We are doomed...
Posted on 08/24/2007 11:22:23 AM PDT by Hydroshock
Subprime-battered mortgage lenders are shutting down, fewer homes are being built, and even some of the big U.S. retailers are planning conservatively for Christmas holiday sales.
It will take a few months to show up in the economic data that Wall Street and the Federal Reserve watch, but the slowing U.S. economy is hitting the job market, and economists say it is only a matter of time before unemployment ticks up.
"Growth is skimming along at around 2 percent, and that is not strong enough to keep the unemployment rate from rising," said Brian Bethune, U.S. economist with Global Insight in Lexington, Massachusetts.
Jobs mean paychecks, paychecks mean spending, and consumer spending accounts for more than two-thirds of the U.S. economy, so employment remains the linchpin as the United States grapples with a housing downturn that has triggered a broader tightening of credit terms.
The August employment report, due on Sept. 7, will be closely scrutinized for signs of weakness, although September and October may show the biggest hits as the recent string of job cuts filter through from the likes of Bear Stearns, Countrywide Financial and Capital One Financial.
When you can’t wait for actual bad news, just creat some future absolutely certain bad news and report it as news, now.
The MSM would love to ruin this good economy, just in time for a democrat to pose as a “savior” to bring back the Clinton economy. Guess who that might be?
We are doomed...
That’s because businesses start decorating for Christmas just after school starts. :)
I swear, last year there were a bunch of retailers who decorated for Christmas right after Halloween.
When it doesn't pan out they will simply ignore the facts and instead opine as to how it “didn't measure up to the expectations of some”
hello
hillary!
When you can’t wait for actual bad news, just create some future absolutely certain bad news and report it as news, now.
***
We’ve had some pretty good economic news of late, and the socialist liberal dems and their cohorts in the mainstream media just can’t stand it. So they have to fabricate some Chicken Little nonsense to create anxiety. And of course, that nonsense has to be reported as front page/top story news.
I have a question... WHAT “slowing economy”?
Hallmark release a the catalog of the Christmas ornaments in July.
I swear, last year there were a bunch of retailers who decorated for Christmas right after Halloween.
***
Most card and gift shops have their holiday ornnaments ready now, at least around here.
Here we go again. Happens every year about his time, since Bush has been in office. Doom & Gloom media hoping for the very worse.
The dimwits are gearing up for the election. If they are elected expect a bleak Christmas.
The writers at CNBC need to get together to get their facts straight.
http://www.freerepublic.com/focus/f-news/1886044/posts
In the past, one might get away with that and just refi to pull money out of the house ATM machine...but not now.
Unfortunately, spending realistically within one's budget will be seen as a very disappointing holiday season.
LOL! I call them newsforecasters. There’s a lot of that going around lately. “When you can’t wait for the news, make it up!”
Hydroshock..aka ex-texan posting more mortgage and housing related bad news. shocked I tell ya. Why has’nt the mod banned this DU troll.
I almost posted this article, it contrasts very nicely with the other article about how the chance of recession is nearly nil.
What is with the spamflood of economic pessimism?
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