Fed predicts economy will get worse (employment, stores, work, employees)
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I am always intrigued by this use of "too big to fail" for people like GM,Citi, AIG etc. I prefer "too big to succeed" as they are already massive failures.
Reich has some interesting comments but this isn't new and root cause is relatively simple. The decline of the middle class has been going on for 30 years. A lot of the pain was masked by easy credit giving an illusionary picture of real growth. Credit party is over, tapped out. If we really go back to a consumption rate of 65% , we suck nearly a trillion dollars out of the economy which will have devastating consequences for many sectors. Painful but absolutely necessary. Hard to paint any rosy scenario for the next few years.
I am always intrigued by this use of "too big to fail" for people like GM,Citi, AIG etc. I prefer "too big to succeed" as they are already massive failures.
Reich has some interesting comments but this isn't new and root cause is relatively simple. The decline of the middle class has been going on for 30 years. A lot of the pain was masked by easy credit giving an illusionary picture of real growth. Credit party is over, tapped out. If we really go back to a consumption rate of 65% , we suck nearly a trillion dollars out of the economy which will have devastating consequences for many sectors. Painful but absolutely necessary. Hard to paint any rosy scenario for the next few years.
The question to ask Jim is how did the nation not foresaw this terrible outcome. It’s not like you needed to be a rocket scientist, just have some good old fashion common sense.
The question to ask Jim is how did the nation not foresaw this terrible outcome. It’s not like you needed to be a rocket scientist, just have some good old fashion common sense.
I think that "good old common sense" is in very short supply.
[quote=Woof Woof Woof!;6872129]What I meant was that anyone on the street can see it. We're all being hit really hard. We can feel it. It's with us everyday.
i dont see how it is so bad where i live the economy is just the same as it has always been pretty much no major change like i guess others are seeing
Duh.....the feds do not know any more than the average person who pays attention. In fact, people in these forums know more than the Feds. They are completely out of sync with the average joe. Every day you hear how this or that is worse than they though. What a bunch of totally clueless idiots they are. I come to these forums for the real scoop.
i dont see how it is so bad where i live the economy is just the same as it has always been pretty much no major change like i guess others are seeing
That's the way we felt in Knoxville -- recession proof. Then last week, Alcoa announced it was shutting down production in Alcoa, TN (just south of Knoxville), SeaRay closed its plant and Goody's went out of business, closing it's corporate offices and distribution center in Knoxville.
About 2,000 jobs gone like that. And Ruby Tuesday, headquartered near Alcoa, is in trouble.
With Univ. of Tennessee facing budget cutbacks and TVA in hot water over the ash sludge spill -- our "recession proof" big industries -- things aren't looking good.
I don't think the economy is even close to bottom yet.
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