Skip to comments.Spain falls into recession
Posted on 04/30/2012 5:45:41 AM PDT by Oldeconomybuyer
(CNNMoney) -- Spain has fallen into its second recession since 2009 as its economy shrank for the second consecutive quarter, according to a government report Monday.
There are now a dozen European nations that have had their economies shrink for two consecutive quarters, a condition that generally equates to a recession.
The Spanish economy, struggling with the aftermath of the bursting of a housing bubble, has been particularly hard hit by the economic turmoil rolling across Europe. On Friday, the government reported that Spain's unemployment rate hit record high of 24.4%.
(Excerpt) Read more at money.cnn.com ...
Recovery Summer Part IV — opening in theaters near you.
I think the author means “Spain falls FURTHER into recession”.
Got the chicken coop built for the 14 hens last week and started planting the garden over the weekend.
That’s the kind of activity that will really matter this year.
” - - - On Friday, the government reported that Spain’s unemployment rate hit record high of 24.4%.”
How does that % compare to the true US % of un- and underemployed?
BTW, when WW2 started, the US unemployment rate was above 20 %.
BTW, BTW, with these three solid data points on the abject failure of State-control of National economies, is it NOW high time to reject Keynesian Economics in the USA?
It’s all evidence that we just aren’t spending wildly enough and we aren’t punishing the productive enough. [/s]
This is good news for Obama! He can (and I suspect will) say “I fixed the economy, it was turning around, out of recession the numbers and the trends were all up! But then the oil speculators started causing problems and Britain and Spain and [insert whoever is next] all went into recession, it dragged us back down.” Anyone’s fault but his.
With an unemployment rate a hair north of 24% and its housing market in the toilet, perhaps the author really meant “Spain Falls Into Economic Depression”.
If I remember my history correctly, that 24% number was about what the USA was looking at during the peak of the Great Depression.
In the EU, Spain may well be the next to go under; oops.......strike that, I meant “need assistance from the IMF and the Bundesbank”. /s
Interestingly, though the phrase was used by a couple of people in obscure articles, we didn’t call the Great Depression the Great Depression until the mid-1950’s.
I firmly believe we are already in WDII. And it will get FAR WORSE before it gets better.
Total belief in Green Energy
and Marxism leads
to Economic disaster.