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Thread: It's official: U.S. in recession (Duh)

  1. #1
    Friend of Gossip Rocks! buttmunch's Avatar
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    Default It's official: U.S. in recession (Duh)

    "The recent flow of economic data suggests that the economy was weaker than expected in the third quarter, probably showing essentially no growth at all," said Janet Yellen Tuesday in an address in Palo Alto, California.

    "Growth in the fourth quarter appears to be weaker yet, with an outright contraction quite likely," she said. "Indeed, the U.S. economy appears to be in a recession."

    Yellen spoke just hours after official data showed the budget deficit tripled in size in the 2007-08 accounting year to $455 billion, or 3.2 percent of gross domestic product.

    Her remarks also followed a dramatic period that saw the U.S. government, for the first time since the Great Depression, partially nationalize major banks in its latest move to restore confidence to badly-shaken financial markets.

    Economic downturns are a double blow for government budgets because they reduce tax revenue for governments and increase the need for social security spending in the form of unemployment benefits.

    Recession is broadly defined in the United States as more than two quarters of decline in real GDP.

    "By now, virtually every major sector of the economy has been hit by the financial shock," Yellen told the Silicon Valley chapter of Financial Executives International.

    "Employment has now declined for nine months in a row, and personal income, in inflation-adjusted terms, is virtually unchanged since April. Household wealth is substantially lower as house prices have continued to slide and the stock market has declined sharply."

    She added: "Business spending, too, is feeling the crunch, as firms face weak final demand for their products, a higher cost of capital, and restricted credit."

    "We've even begun to see some signs of a slowdown for the previously very strong IT industry," she told her audience, which included many executives from the information technology sector.

    Turning to inflation, she said: "Commodity prices, including the price of oil, have plunged."

    "I expect this development, along with a further increase in slack in labor and product markets, to push inflation down to, and possibly even below, rates that I consider consistent with price stability."

    Yellen concluded by saying that turmoil in global financial markets represented "a serious and direct threat to the well-being of all citizens of the global economy".

    But she doubted that the U.S. economy, in the years ahead, faced "a period of economic misery" rivaling the Great Depression, saying: "The American economy is more resilient now than then."http://www.foxnews.com/story/0,2933,438142,00.html
    NO shit, shirlock. The unrecognized recession has been on for quite awhile now.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

    "When fascism comes to America, it will be wrapped in the flag and carrying the cross."
    --Sinclair Lewis

  2. #2
    Elite Member Shinola's Avatar
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    So as long as people in certain sectors of this society were still able to make money, there was no talk of a recession. I mean, this shit is obvious and is well under way. But now that it has hit big business, suddenly, oh la la, look there is a recession.
    Posted from my fucking iPhone

  3. #3
    Friend of Gossip Rocks! buttmunch's Avatar
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    Yeah, it really sucks when the yacht is reposessed and little Buffy can't have her thrice weekly riding lessons. I mean, things are getting bad when that happens.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

    "When fascism comes to America, it will be wrapped in the flag and carrying the cross."
    --Sinclair Lewis

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    Elite Member McJag's Avatar
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    Whole families are poor. Their maid is poor. Their butler is poor-not to mention the nanny.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

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    Friend of Gossip Rocks! buttmunch's Avatar
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    My butler has taken to stealing the cat's food. Selfish prick.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

    "When fascism comes to America, it will be wrapped in the flag and carrying the cross."
    --Sinclair Lewis

  6. #6
    Elite Member McJag's Avatar
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    Quote Originally Posted by buttmunch View Post
    My butler has taken to stealing the cat's food. Selfish prick.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

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    Elite Member NicoleWasHere's Avatar
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    Oh shit, REALLY?

  8. #8
    Elite Member Grimmlok's Avatar
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    I'm sure Incognito will chime in about how its all the muslims' fault
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member ana-mish-ana's Avatar
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    Quote Originally Posted by Grimmlok View Post
    I'm sure Incognito will chime in about how its all the muslims' fault
    Yeah- when they take over the whole world- they are just gonna raise religious taxes to help pay for this
    It will be a clever way to help people convert to Islam you see- people hate paying Taxes

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    Elite Member louiswinthorpe111's Avatar
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    Next, they'll be saying McCain was a POW.

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    Elite Member Shinola's Avatar
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    ^^^ Wha...? No way. McCain was a POW? Was that in World War I, or the Spanish-American War, or what?
    Posted from my fucking iPhone

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    Elite Member Quazar's Avatar
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    ^^The American Revolution.

  13. #13
    Elite Member darksithbunny's Avatar
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    Are they completely sure about this? I mean I thought I was suppose to be barely getting by, living off crackers and water. Are they sure that this isn't normal? I mean really. I would like to shoot those fuckers.

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