President George W. Bush 's watch without ever actually using the word "recession," a term the president and his aides have repeatedly avoided. Instead, spokesman Tony Fratto remarked upon the fact that NBER "determines the start and end dates of business cycles."
"What's important is what is being done about it," Fratto said. "The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that's where we'll continue to focus."
Many economists believe the current downturn will last well into 2009, and will be the most severe slump since the 1981-82 recession. The country is being battered by the most severe financial crisis since the 1930s as banks struggle to deal with billions of dollars in loan losses
"Damn you sure know how to fock things up."-GFR
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GoFastRacer
HDF Supporter
V-Driver For Life!
  
Big River, Ca
Posts: 62,729
APPD 7.90
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Spectra20
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Posted: Dec. 02 2008,4:26 am |
Post # 2 |
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Like, as if we didn't know that!..  
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| Member # 101 | Joined: 3-03-2003 | |
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My Man's Sportin' Wood
Capricorn
HDF Supporter
Hallett Hottie
Flathead Lake Montana/Lake Havasu City
Posts: 3,500
APPD 0.45
Post Rank: 20
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Posted: Dec. 02 2008,7:40 am |
Post # 3 |
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| Quote (GoFastRacer @ Dec. 02 2008,4:26 am) | | Like, as if we didn't know that!.. Â |
Great minds think alike. All those folks on PB argued with me when I said we were in a recession. They kept saying we weren't because of the official definition. I said Bullshit! They're skewing the numbers. Now that they can't deny it anymore, they came up with "new" numbers for the last year
If people would only listen to me, this world would be a lot better off 
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| Member # 250 | Joined: 10-17-2003 | |
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My Man's Sportin' Wood
Capricorn
HDF Supporter
Hallett Hottie
Flathead Lake Montana/Lake Havasu City
Posts: 3,500
APPD 0.45
Post Rank: 20
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Posted: Dec. 02 2008,7:41 am |
Post # 4 |
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I should edit that. Some of the folks at PB argued with me. Some agreed.
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| Member # 250 | Joined: 10-17-2003 | |
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Ziggy
Cancer
Slum Lord
Oceanside, Ca./Lake Havasu, Az.
Posts: 7,441
APPD 0.96
Post Rank: 10
2016 Nordic 26 Deck
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Posted: Dec. 02 2008,9:23 am |
Post # 6 |
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| Quote (My Man's Sportin' Wood @ Dec. 02 2008,7:40 am) | | Quote (GoFastRacer @ Dec. 02 2008,4:26 am) | | Like, as if we didn't know that!.. Â |
Great minds think alike.  All those folks on PB argued with me when I said we were in a recession. They kept saying we weren't because of the official definition.  I said Bullshit! They're skewing the numbers.  Now that they can't deny it anymore, they came up with "new" numbers  for the last year
If people would only listen to me, this world would be a lot better off    |
We'd be better off alright...... 
Ain't life Grand? Treat it that way. The Love of my Life, Jan.  |
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| Member # 192 | Joined: 8-27-2003 | |
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Carrera Elite
Libra
HDF Supporter
Glendale,AZ
Posts: 44,127
APPD 5.50
Post Rank: 2
1990 Carrera 23.5 Classic
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Posted: Dec. 03 2008,1:03 am |
Post # 9 |
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| Quote (WATERDOG @ Dec. 01 2008,12:16 pm) | It's official: US is in recession By MARTIN CRUTSINGER, AP
posted: 29 MINUTES AGO
WASHINGTON -The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday.
The NBER — a private, nonprofit research organization — said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December.
By one benchmark, a recession occurs whenever the gross domestic product, the total output of goods and services, declines for two consecutive quarters. The GDP turned negative in the July-September quarter of this year, and many economists believe it is falling in the current quarter at an even sharper rate.
But the NBER's dating committee uses broader and more precise measures, including employment data. In a news release, the group said its cycle dating committee held a telephone conference call on Friday and made the determination on when the recession began.
The White House commented on the news that a second downturn has officially begun on President George W. Bush 's watch without ever actually using the word "recession," a term the president and his aides have repeatedly avoided. Instead, spokesman Tony Fratto remarked upon the fact that NBER "determines the start and end dates of business cycles."
"What's important is what is being done about it," Fratto said. "The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that's where we'll continue to focus."
Many economists believe the current downturn will last well into 2009, and will be the most severe slump since the 1981-82 recession. The country is being battered by the most severe financial crisis since the 1930s as banks struggle to deal with billions of dollars in loan losses |
That's A News Flash!! 
Sarcasim, Just one more thing that I offer for free!! I've Reached The Age Where Happy Hour Is A Nap!! WWW.StormPokerRuns.Com  |
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| Member # 8 | Joined: 12-04-2002 | |
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GoFastRacer
HDF Supporter
V-Driver For Life!
Big River, Ca
Posts: 62,729
APPD 7.90
Post Rank: 1
Spectra20
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Posted: Dec. 03 2008,4:54 am |
Post # 10 |
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| Quote (My Man's Sportin' Wood @ Dec. 02 2008,8:40 am) | | Quote (GoFastRacer @ Dec. 02 2008,4:26 am) | | Like, as if we didn't know that!.. Â |
Great minds think alike.  All those folks on PB argued with me when I said we were in a recession. They kept saying we weren't because of the official definition.  I said Bullshit! They're skewing the numbers.  Now that they can't deny it anymore, they came up with "new" numbers  for the last year
If people would only listen to me, this world would be a lot better off    |
Hey, some folks are blind what can I say!.. 
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GoFastRacer
HDF Supporter
V-Driver For Life!
Big River, Ca
Posts: 62,729
APPD 7.90
Post Rank: 1
Spectra20
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Posted: Dec. 03 2008,4:55 am |
Post # 11 |
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| Quote (Ziggy @ Dec. 02 2008,10:22 am) | Well I'll be .....we's is in a recession?  Â Is that why we ain't sellin' no cars to no ones |
Good passability there!..
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| Member # 101 | Joined: 3-03-2003 | |
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GoFastRacer
HDF Supporter
V-Driver For Life!
Big River, Ca
Posts: 62,729
APPD 7.90
Post Rank: 1
Spectra20
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Posted: Dec. 04 2008,4:59 am |
Post # 15 |
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I been in a recession since I moved to this $hithole!..
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shueman
Libra
HDF Gold Supporter
Born To Drive...
Alta Loma CA
Posts: 17,228
APPD 2.27
Post Rank: 4
NADA
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Posted: Dec. 04 2008,4:57 pm |
Post # 17 |
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Man, it's really gettin' bad...even my hair-line is in a recession...
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| Member # 376 | Joined: 2-01-2004 | |
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GoFastRacer
HDF Supporter
V-Driver For Life!
Big River, Ca
Posts: 62,729
APPD 7.90
Post Rank: 1
Spectra20
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Posted: Dec. 04 2008,7:32 pm |
Post # 20 |
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| Quote (WATERDOG @ Dec. 04 2008,9:28 am) | | Quote (GoFastRacer @ Dec. 04 2008,4:59 am) | | I been in a recession since I moved to this $hithole!.. Â Â |
Probably should consider moving. Â |
Oh trust me I am!..
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Carrera Elite
Libra
HDF Supporter
Glendale,AZ
Posts: 44,127
APPD 5.50
Post Rank: 2
1990 Carrera 23.5 Classic
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Posted: Dec. 05 2008,8:45 am |
Post # 22 |
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| Quote (SummitKarl @ Dec. 04 2008,7:51 pm) | | Quote (Carrera Elite @ Dec. 04 2008,5:25 pm) | | Quote (shueman @ Dec. 04 2008,5:57 pm) | | Man, it's really gettin' bad...even my hair-line is in a recession... Â |
I've Had That Problem For Years!! Â |
oh come on, you look rather Hairy in your avatar |
That Is A Teen Pic, Taken Before My Hair Line Made A Retreat...
Sarcasim, Just one more thing that I offer for free!! I've Reached The Age Where Happy Hour Is A Nap!! WWW.StormPokerRuns.Com |
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| Member # 8 | Joined: 12-04-2002 | |
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WATERDOG
Gemini
HDF Silver Supporter
Don't Bother Me, I'm in Havi
MENIFEE, CA
Posts: 10,292
APPD 1.60
Post Rank: 8
ELIMINATOR EAGLE
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Posted: Dec. 05 2008,8:53 am |
Post # 23 |
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| Quote (Carrera Elite @ Dec. 05 2008,8:45 am) | | Quote (SummitKarl @ Dec. 04 2008,7:51 pm) | | Quote (Carrera Elite @ Dec. 04 2008,5:25 pm) | | Quote (shueman @ Dec. 04 2008,5:57 pm) | | Man, it's really gettin' bad...even my hair-line is in a recession... Â |
I've Had That Problem For Years!! Â |
oh come on, you look rather Hairy in your avatar |
That Is A Teen Pic, Taken Before My Hair Line Made A Retreat... |
And all this time I thought you were pulling it out.
"Damn you sure know how to fock things up."-GFR
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| Member # 2868 | Joined: 4-23-2007 | |
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WATERDOG
Gemini
HDF Silver Supporter
Don't Bother Me, I'm in Havi
MENIFEE, CA
Posts: 10,292
APPD 1.60
Post Rank: 8
ELIMINATOR EAGLE
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Posted: Dec. 05 2008,9:02 am |
Post # 24 |
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Job losses in November -- the worst since 1974
Posted Dec 5th 2008 9:40AM by Jonathan Berr
Filed under: Economic data, Federal Reserve, Recession, Financial Crisis
Just when you think that the economy can't suck any further, along comes news that U.S. employers shed 533,000 jobs in November. That's the biggest decline since 1974.
Stock markets are trading down because the figures were far worse than what economists expected. The unemployment rate was a whopping 6.7% but that figure is a bit misleading because many people have given up looking for work. Stock futures are trading down in pre-market action.
Former Treasury Secretary John Snow put it bluntly: "This is really bad news." That may be the understatement of the year. The economy has reached a state of wretched awfulness not seen since my grandparents were young. Everyone is being pinched. I have family members who have lost their jobs and I have told them that I see no hope for them returning to work any time soon.
Maybe the job losses will finally give Congress the kick in the butt in needs to aggressively intervene in the economy. Jobs are a lagging indicator, indicating that the economy may plunge further into the abyss. That means that the U.S. government is going to have to help some people who in more normal times would be told to walk the plank.
The $34 billion requested by the Big Three to prevent their bankruptcies. Yes, they screwed up royally, but remember, they sold gas-guzzlers because that's what their customers wanted. They will probably wind up getting some sort of government bailout either from this Congress or the next one.
Housing is another area where the undeserving deserve help. So many people got into houses they should not have been able to afford. While it's tempting to say "you made your bed, now you must lie in it," the social cost of letting the market work things out are huge.
With today's awful jobs numbers, the time for ideological debates over the free markets is over.
"Damn you sure know how to fock things up."-GFR
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Carrera Elite
Libra
HDF Supporter
Glendale,AZ
Posts: 44,127
APPD 5.50
Post Rank: 2
1990 Carrera 23.5 Classic
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Posted: Dec. 05 2008,9:11 am |
Post # 25 |
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| Quote (WATERDOG @ Dec. 05 2008,9:53 am) | | Quote (Carrera Elite @ Dec. 05 2008,8:45 am) | | Quote (SummitKarl @ Dec. 04 2008,7:51 pm) | | Quote (Carrera Elite @ Dec. 04 2008,5:25 pm) | | Quote (shueman @ Dec. 04 2008,5:57 pm) | | Man, it's really gettin' bad...even my hair-line is in a recession... Â |
I've Had That Problem For Years!! Â |
oh come on, you look rather Hairy in your avatar |
That Is A Teen Pic, Taken Before My Hair Line Made A Retreat... |
And all this time I thought you were pulling it out. |
That was only part of it.....
Sarcasim, Just one more thing that I offer for free!! I've Reached The Age Where Happy Hour Is A Nap!! WWW.StormPokerRuns.Com |
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| Member # 8 | Joined: 12-04-2002 | |
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