Posted on 04/29/2009 5:53:40 AM PDT by pleikumud
The U.S. economy contracted at a steeper-than-expected pace in the first quarter, weighed down by sharp declines in exports and business inventories, according government data on Wednesday that showed the economy was still deep in recession.
Gross domestic product, which measures total goods and services output within U.S. borders, dropped at a 6.1 percent annual rate, the Commerce Department said, after shrinking 6.3 percent in the fourth quarter.
(Excerpt) Read more at cnbc.com ...
The Depression the end all depressions.....here we come..
Hope. Change. Obama’s New America.
One of the gabbing guests on CNBC referred late last week to an expected -2% to -3% 1st quarter projection.
Yeah, right.
And the sky is filled with flying, Skittle-crapping unicorns...
Funny, I never saw the GDP plummet under Bush.
Jim Puplava calls this a soft depression, and I agree. And it will get worse come 2011-2012 according to him for the reasons you mention.
And rainbows! I'm so happy that Obama and the Democratically-controlled Congress are going to bail me out.
Yeah we seem to be on the right track. /s
Someone 3 weeks ago said those 0Zero-Skittle-crapping unicorns had solid platinum horns, diamond hooves, and gold plated bung holes......2 more consecutive quarters of such 'shrinkage' (think George - Seinfeld) and that'll be the nail that pops the commercial real estate (we need more CDS) bubble.
Food will be another 10-15% higher come end of this Sept. as the dollar shrinks too thanks to Obummer's Porkulus - Dim Orgy.
One thing is fer sure...NC's new lady Dim guv (first ever woman to hold the office) face tells the story....pure fear and not much hope.
Ol' Bev needs to take some Specter / Frank / Dodd / Slick acting lessons.
It’s pretty ugly already.
Stencil “GDP -6.1%” across Specter’s forehead: it’s his party now, THEY own it!
But but Larry Summers said...
Dow futures up 50.
I believe it’s considered a depression if it goes down 10%
Hey, unicorn flatulence is the renewable energy source that guarantees America's green energy future.
“0Zero-Skittle-crapping unicorns had solid platinum horns, diamond hooves, and gold plated bung holes..”
Where can we this creature? He has enough precious gems and metals on him to make a fine investnent opportunity for any skilled hunter that can bag it.
And I hear unicorn meat is quite tasty too.
I’ve done some research to find out how close we are to an official depression. There is not a widely-agreed upon definition actually.
History - All economic downturns used to be called depressions. But after the Great Depression, the term recession was used instead. Depression was reserved for the most severe recessions.
One of the more common definitions of depression has two general rules: 1) a decline in real GDP exceeding 10%, and 2) a recession lasting 3 or more years.
We have now met the first criterion (GDP fell 6.1% 1Q 2009 and 6.3% 4Q 2008).
As for the part requiring a recession lasting 3 or more years, I think that is meant to ensure that the term will not have to be used until the crisis has past, avoiding the public shock effect.
So much for Obama’s trillion dollar “stimulus.”
Didn’t read the article.
But hopefully there is some mention of the decreased GDP in proportion to deficit spending and debt.
We can deal with a decreased GDP if we spend less and ESPECIALLY IF WE PRINT LESS FIAT MONEY.
However, the decreased GDP in proportion to the INCREASED spending and the LUNATIC PRINTING OF FIAT MONEY is what is creating what I call the “DOLLAR BUBBLE” — the mother of ALL BUBBLES — and, WHEN that bubble bursts, will result in a major depression.
It did between July and October of 08 but not by 6%.
http://www.data360.org/dsg.aspx?Data_Set_Group_Id=353
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