Ping!
These guys didn’t see it coming.....so now we are expected to believe they can see the end?
LOL!
When the second half of this year arrives, they’ll be predicting a recovery in the first half of next year.
When the commercial loan bubble bursts late this year and early next year, then what will they say?
Shoulda guessed it?
This is total BS. - Economic planning by poll?? Sheesh!
Pure baloney! The banks are still running for cover. Manufacturers are folding. Government "stimulus" spending is being wasted on feel-good projects. This is a wreck!
I’m sure this was the daily telephone briefing points from Rahm Emmauel.
I'll gladly eat my hat if they are right....they are banking on a significant dead cat bounce to skim even more.
The global CDS derivative Ponzi scheme hasn't finished the shake down yet. Trillions still left to globally unwind.
Most people have no clue as to the level of deceit implemented to create the BS housing bubble, the corruption within Fannie/Freddie, the over leveraging by 'investment' banks, etc., etc.
The economy will worsen soon as inflation is beginning to heat up. Food and energy will be the main ticket increases with discretionary spending falling prey.
At this time CCard companies are reeling to cut credit by 2/3 to already existing customers. What about the commercial real estate bubble that will hit and option arm mortgages to reset in 2010-2012?
With the current US debt increase, how in the heck can any economist expect the economy to recover? The goobermint's intentions all along are to suck more money from the GDP. With an already deflating GDP and goobermint increasing taxes as I type, how's the economy to recover?
People may think I am full of it, fine. What has happened here to the auto industry here, median home prices, the Baltic Dry Index, pacific shipping, over 6 million unemployed YTD, etc????
I stand firm with my take that the depression snowball is gaining size and speed.
“”a survey of economic forecasters showed Wednesday.””
Are these the same “economic forecasters” who predicted/s this debacle to begin with?
The U.S. Recession will not end...because Obama’s policies will not allow it to end.
“The reeling US economy is poised to emerge from recession in the second half of the year, but recovery will look exactly like the recession, a survey of economic forecasters showed Wednesday.”
“We’re just tired of all this gloom and doom, so we’re just calling it over.”
“Become” media whores?
They weren’t paid mattress backs before?!?
I have been telling my wife that 6 months into the Obama administration, the media will do a 180 on the economy.
The Wall Street Insiders never stop playing the same deceptive games.
My wife has several boomer patients, in the family practice, she works in, without jobs for months opting for the early Social Security benefits to buy food and pay for the utilities. Many have gone for this option as their unemployment benefits have run out.
These people will basically have no financial capability to prop up our economy even if it bounces back.
This trend is cited in the link below:
http://crooksandliars.com/susie-madrak/unemployment-claims-run-out-many-work
Tuesday May 26, 2009 07:05 am
As Unemployment Claims Run Out, Many Workers Are Opting for Early Retirement By Susie Madrak
It would make more sense for the government to keep extending unemployment benefits until the recession lets up, because the effects of this poverty-inducing trend are far more harmful to the long-term economy than putting out cash now to keep people afloat:
Reporting from Washington — Instead of seeing older workers staying on the job longer as the economy has worsened, the Social Security system is reporting a major surge in early retirement claims that could have implications for the financial security of millions of baby boomers.
Since the current federal fiscal year began Oct. 1, claims have been running 25% ahead of last year, compared with the 15% increase that had been projected as the post-World War II generation reaches eligibility for early retirement, according to Stephen C. Goss, chief actuary for the Social Security Administration.
Many of the additional retirements are probably laid-off workers who are claiming Social Security early, despite reduced benefits, because they are under immediate financial pressure, Goss and other analysts believe.
The numbers upend expectations that older Americans who sustained financial losses in the recession would work longer to rebuild their nest eggs. In a December poll sponsored by CareerBuilder, 60% of workers older than 60 said they planned to postpone retirement.
Goss said it remained unclear whether the uptick in retirements would accelerate or abate in the months ahead. But another wave of older workers may opt for early retirement when they exhaust unemployment benefits late this year or early in 2010, he noted.
The ramifications of the trend are profound for the new retirees, their families, the government and other social institutions that may be called upon to help support them.
On top of savings ravaged by the stock market decline and the loss of home equity, many retirees now must make do with Social Security benefits reduced by as much as 25% if they retire at age 62 instead of 66.
“When the recession ends and the economy bounces back, there may be a band of people for whom things will never be the same again. They’ll still be paying the price for 10, 20, 30 years down the road,” said Cristina Martin Firvida, director of economic security for AARP, the nation’s largest membership organization for people 50 and older.
Income Tax receipts for many states will continue to plummet as many states don’t tax social security benefits:
“Many states exclude Social Security retirement benefits from state income taxes. The District of Columbia and 27 states with income taxes provide a full exclusion for Social Security benefits — Alabama, Arizona, Arkansas, California, Delaware, Georgia, Hawaii, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Virginia and Wisconsin.”