Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

No end yet in sight for recession
Market Watch ^ | 02/22/09 | Rex Nutting

Posted on 02/22/2009 8:51:52 PM PST by TigerLikesRooster

No end yet in sight for recession

GDP expected to be revised lower to show biggest loss since 1982

By Rex Nutting, MarketWatch

Last update: 10:41 a.m. EST Feb. 22, 2009

Comments: 1472

WASHINGTON (MarketWatch) -- The U.S. economy is still getting worse, even as Washington's policy makers scramble to find the formula that will revitalize credit markets and consumer spending.

The economy will probably provide some more bad news over the coming week, with little prospect that the Federal Reserve chairman or the Treasury secretary will do much to bolster spirits.

The news from the flow of economic data should be disheartening. The estimate for fourth-quarter gross domestic product is likely to be revised lower to show at least a 5% annualized decline. Fresher data on housing, manufacturing, the jobs market and consumer confidence are expected to show little or no improvement. See Economic Calendar. All the economic data "are on track to show that that the recession ... is getting worse with the floor yet to be seen," wrote Lori Helwig, an economist for Bank of America/Merrill Lynch.

The week's biggest report, the GDP revision on Friday, could be ugly. Economists were expecting GDP to fall 5% when the first estimate came out last month, but were pleasantly surprised with a minus 3.8% reading. Still bad, but not horrendous.

However, it looks like they were right in the first place.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS: carter20; contraction; economy; gdp; minus5percent; recession; revision; stimulus
Navigation: use the links below to view more comments.
first 1-2021-30 next last
All the economic data "are on track to show that that the recession ... is getting worse with the floor yet to be seen,

Looking for the floor so soon?

1 posted on 02/22/2009 8:51:53 PM PST by TigerLikesRooster
[ Post Reply | Private Reply | View Replies]

To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...

Ping!


2 posted on 02/22/2009 8:52:18 PM PST by TigerLikesRooster (kim jong-il, chia head, ppogri, In Grim Reaper we trust)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster

The Obama adminisration’s solution is massive spending on liberal social programs while raising taxes on business and “the rich”. See you on the welfare line.


3 posted on 02/22/2009 8:55:44 PM PST by Mad_Tom_Rackham (The inmates are now officially running the asylum.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster

How low can it go?

The lower it goes, the better for Obama.


4 posted on 02/22/2009 8:57:05 PM PST by Reagan Man ("In this present crisis, government is not the solution to our problem; government is the problem.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster
Your parenthetical statement in the title implies it has been revised.

In fact, the -5% figure is a street estimate of a revision not yet released.

5 posted on 02/22/2009 8:57:50 PM PST by Petronski (For the next few years, Gethsemane will not be marginal. We will know that garden. -- Cdl. Stafford)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mad_Tom_Rackham

Raising taxes on the two groups (rich & companies) most able to open up overseas headquarters...and thereby dodging all taxes...is always counter-productive.


6 posted on 02/22/2009 8:58:12 PM PST by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
[ Post Reply | Private Reply | To 3 | View Replies]

To: TigerLikesRooster
Obama’s policies have removed all the floors below. Free-fall, I think they call it.

Allegedly, it cures all ills.

7 posted on 02/22/2009 8:59:03 PM PST by 1010RD (First Do No Harm)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster

What, having President Hopey-Changey himself, threatening catastrophe on national TV, with various and sundry Democrat lunatics running around screaming about nationalizing the banks isn’t helping?

Color me shocked.


8 posted on 02/22/2009 9:01:45 PM PST by RegulatorCountry
[ Post Reply | Private Reply | To 1 | View Replies]

To: Reagan Man

This article reads like an O’bama speech.


9 posted on 02/22/2009 9:02:12 PM PST by dogcaller
[ Post Reply | Private Reply | To 4 | View Replies]

To: Southack
Raising taxes on the two groups (rich & companies) most able to open up overseas headquarters...and thereby dodging all taxes...is always counter-productive.

And according to the two books on FairTax by Neal Boortz and Rep. John Linder, that's why American citizens and companies have offshored somewhere between US$10 and US$16 TRILLION to lower their income tax burden. This much liquidity if returned back to the USA to operate in our financial system would end the recession faster than an F-22A Raptor doing a high-speed turn.

10 posted on 02/22/2009 9:05:05 PM PST by RayChuang88 (FairTax: America's economic cure)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Southack
If Obama is such a genius, how come he's repeating the worst mistakes of the past?
11 posted on 02/22/2009 9:13:39 PM PST by Mad_Tom_Rackham (The inmates are now officially running the asylum.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: TigerLikesRooster

Yea. Most economists are still singing from the post-WWII economic history.

In recessions declared by the NBER since WWII, the recession has been called (on average) 8 months after it started, and the bottom of the recession was seen nine months after the start of the recession.

We’re in a situation where the start was called 11 months after the start, and it will probably last at least two years. The current projection from the Fed is that we won’t see any recover start before Q1 2010.


12 posted on 02/22/2009 9:20:49 PM PST by NVDave
[ Post Reply | Private Reply | To 1 | View Replies]

To: Petronski

Correct, but if we back out the inventory build and the infusion into the banks from TARP, we get back up to -5% PDQ. It isn’t a difficult estimation to make...


13 posted on 02/22/2009 9:22:30 PM PST by NVDave
[ Post Reply | Private Reply | To 5 | View Replies]

To: TigerLikesRooster

14 posted on 02/22/2009 9:27:13 PM PST by Maynerd (Paulson's plan sucks but the alternatives are even worse)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Southack

It is obvious you are not a Democratic advisor to the Obama Administration.

Good advice: unwelcome and unwanted.

Reality is what we say it is. Perception = reality. Until reality bites.


15 posted on 02/22/2009 9:34:18 PM PST by 1010RD (First Do No Harm)
[ Post Reply | Private Reply | To 6 | View Replies]

To: RayChuang88

F-22A Raptor partially caused our recession. I thought its name was the dead albatross?


16 posted on 02/22/2009 9:35:30 PM PST by 1010RD (First Do No Harm)
[ Post Reply | Private Reply | To 10 | View Replies]

To: TigerLikesRooster
The 'Rats are scrambling to cover their asses, not solve our economic problems. They need to:

a) Make GWB's tax cuts permanent.

b) Scrap any possibility of a carbon tax.

c) Revisit Porkulus and cut the pork out of it.

That would be a good start if they want to actually pull us out of the recession.

17 posted on 02/22/2009 9:44:23 PM PST by Post Toasties (Conservatives allow the guilty to be executed but Lefties insist that the innocent be executed.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Post Toasties
Oh, and I forgot:

d) Boot Fwank and Doody out of the finance and banking committees, and improve the quality of mortgages issued by Fannie Mae and Freddie Mac.

18 posted on 02/22/2009 9:47:00 PM PST by Post Toasties (Conservatives allow the guilty to be executed but Lefties insist that the innocent be executed.)
[ Post Reply | Private Reply | To 17 | View Replies]

To: TigerLikesRooster
The nitwits who write/report this shit didn't see the beginning until after it was here and they won't see an end until (long) after it's here.

What kind of moron expects to read that the bottom is here, the recession is going to end soon?

19 posted on 02/22/2009 9:51:19 PM PST by lewislynn (What does the global warming movement and the Fairtax movement have in common? Disinformation)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster

0bummer is attacking Energy next (read: C02). You can’t have an economy without Energy.

So, we’ll go for another long leg down in the market.

0-Bummer!


20 posted on 02/22/2009 9:54:11 PM PST by Uncle Miltie (A trillion here, a trillion there, and pretty soon you are talking about Zimbabwe money.)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-30 next last

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson