tagged w/ inflationary depression
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WASHINGTON - The economy shrank at a worse-than-expected 6.1 percent pace at the start of this year as sharp cutbacks by businesses and the biggest drop in U.S. exports in 40 years overwhelmed a rebound in consumer spending.
The Commerce Department's report, released Wednesday, dashed hopes that the recession's grip on the country loosened in the first quarter. Economists surveyed by Thomson Reuters expected a 5 percent annualized decline.
Instead, the economy ended up performing nearly as bad as it had in the final three months of last year when it logged the worst slide in a quarter-century, contracting at a 6.3 percent pace. Nervous consumers played a prominent role in that dismal showing as they ratcheted back spending in the face of rising unemployment, falling home values and shrinking nest eggs.
In the January-March quarter consumers came back to life, boosting their spending after two straight quarters of reductions. The 2.2 percent growth rate was the strongest in two years.
Still, the consumer rebound was swamped by heavy spending cuts in virtually every other area.
Businesses cut spending on home building, commercial construction, equipment and software, and inventories of goods. Sales of U.S. goods to foreign buyers plunged as they retrenched in the face of economic troubles in their own countries. Even the government trimmed spending. It was the first time that happened since the end of 2005.
The sharp cuts underscore the toll the housing, credit and financial crises — the worst since the 1930s — are having on the country. The recession, which began in December 2007, has taken a big bite out of national economic activity and snatched 5.1 million jobs.WASHINGTON - The economy shrank at a worse-than-expected 6.1 percent pace at the start... more
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Bringing the total SO FAR to 28 this year.
Just wait until the Treasury releases the "stress test" results....
All this while banks pop up around every corner like Starbucks.
Too much of anything can be a bad thing.
Prepare for the upcoming Dollar Crisis. Read the writing on the wall.
Please read article at link and discuss-Bringing the total SO FAR to 28 this year.
Just wait until the Treasury releases... more
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Bob Lawless, a professor at the University of Illinois College of Law, said bankruptcies could reach 1.5 million this year and level off at 1.6 million next year _ around the same time economists expect an economic recovery to begin.
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So what does congress think of debt?
http://www.americanissuesproject.org/enough
We don't care? We are going down, and we don't care? ~ WTF, who are you representing, Senator Schumer?Bob Lawless, a professor at the University of Illinois College of Law, said... more
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In order to survive in the face of our new economic reality, some families have turned to being 21st-century homesteaders.In order to survive in the face of our new economic reality, some families have turned... more
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On March 25, 2009 Peter Schiff went on NBC and talked about how the government/Federal Reserve spending is making the economy even worse.On March 25, 2009 Peter Schiff went on NBC and talked about how the government/Federal... more
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bbar
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added this
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3 years ago
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It's Not Just Another Story from Harley Carnes on Friday, April 17, 2009.
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