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Another point to be made is so what if the definition of a recession is no longer applicable? Jobs and wealth are still being lost. GDP grows at .001% and by definition ends the recesion it really means nothing to the true state of the economy.
Its going to get worse. Commercial real estate is about to go over the edge of the cliff just like residential real estate did. Will be very ugly. We will be lucky if things are starting to improve by 2011. The more the government screws with things, the longer it will take for things to settle down.
living proof economics can be bought.
so can scientists that is why we dont believe in global warming.
but just to amuse you, ok i heard richard Koo speech defending american and japanese recovery plan, please note japan is 15 years in recession.
One of the more important "economists" is Ben Bernanke - who most recently stated that unemployment is expected to continue it's downward trend well into 2010. Why do I consider him important? Because he's at the helm of controlling inflation. You think being jobless is bad? Wait till your dollar is worthless. Then that new job of yours will buy you less and less. The people who have jobs right now are a big component of keeping this economy going. We should be very very scared of the coming inflation.
We can read as many economist's opinions we want, but better times are still far, far away.
"The good news is that the NABE panel expects economic growth to turn positive in the second half of this year, with the pace of job losses narrowing sharply over the remainder of this year and employment turning up in early 2010," said NABE president Chris Varvares in a written statement.
Almost three out of four survey respondents expect the recession will end by the third quarter of 2009, the report said.
But 19% predicted that a turnaround won't come until the fourth quarter, and 7% said it may not come until early 2010. None of the panelists expected the recession to continue past the first quarter of next year.
In this article, briefly, are these economists' expectations concerning GDP, jobs, the deficit, housing, spending, credit and the economy's growth over five years.
One of the more important "economists" is Ben Bernanke - who most recently stated that unemployment is expected to continue it's downward trend well into 2010. Why do I consider him important? Because he's at the helm of controlling inflation. You think being jobless is bad? Wait till your dollar is worthless. Then that new job of yours will buy you less and less. The people who have jobs right now are a big component of keeping this economy going. We should be very very scared of the coming inflation.
We can read as many economist's opinions we want, but better times are still far, far away.
At this point I would prefer high inflation over high unemployment. One problem at a time.
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