Poll: 3 in 4 think USA is in a recession
What do you think?
USATODAY-More than three in four Americans think the country is in a recession, a USA TODAY/Gallup Poll over the weekend shows, reflecting a crisis of confidence that economists say could make the economy worse.
As the Federal Reserve expanded credit to securities dealers and President Bush said his administration had taken “strong and decisive action,” the poll revealed pessimism about the economy’s direction.Seventy-six percent of those polled said the economy is in recession, compared to 22% who said it’s not. Not since September 1992, two months before President George H.W. Bush lost re-election, have so many Americans said the economy was in such bad shape.
3 in 4 also can’t name their representatives…how can they possibly have any idea about what constitutes a recession?
bb totally misses the point, once again.
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A normal “recession” would be real nice about now. But, we don’t have that. Instead, we have the Granddaddy of Them All.
1. Consumers think incomes will go down (job loss, pay cut), so they spend less. Those who depend on the now-fewer sales have less income and so spend less themselves. Normal recession.
1. Asset prices fall so funds sell the assets causing asset prices to fall further and faster. Normal stock market slump.
3. The markets lose all faith in credit rating agencies’ ability to predict the value of and entire class of financial instruments. Never before seen in modern history.
No. 1 and No. 2 above happen about every 5-7 years, but almost never at the same time. No. 3, of course, is unique.
Put them all together, throw in a once-in-30-years housing slump and . . . a normal recession would be real nice about now.
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Heads up, folks: This is the worst economic situation you will ever see in your entire life.
DOR,
You should stop trying to judge what is happening here from HK….the MSM is fooling you.
5% unemployment, interest rates at all time lows, stock market above 12,000, wages increasing…give me more of the “worst economic situation you will ever see in your entire life”…