Bank report says U.S recession is here

Bank report says U.S recession is here

thanks to opec arabs the poor have suffered since 911 all over the world...Opec Arabs designed terror war to enrich greedy opec further.....Opec Arabs have caused the worlds poor to go starving in every nation on earth...while Opec Arabs continue a worldwide shopping spree buying all nations valuable assets with stolen profits from spiked oil prices...from Opec designed terror war.....

Terror and the Economy

The economy was in the toilet before 9/11. Real economist were questioning why everyone should be investing in tech stocks and internet companies with business models that don’t show a clear path to profit. But the bubble got pumped up and pumped up until it burst. In the weeks before 9/11 the stock market was undulating wildly, obviously about to crash. Revisionist history now blames terrorism for the troubles with the economy when the real problem is much more serious. We’ve exported all the good jobs, imported cheap labor to do the bad ones, and because of it the international interests that hold our debt are talking about dumping their dollars.
But you probably just come here to repeat your “Operation Mockingbird” talking points Anonymous. I’m preaching to the choir.

opec arabs has done a fair job. it get appraise from allover the world.
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Brook

[url=http://www.casualdate.net.au]dating[/url]

Washington trying to avert recession...
:cool:
Recession S.O.S. - goosing growth
January 9 2008: Lawmakers are considering a host of options to stimulate the economy, and some may mean more for your bottom line.

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You may be getting an extra few hundred extra bucks for your wallet this year courtesy of the federal government. And if you could spend it as fast as you get it, lawmakers would be most appreciative. Rebate checks are just one of the ideas reportedly being considered by Democrats and Republicans to nip a potential recession in the bud.

Experts affiliated with both parties have called for some form of stimulus. In addition to rebates, ideas being batted about range from making the president’s tax cuts permanent to giving businesses greater tax breaks to boosting government spending in ways that create jobs or provide more money for the unemployed. The White House hasn’t committed to proposing a package, although President Bush has said numerous times he’s considering a broad range of options.

One Congressional source told CNNMoney.com that both Senate and House Democrats are working together on a proposal. House Speaker Nancy Pelosi confirmed in a statement on Tuesday that the Democrats' plan “will assist hard-hit families by promoting consumer confidence, economic growth, and job creation."

Some Washington observers are saying only the Federal Reserve has any real chance of steering the economy away from recession and that any moves from lawmakers would be only for the sake of politics in an election year. What skeptics on both sides of the aisle express concern about is how quickly the measures chosen will take effect and how temporary they will be in nature.

[url=http://money.cnn.com/2008/01/09/news/economy/stimulus_pkg_advances/index.htm?section=money_mostpopular:
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Goldman Sachs sees recession in 2008
Wed., Jan. 9, 2008 - Wall Street firm expects Fed to slash interest rates to 2.5 percent this year

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Goldman Sachs on Wednesday said it expects the U.S. economy to drop into recession this year, prompting the Federal Reserve to slash benchmark lending rates to 2.5 percent by the third quarter. In a note to clients, Goldman said real gross domestic product would contract by 1 percent on an annualized basis in both the second and third quarters. For all of 2008, the investment bank said GDP would rise by 0.8 percent. The unemployment rate will rise to 6.5 percent in 2009 from the current 5 percent, it said.

The weakening economy will force the Fed to lower policy rates by an additional 1.75 percentage points from the current 4.25 percent. Starting in September, the Fed cut rates at the last three meetings of the Federal Open Market Committee, reducing the target rate on loans between banks by 1 percentage point from 5.25 percent. Goldman strongly advises fund managers to overweight health care, consumer staples, energy and utilities. They are significantly underweight consumer discretionary, financials, industrials, materials and information technology.

The three most significant changes to their sector recommendations are the reduction in the financial sector weighting by 300 basis points to 14 percent, the information technology weighting by 400 basis points to 15 percent, and the increase in their health care weighting by 300 basis points to 17 percent, the firm said. Their reduced allocation to financials reflects weak fundamentals and their declining weight in the S&P 500. The reduction in information technology reflects that the group has been the second-worst performing sector in both the six months leading up to a recession and during the first phase of a recession, Goldman said.

More [url:
http://www.msnbc.msn.com/id/22570624/[/url]

Wall Street proceeding cautiously...
:o
Wall Street: Waiting for the pain to end
January 20 2008: Experts say quarterly earnings and outlooks will help determine when the market freefall will stop.

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With Wall Street falling precipitously almost by the day, investors are asking what it will take to revive it. Market experts are increasingly coming to the same answer: Time.

There is no piece of economic data, no corporate earnings report, no move by the Federal Reserve and no government tax plan that will be able to soothe the market’s anxiety in the next couple weeks over the weakening economy.

That’s not to say the stock market will keep plunging the way it has been. To be sure, bargain hunters will likely see Wall Street’s recent slides as buying opportunities, particularly if encouraging news comes along like a hefty interest rate cut or better-than-expected profits at the nation’s big-name companies.

[url=http://money.cnn.com/2008/01/20/markets/bc.wallstreet.weekahead.ap/index.htm?section=money_mostpopular:
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People waitin' longer between jobs...
:eek:
Long-term joblessness is growing
WASHINGTON, Jan. 21, 2008 — Long-term joblessness has begun to show up in U.S. unemployment statistics even as the unemployment rate remains relatively steady, a report said.

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In November, almost 1.4 million Americans — representing about 20 percent of all unemployed U.S. workers — had been without work for at least 27 weeks, The Washington Post reported Monday. That is about twice as much long-term unemployment as the job market experienced prior to the 2001 recession, the newspaper said, and analysts say the problem threatens to intensify the impact of the current economic slowdown.

The phenomenon is spread more broadly throughout the economy than it has been in the past. Long-term unemployment has gone from affecting primarily manufacturing workers and people with little work history, education or skills, and is growing most rapidly among more experienced and college educated workers in white-collar positions.

The extended recovery that followed the 2001 downturn featured strong corporate profits, low inflation and record manufacturing output, the report said, but some economists have called the expansion a “CEO’s recovery." Real wages have been mostly flat, poverty has grown and an unusually large number of unemployed people have had difficulty finding jobs.

[url=http://www.upi.com/NewsTrack/Business/2008/01/21/long-term_joblessness_is_growing/7595/:
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U.S. study: too many Ph.D.s in the job market
Jan. 21, 2008 — College students aren’t getting what they pay for, a recent New York report asserted. The problem is they’re taking too many classes from part-time, or adjunct, professors who often lack the time and resources for focused teaching, which can lower student’s performance.

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In its report last month, a 30-member commission called for New York’s state (SUNY) and city (CUNY) systems to alleviate the over reliance on adjuncts by hiring 2,000 more full-time faculty for their 87 campuses. But just one page away, the report also called for adding at least 4,000 new doctoral students. There’s a connection between those numbers that deserves more attention. In many fields, there are already too many Ph.Ds awarded for the full-time academic posts available, creating a surplus of likely jobseekers. That pool becomes adjuncts, who command wages and benefits so low that universities find them irresistible hires.

“It’s not uncommon to have a disconnect like this in higher education, in which people are both concerned about the difficult career prospects being faced by recent Ph.D. graduates and concerned there aren’t enough Ph.D. students," said Michael Teitelbaum, of the Alfred P. Sloan Foundation. Jeff Crane, an artist who teaches two art courses at SUNY-New Paltz, says he likes working part-time so he can paint, but thinks he should be paid equitably. He earns about 5,200 U.S. dollars per semester for teaching two courses.

The national average for full-time assistant professors is about 60,000 dollars, and 100,000 dollars once they get tenure. Crane says many of his colleagues work mostly for the health insurance, which, unlike many places, New Paltz offers to adjuncts. “We have flooded the labor market with Ph.Ds who can’t get jobs doing what they’ve been trained to do," said Cat Warren, a North Carolina State English professor and state American Association of University Professors leader, who recently gave a talk to graduate students at nearby Duke warning them to be realistic. “I think we have to think very hard about that."

[url=http://news.xinhuanet.com/english/2008-01/21/content_7464707.htm:
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More anecdotal evidence...
:eek:
Empty Malls as Economic Fears Spread
Jan 21, 2008 - Consumers pull back on spending, worry more about debt as economy weakens.

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Joi Freemont, a dentist in suburban Atlanta, doesn’t have to look further than her appointment book to tell that people are worried about money. Patients who used to get their teeth whitened all the time “now want to think about it a bit," she said. Braces? “People were getting them for the kids, for themselves, but now they’re waiting," she added. And when people get cavities, they have their fillings done one a month, not five or six at a time, she said. As a result, Freemont and her husband are worried their income could drop and are trying to be more prudent with their money. They’re monitoring spending more closely and continuing to whittle down their credit card balances and her dental school debt, she said. “We know how to put the brakes on if we have to," said Freemont, 35.

Across America, there are growing signs that consumers are worried about the weakening economy, which could slip into recession. While some say Americans are not famed for their belt-tightening tactics, there are signs that people are trying to improve their personal balance sheets so they’re ready for tougher times. Mark Zandi, chief economist at Moody’s Economy.com, said the economic signals “are flashing yellow," suggesting that consumers need to take care.

Jobs are getting harder to find, while the crisis in the mortgage industry has made it more difficult for homeowners to borrow against their houses, closing down what has been a major source of extra cash in recent years. Consumers' budgets have been squeezed by rising food and fuel prices.

Credit card balances surged through the fall months, according to Federal Reserve figures. Now delinquency rates on consumer loans are rising, the American Bankers Association reported recently. Even companies that cater to higher-income families, such as American Express Co., are feeling the pinch. When the economy stumbles, “you have to begin living within your means, or you’ll be forced to do so," Zandi said.

[url=http://abcnews.go.com/Business/IndustryInfo/wireStory?id=4166694:
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possum gonna stock up on balogna samiches...
;)
Rebates might be too little, too late
April 28, 2008: Economists question whether $110 billion in tax rebates will provide stimulus needed to hold-off recession and restart growth.

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Tax rebates are starting to arrive in bank accounts. But many economists doubt that they will keep the economy from recession. The stimulus package, passed with overwhelming bipartisan support earlier this year, will give rebates to about 130 million Americans, costing the U.S. Treasury more than $110 billion. Married taxpayers earning $150,000 or less will get up to $1200 while single taxpayers earning $75,000 will receive up to $600.

But since the measure passed Congress, there have been growing signs that the U.S. economy has already fallen into recession. “This is will not avert a recession, because it is too late," said Lakshman Achuthan, the managing director of the Economic Cycle Research Institute. “For this to have kept us out of what was an avoidable recession, it needed to happen a couple of months ago, in January or February."

In the past three months, employers have cut 232,000 jobs from their payrolls. The unemployment rate has climbed to 5.1% from 4.7% as recently as November. Another 80,000 job losses are forecast to be reported in the April employment report this Friday, according to economists surveyed by Briefing.com, while the unemployment rate is expected to climb to 5.2%.

In addition, leading retailers have reported disappointing sales. Auto sales have tumbled 8% from year-earlier levels in the first quarter. Home prices and sales have also continued their slide. Finally, rising food and energy prices have hit consumer confidence. With that in mind, Achuthan thinks that people who will be receiving rebates will probably use them to pay bills or deal with a tighter budget brought on by higher prices. In other words, there won’t be the type of incremental spending that could actually spur the economy.

[url=http://money.cnn.com/2008/04/28/news/economy/rebate_recession/index.htm?section=money_mostpopular:
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Would imagine high gas prices are causing people to spend money on keepin' the car runnin' and lettin' utility bills go...
:eek:
Millions in U.S. face energy shutoff
April 25,`08 — Large numbers of Americans face the prospect of energy shutoffs during the coming months because of rising energy prices and stagnant wages, officials said.

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Millions of U.S. consumers are behind on paying their utility bills following a winter in which many struggled to cover the increasing cost of heating their homes, The New York Times reported Friday, citing energy and utilities officials.

The cost of heating oil, propane and kerosene is the biggest problem, officials told the newspaper, but natural gas and electricity prices are also a problem for workers at the lower end of the income scale, who are also struggling with higher prices for food and gasoline.

New Hampshire officials said the state will issue grants under the federal Low Income Home Energy Assistance Program to about 34,500 people this heating season — a record number that is 5 percent higher than last year’s total.

Mark Wolfe, director of the National Energy Assistance Directors' Association, told the newspaper the most immediate challenge is to help people who are significantly behind in paying their gas and electric bills. “Based on discussions with major utility companies around the country, we will see record numbers of families facing shutoffs," said Wolfe.

[url=http://www.upi.com/Top_News/2008/04/25/Millions_in_US_face_energy_shutoff/UPI-69501209099179/:
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waltky;88589:
Would imagine high gas prices are causing people to spend money on keepin' the car runnin' and lettin' utility bills go...
:eek:
Millions in U.S. face energy shutoff
April 25,`08 — Large numbers of Americans face the prospect of energy shutoffs during the coming months because of rising energy prices and stagnant wages, officials said.

Wait til winter.

New Faces Join Homeless Ranks...
:eek:
Suburbs to Streets: New Face of Homeless
June 28, 2008 - As the Foreclosure Crisis Continues, More Find Themselves Without Shelter

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Time is running out for Tracy Mosely. A single mother of five, Mosely is on the brink of homelessness after the house she’s rented for a year fell into foreclosure and was sold at auction. Mosely, a part-time restaurant hostess, came up with $500 for a security deposit on another place. But she says all the landlords she’s contacted want $1,000 or more. She doesn’t have it.

Lying on her bed in Florissant, Mo., flipping through the newspaper, seeking a place to move her family, Mosely says she’s not sure if she has weeks or days before she’ll be evicted. She may wind up, she says, in a homeless shelter. “My blood pressure is sky-high," she says. “We’ll be on the streets. I’m just lost about what to do. We were settled here, this was home, and the kids are looking at me like, 'Mom, please.' I told them I’m doing my best."

Mosely is one of the faces of a national real estate crisis whose most grievous victims are increasingly facing the ultimate fate: homelessness. With more families on the cusp of having nowhere to live, thousands of both former homeowners and renters are winding up in shelters or turning to charities for food or other aid to get by. Nearly 61% of local and state homeless coalitions say they’ve seen a rise in homelessness since the foreclosure crisis began in 2007, according to a study released in April by the National Coalition for the Homeless.

More [url:
http://abcnews.go.com/Business/Economy/story?id=5252472&page=1[/url]

How about using housing on mothballed military bases??...
:confused:
Family homelessness rising in the United States
Wed Nov 12, 2008 WASHINGTON (Reuters) - President-elect Barack Obama has vowed to help middle-class U.S. homeowners facing foreclosure, but he has said little about how he will help low-income families made homeless by a worsening economy.

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Obama has spoken broadly about boosting affordable housing and restoring public housing subsidies. But with economists forecasting a deep recession in 2009, he may find it hard to find the money to fulfill those promises soon. At the same time, advocacy groups and the country’s czar for combating homelessness say immediate action is needed to halt the foreclosures of tens of thousands of homes and rehouse thousands of families amid the worst financial crisis since the Great Depression of the 1930s. “President-elect Obama understands the economy will only get back on track if we end the foreclosure crisis. And he realizes that part of ending the crisis is both preventing and ending homelessness for families losing their homes," said Jeremy Rosen of the National Policy and Advocacy Council on Homelessness.

It is a quandary that will require help for the overall economy to aid people who slide into homelessness because they lose their jobs. Measures will also be needed to address the mortgage crisis, especially foreclosures on rental properties that house lower-income residents who then wind up homeless when their apartment buildings are repossessed. Homeless advocacy groups have called for targeted housing subsidies that help homeless families get back into more permanent accommodation as well as helping those on the brink of foreclosure. But Obama will need to do more, and there are no magic wands. Families are flooding homeless shelters across the United States in numbers not seen for years, camping out in motels or staying with friends and relatives, homeless advocates say.

“There are lots of families hemorrhaging into homelessness and we need to figure out how to put a tourniquet on the hemorrhaging," Philip Mangano, the homelessness czar appointed by President George W. Bush in 2002, told Reuters. There is little time to waste. The U.S. unemployment rate is at a 14-year high and more job losses are forecast, while the Mortgage Bankers Association says nearly 1.5 million homes are in the process of foreclosure. The U.S. Congress approved a massive housing market rescue bill in July that sets aside $3.9 billion that can be used partly by local authorities to buy foreclosed properties. Those could potentially house homeless families.

More [url:
http://www.reuters.com/article/reutersEdge/idUSTRE4AB18I20081112[/url]