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Author Topic: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century  (Read 2768 times)

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Offline Wretched Excess

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Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« on: February 27, 2009, 08:26:38 AM »

WASHINGTON (Reuters) - The U.S. economy contracted at its sharpest rate since early 1982 in the fourth quarter, revised data showed on Friday, as exports plunged and consumers cut spending by the most in more than 28 years.

The Commerce Department said gross domestic product, which measures the total output of goods and services within U.S. borders, shrank at a revised annual rate of 6.2 percent in the October-December quarter, much steeper than the 3.8 percent fall estimated last month.

The weaker GDP estimate reflected downward revisions to inventories and exports by the department.

U.S. stock index futures extended losses after the report, and the dollar fell against the yen. U.S. government debt prices were steady at higher levels.

"It's just doom all over. There's nothing good to take away from this report. I think there's a few more bad quarters to come," said Boris Schlossberg, director of currency research at GFT Forex in New York.

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« Last Edit: February 27, 2009, 08:55:54 AM by Wretched Excess »
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Offline thundley4

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #1 on: February 27, 2009, 08:45:35 AM »
Any bet on the DJIA dropping below 7000 today?
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Offline Tess

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #2 on: February 27, 2009, 08:59:01 AM »
But Hey!!  Let's spend another TRILLION today...yeah?  That'll get things going!  /sarcasm

I can't even get depressed anymore my immediate reaction to just about everything with the economy and with the govt. is just nothing but sarcasm.

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Offline Tess

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #3 on: February 27, 2009, 09:02:26 AM »
Quote from: BadCat on February 27, 2009, 09:01:05 AM
Mine is to buy more ammunition.

I think it might be time I actually own a firearm.  the husband has one but we might be needing these things sooner rather than later.
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Offline Atomic Lib Smasher

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #4 on: February 27, 2009, 09:11:12 AM »
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Offline Odin's Hand

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #5 on: February 27, 2009, 10:03:41 AM »
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Offline AllosaursRus

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #6 on: February 27, 2009, 10:35:13 AM »
Bwahahahahaha! H5 Automic!
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Offline Attero Dominatus

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #7 on: February 27, 2009, 03:03:57 PM »
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Offline Happy Fun Ball

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #8 on: February 27, 2009, 06:56:50 PM »
Quote from: Tess on February 27, 2009, 08:59:01 AM
But Hey!!  Let's spend another TRILLION today...yeah?  That'll get things going!  /sarcasm

I can't even get depressed anymore my immediate reaction to just about everything with the economy and with the govt. is just nothing but sarcasm.


All this spending will no doubt cause massive inflation. However, the real problem is that all that inflation will devalue the money they're trying to spend, and as a result they will have to spend even more to compensate, which would then cause more inflation, and so on until...well, you get the idea.
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Offline Hawkgirl

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #9 on: February 27, 2009, 08:47:04 PM »
I was at an all day seminar today and the CEO of my company said this is not a normal glitch in the economy...with the addition of these bailouts he believes this correction cycle will not last the usual decade or so...he believes this correction may be for the next 50-60 years. 

This concerns me as I know this man is smart...I'm not sure I agree that it is as severe....but if he is right...Obama will be responsible for the largest economic breakdown since the Depression....presuming we don't actually enter into one.
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Offline Chris_

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #10 on: February 27, 2009, 09:31:54 PM »
Quote from: Hawkgirl on February 27, 2009, 08:47:04 PM
I was at an all day seminar today and the CEO of my company said this is not a normal glitch in the economy...with the addition of these bailouts he believes this correction cycle will not last the usual decade or so...he believes this correction may be for the next 50-60 years. 

This concerns me as I know this man is smart...I'm not sure I agree that it is as severe....but if he is right...Obama will be responsible for the largest economic breakdown since the Depression....presuming we don't actually enter into one.

I wouldn't buy into that presumption just yet.



We've still got a lot of housing bubble left to correct.  That alone is gonna re-set the value of almost everything in our economy.
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Offline Ptarmigan

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #11 on: February 28, 2009, 12:31:56 AM »
When there is a new President, the stock market goes up, but with Obama in office, it keeps dropping.
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Offline Tess

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #12 on: February 28, 2009, 11:39:31 AM »
Quote from: Ptarmigan on February 28, 2009, 12:31:56 AM
When there is a new President, the stock market goes up, but with Obama in office, it keeps dropping.

I saw a story on that exact thing yesterday!  They shows the stock market with the last 5 presidents.  Historically, the market was up for the first three or four months.  This is the first presidency where the stock market has consistently dropped since a president took office.  Gee...I wonder if that tells us anything... :whatever:
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Offline NHSparky

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Re: Govt. Now Says Economy Shrank 6.2% in 4Q, Worst Showing in a Quarter-Century
« Reply #13 on: February 28, 2009, 11:59:02 AM »
And I saw a story Thursday (Kudlow?) where basically everyone agreed that the projections that harpy looking "advisor" kept pumping out were based on conditional assumptions WHICH HAVE NEVER HAPPENED BEFORE....EVER.

IOW, pay no attention to reality, just have another cup of Kool-Aid, kids.
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