US recession is already here, warns Merrill »
Posted By jovial 10 months, 2 weeks ago in Business & FinanceThe US has entered its first full-blown economic recession in 16 years, according to investment bank Merrill Lynch.
Read Full Story at telegraph.co.uk »
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jovial
Grew up In Brooklyn. Joined the Navy in 1976 stayed in 10 years. Aircraft Electronics tech. Worked for Major Govt. contractor then settled in California ...
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Comments So Far: 129
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jovial10 months, 2 weeks ago
You knew it, I knew it, the feds knew it, and now Merrill Lynch said it. The recession is here.
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donald5110 months, 2 weeks ago
Big oil has had record profits at least three years in a row under Dumya... while the middle class has lost income three years in a row under Dumya! ...and the debt will be over 10 trillion when Dumya leaves office! Highest difference between the income of the ultra rich versus the average Americans since the start of such data collection! Its a fine REPUG World!
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aceofspades110 months, 2 weeks ago
If you needed Merril Lynch or anyone else to tell you that you gotta be brain dead or else one of those great spinners here on propeller.
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globalwarmer10 months, 2 weeks ago
So the almost nil earnings I've had with my money in Merrill Lynch for the past six years wasn't a recession? Great! i'll never get to freakin retire!
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Amazing110 months, 2 weeks ago
The figures the government uses are jiggered. Take unemployment for instance. If a person runs out of unemployment benefits, they are no longer counted as unemployed because they no longer receive benefits.
And the unemployment rose in December? The month of glee and gladness when there are so many jobs in retail for all those shoppers? Hell, they haven't grown enough jobs to keep up with the natural growth in the labor pool.
And then there's the oil prices. Certainly that puts a bite into the working man's wallet. And the housing crisis. Yes, it's a recession. And how long before it's a full scale depression?
It's going to get ugly out there.
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capecoralM10 months, 2 weeks ago
Is it customary for the Democrat(ic) pundits to blame everything on the Republican led congress when the republicans are the majority. Or is it the Democrat(ic) pundits that blame the Republicans when the republicans are the minority. Oh yea both it is never the prospect of future tax increases, hostility toward business, the doom and gloom liberal media that cause anything.
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gamahuche10 months, 2 weeks ago
Time to eat, drink and be merry and enjoy other pleasures before its too late!
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Will131310 months, 2 weeks ago
foreclosures were also at all time highs.. under GHWB and again under GWB... they didn't name GWB .. Jr.. because it would be too muct to remember 4 names.. and he would have been 21 before he could correctly spell all of his names..
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Radiofreeeuropa10 months, 2 weeks ago
Can anyone tell me what on earth the U.S. actually produces?
How can we not be in a recession?
There is no manufacturing to speak of, once actual producers realize they don't need "consulting" they will cut out the middlemen too. And what drives the market? Inflated oil prices easily manipulated upwards. Fear. An economy based on fear. It doesn't work.
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pongping10 months, 2 weeks ago
We produce a lot of paper for bankers in China, Saudi Arabia and a few other places.
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donald5110 months, 2 weeks ago
Good? Only when the president doesn't dictate how the military fights... Odierno promoted for the same tactics that lost Vietnam, ammo dumps unsecured but oil ministry secured! A president who puts an admiral in charge of CENTCOM and two ground wars is lunacy! Then moving on to start another war before the object of the first is caught - just more lunacy! Then for Bremer to fire the military and bureacracy sending a million into the insurgent ranks!
Somehow Petraeus survived to be allowed a last chance under Dumya - amazing that he didn't go the way of Gen Shinsheki (sp?) who was forced out by Rummy for saying we needed at least 300,000 to occupy for success!
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MRCOFFEECAKE10 months, 2 weeks ago
No but your president will still deny it..
He has no clue what he has done to the working family and small business..That is sad..
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AngryEyes10 months, 2 weeks ago
Wow - if people keep saying "We're in a recession." Sooner or later - somebody is going to be right. The folks on the left have practically been begging for a recession just to have more ammo to bash Bush. The fact is the economy has been holding up well despite high oil prices and a slow housing market.
Too bad most people posting here aren't old enough to remember the last time to economy was REALLY bad.
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jovial10 months, 2 weeks ago
Look at the economy as an aircraft carrier headed towards a wall. The engines are in full reverse, but it takes 5 miles to overcome the forward momentum. Unfortunately, we already hit the wall. By the way, this was said by Merrill lynch, not ordinary people. When Merrill Lynch speaks, people listen.
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AngryEyes10 months, 2 weeks ago
I thought that was E.F. Hutton? Anyway, "experts" have been saying for a long time now - "We're headed for a recession." I've heard all over the news for months on end. All I'm saying is thus far the economy has been extremely resilient - and to say it's already here is a bit premature - unless you want to redefine the benchmarks for a slumping economy. If you lower the bar enough, then eventually you'll get the conclusion you're looking for.
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Will131310 months, 2 weeks ago
yep great economy....
dollar at all time lows against most currency...
unemployment rising..
foreclosures at record highs...
too bad most people don't seem to remember these things all happened under the other Bush presidency....
like father like son... no not really .. daddy had a brain...
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MRCOFFEECAKE10 months, 2 weeks ago
A 'recession" is NOT an opinion.
I'm glad the economy is holding up well for YOU.
The rest of America is struggling, if you cared to ask.
A "recession" is when there is not enough money or value to the money to meet public needs.
When people can't afford heat, gas, food or healthcare
the recession is measurable by the "suffering index".
The rich consume whatever they wish unless some of their income is derived from relying on middle class consumers, such as show store owners, car dealers, landscapers etc.
Of course the rich and oblivious are always in denial until the last possible second.
Until it is universally recognized, efforts won't be put forth to stop the slide. (denial is not an effort)
Being "old enough to remember the last time the economy was REALLY bad" is as ridiculous as claiming that a person who needs a leg amputated should have no concerns because you know someone who was beheaded..It is insensitive and USELESS. How does that help?
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AngryEyes10 months, 2 weeks ago
Point 1 - There will always be people who can't afford heat, gas, food, healthcare. It's not pleasant, but its a fact of life and it doesn't mean we are always in a recession.
Point 2 - I'm not rich, far from it. I never stated that the economy was without problems - I challenged the idea that "doom and gloom" is called for given the "current state of affairs."
Point 3 - Your amputation analogy doesn't even make sense. Sorry I hurt your feelings - you're definitely "entitled" to better.
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MajJohn10 months, 2 weeks ago
Oh, most people remember, but this post has deteriorated into another Bush bashing. If only the the Commander in Chief would stop telling the Generals what to do we'd all be better off. Did you hear the latest?? The President ordered only the Oil Ministry to be secured!. The Oil Ministry?? you ask, why it's sooo important, (that's where they keep all the oil you know). SHHUSH up no one else knows.
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NelsonR10 months, 2 weeks ago
Recession is putting it mildly, how about the inevitable depression. In the great depression Americans were buying stock in the attempt at immediate wealth like many in their times, it was all a paper mirage. Today it has been the housing boom built on the same mirage with instant wealth the expectation. Sorry the house of cards is falling and will continue to fall. Huge deficit spending, trade imbalance, loss of our manufacturing base, outsourcing, unemployment, inflation with energy soaring, stagnant wages and we must include falling home values with most Americans in credit card debt with lines of credits on their primary residences. You have got to be paranoid to refute what is and what our politicians and rich have accomplished. They invested in unfair trade policies and other nations currencies to the detriment our America. The few became rich and when Depression hits may they feel the pain they have caused for most. Hoover Republican as is the Bush's.
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MRCOFFEECAKE10 months, 2 weeks ago
Forget it Nelson. There are still too many blind, stubborn, ignorant people here who couldn't see reality if we brought it to their doorstep..We must not waste time with reality deniers.
It will just slow things down.They don't deserve our sympathy
or time if they STILL refuse to see reality..
Give up on them..
They can live with Bush and they can die with him..
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donald5110 months, 2 weeks ago
Like Newt, the Georgia Historian and purveyor of Contract to America lies, said: "...last time the Republicans so controlled so much of the government, we had the Great Fepression follow..." (paraphrased slightly).
History has taught us now, twice, that repug greed is really un-American!
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MRCOFFEECAKE10 months, 2 weeks ago
I don't know which is worse..
Your insensitive obliviousness
or
that your President and his statistical spin doctors is are f'n liars and you still believe them...
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