Skip to comments.Economy likely shrank at fastest clip since '82
Posted on 01/30/2009 3:39:30 AM PST by Flavius
WASHINGTON (AP) -- The country tumbled deeper into recession and probably logged its worst economic performance in a quarter-century during the final three months of last year as battered consumers and businesses throttled back spending.
The U.S. economy is deteriorating at an alarming clip as the housing, credit and financial crises -- the worst since the 1930s -- feed on each other in a vicious cycle that has proven difficult for Washington policymakers to break.
(Excerpt) Read more at biz.yahoo.com ...
The 30% adjustment to reality where Yale code punchers for stock trading algorithms are finally paid for what they are worth, and with any luck contemplating careers that are less devastating to public at large.
With regards to illegals and those that continue to employ them at slave wages and the H1B visa pirates, karma seems to work well.
The reality of that our economy is cyclic does carry weight with the ups and downs in the job market. However, when the goobermint does nothing but ride along and work to push the hype, the crashes are much, much worse.
The elitist who considered their plans for social engineering have to be induced do nothing but add to the misery of all as the leeches pat you on the shoulder and suck the livelihood out of our keisters.
We live in a age of tax serfdom. Where us, the tax serfs, are free to move around and work in one big, national estate, or plantation, and for any occupation. We are free to do the moder equivalents of picking turnips, mucking ditches, thatching roofs, but still hand over half of the crops we grow, or baskets we make. Instead of being legally bound to one single estate and master, we are free to stumble around, and now have many masters. All we pay for privilege of being ruled over is given into a common master fund, whereupon they fight upon themselves for who gets what.
Between debt inflation, taxes, and soon regular inflation, hardly anyone owns his land. We are aloud to think we do, so long as we pay to earn to buy, pay when we do buy, pay each year on the land and after that if by chance you have higher price, which with inflation isn’t really higher, you pay again on the increased inflation dollars need for the same land.
Its all a big financial/tax trap.
Good points I would add a clarification — Government can help the cycles, by making them worse, both up and down, and last much longer. Consult the legacy of the failed President FDR and his new deal. The CRA took decades to catch fire, with a little help along the way.
Nothing can stop the business cycle. People like Obama, who have no clue, can only make it far worse, doing things like the porkulus spending bill. That’s like saying, honey we maxed out our credit card, but good news, we got another one in the mail today.
What can we do, well someone has to read the bills, since the USA PRAVDA media no longer informs people with the truth.
What a marvelous explanation of where we are today. If I wore a hat my hat would be off to you!
There is absolutely NO aspect of our day to day lives that is not controlled by government. And as part of that control they consider it their right to demand our resources to pay for it.
I don’t know what the answer is, or if there even IS an answer. It just might that the only cure is a complete collapse of the system.
As painful as that would be it could be that there’s simply no other way to return to a balance.
Man, it feels good to be able to say that.
Instead of fireside chats we can have a Martini with Barry.
What I don't not see from 'THE US PRAVDA' (a.k.a alphabet networks) is any resemblance of honest reporting to the nature of the problem, the underlying causes of what created the whole mess.
STill even with the newly 'elected', they just talk about the problem and how bad it is...I'm watching our new socialist governor pimp the same old song and dance and that is the solution is to raise taxes during a recession. Educated, may cause she has a degree. Intelligent, hardly. Honesty, she can neither pronounce it, nor spell it.
Economic misery induces faith in higher power some look to religion praise God and swim to shore.
Others rely on emty suits if elected or as we know purchased their way to rule the masses that want equal distribution of misery which sometimes the gubernent in past history enforces with bayonet
George Soros, the billionaire investor famed for "breaking the Bank of England" has launched another assault in recent months, cashing in as Britain's currency slid.
By Edmund Conway in Davos
Last Updated: 9:09PM GMT 28 Jan 2009
The hedge fund manager, whose assault on sterling in 1992 was seen as responsible for causing the UK to leave the Exchange Rate Mechanism and forcing up interest rates to double-digit levels, said he had been selling off sterling in recent months.
It comes with experts warning that the slide in the pound over the past year has been the worst ever seen by the UK currency, and with others predicting that the UK may have to seek emergency funding from the International Monetary Fund as a result.
Speaking at the World Economic Forum in the Alpine Swiss town of Davos, Mr Soros said he had foreseen the recent fall in the pound, which has slid from over $2 against the dollar to below $1.40 in recent weeks.
However, he indicated that he did not expect it to fall much further - a comment which caused sterling to leap yesterday by more than 1 per cent to almost $1.44.
Mr Soros said: "I did actually have a short position in sterling and it was one of the trades I carried out. But sterling did fall from around $2 to about $1.40 and at that level the risk-reward balance is no longer compelling. I'm not saying won't fall any more though - it will continue to fluctuate"
Mr Soros also warned that the scale of the current economic crisis was now potentially even worse than the Great Depression in the 1930s and urged Western nations to set up "bad banks" to absorb their toxic assets.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.