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Vote: Is the U.S. economy in a recession?
Vote: Is the U.S. economy in a recession?
Seeded on Fri Aug 1, 2008 11:25 AM EDT
Article Source: msnbc.com- Enjoy this article? Help vote it up the 'Vine.
- Public Discussion (6)
Very Close to it. you have signs of a collapsing economy combined with the housing market losing steam(past 2 yrs home values fell over 35%) Millions of foreclosures over the last 3 yrs and this all affects our ability to spend. Millions of people now have bad credit and aren't spending on big ticket Items. Cars are a good example. no house no cars not enough good paying jobs and a high inflation spike. this will spell disaster for millions (the economic equivalent to hurricane katrina) its not over yet. the storm has just hit. Most investors I know are just holding on to their money and making life comfortable. I figure in 8 yrs to a start of recovery. The government has not a clue as to how to fix it. all these bandaids are not going to stop the bleading, but i can understand why the senate is head hunting for this massive screwup.
- 1 vote
#1 - Fri Aug 1, 2008 11:26 AM EDTThis article is reminiscent of the query attributed to Marie Antoinette when she asked why the people are protesting and, when told that they had no bread to eat, suggested that they eat cake. The explanation is obvious. The huge profits of a relatively few giant companies is quite sufficient to create the illusion of economic growth, more than enough to overshadow the tens of thousands of ordinary people who live paycheck-to-paycheck, fearing every day that the small employer for whom they work may be forced to lay them off. This phenomenon is totally missed by those whose good fortune insulates them from the creeping prices of food and common consumer goods and the rising cost of public transportation used by those too poor to have a car and are spared from concerns of gas prices.
Yes, there is no question that the country's economy is in a recession. Checked the price of bread lately? Noticed the closing of restaurants and the increase in claims for unemployment benefits? Remember what happened to Marie Antonette?
- 1 vote
#2 - Fri Aug 1, 2008 8:11 PM EDTbkukla you hit the nail right on the head! I do tax work for a bankruptcy attorney and even after they passed a new bankruptcy law making it much harder to file bankruptcy filing are going at a very brisk rate among the working class. I personally have 5 clients that that have lost multiple rental properties whose total value was in excess of a million dollars,that is no "mental recession".
- 1 vote
I think maybe Bush is spending to much time in Bill Clinton's closet.
#3 - Fri Aug 1, 2008 11:03 PM EDTBusiness has never been better!
The rental business is BOOMING!!!!
As soon as one of my units comes open there's a line or renters with MONEY!!!
I can pick & choose who I want and name my price!
#4 - Fri Aug 1, 2008 11:06 PM EDTRecession: a stage of the business cycle in which economic activity is in slow decline. Recession usually follows a boom, and precedes a depression. It is characterized by rising unemployment and falling levels of output and investment.
Recession test: Ask two of your neighbors if they know any one who has been laid-off. Have you seen an unusual amount of store closings and industrial space available over the past 6 months in your own community and across the U.S.?
Inflation test: How much are you paying for your food and gas? Has your income kept up with your cost of living?
Add to this the credit and housing bubble collapse and it would be safe to say the U.S. economy is in the crapper and will be for quite some time.
- 1 vote
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