Recession now certain, economists say

[UpInArms]

Source: CBS Marketwatch

Consumer spending on track for first quarterly decline since early 1990s

WASHINGTON (MarketWatch) -- Even before the latest squeeze in the credit markets, the U.S. economy had slipped into what could be a relatively lengthy recession, economists say.

The latest data, covering activity in August and September, make it all but certain that the academic economists will eventually declare that the economy is in a recession.

The big economic forecasting firms are in the process of updating their forecasts following the release of key data on consumer spending. While the final numbers aren't available yet, forecasters say it doesn't look good.

The economy seems to be on the "edge of the abyss," said Joel Prakken, chairman of Macroeconomic Advisers, which will update its forecast on Friday.

<snip>

If the recession lasts from December 2007 until April 2009, as Gault suspects it will, it would be the longest since the Great Depression. And the recovery, when it comes, won't feel anything like a boom.

Read more: http://www.marketwatch.com/news/story/recession-now-certain-economists-say/story.aspx?guid=%7B19786F11%2D56EF%2D4FCF%2D94CA%2D88189A007276%7D

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"Ah'm gonna pick up whar ma daddie lef' off" GWB campaign 2000

[SammyWinstonJack]

1. Steal two elections and this is the outcome? Recession,Iraq and Katrina , some legacy.

x( Heckuvajob george, you hideous little man!

[WhiteTara]

12. you left out Ike...it's so bad they aren't

even talking about it. 300 people still missing.

[AlphaCentauri]

2. There will be no bailout or stimulus 300 dollars check to stop it

it's been said for more than 3 years but the economist were trying to save a legacy

[Dr.Phool]

3. ***BREAKING*** ECONOMISTS GET A CLUE.***

Film at 11:00.

[undeterred]

13. Yeah. They spent years of PhD study for something

that captain obvious could tell them after going grocery shopping.

[Javaman]

4. New flash! water is wet, repeat, water is wet! nt

[Hydra]

5. "But, but, the Bailout will save us!"

Heh.

"There's a sucker born every minute."

[girl gone mad]

6. Duh.

I love the shakedown that just took place.

Yesterday: "Give us all of your future earnings and we'll let you keep your job."

Today: "Recession is unavoidable. We have to preserve our capital and invest in growing markets. Sorry."

[GetTheRightVote]

7. They are digging us into a bigger hole with this bailout bill/plan

It is not going to help us in the future at all, we are in deep du du for many years to come thanks to the repubs and bush.

:grr::grr:

[Stuart G]

8. Dumb headline...really dumb...recession is here now......nt

[loyalkydem]

9. Breaking news

Republicans grow brains

[mbperrin]

10. But the senate agreed to the ransom!

Oh well, deal with thieves...........

[lifesbeautifulmagic]

11. sometimes the simplest answers are the true ones

1 cost of gas, causing mass inflation in every area of the economy
2 tax cuts for the rich
3 massive spending including the Iraq occupation
4 a business climate that encourages corps to go where the labor is cheapest

I am not in anyway an economist, but even i can tell you what will happen when you combine all those things. When will the high priced media talking schmucks on all those business channels take notice?

[mmonk]

14. Economics and government were my fields of study in college.

We've been in a recession and with credit slowing further, it is deepening. This is a water is wet announcement.

[FreakinDJ]

15. Duh - and it took a degree in economics to figure that out

[Jersey Ginny]

16. They now admit to recession, but a Depression is now looming.

Saying we are in a recession is like picking the lottery numbers for yesterday.

[Imagevision]

17. Friday - the jobs lost in the last quarter to be announced

[gasperc]

18. what a joke, we've been in recession since at least March

these statistics are so thoroughly fucked in the head. What's happening is that the recession is getting much deeper.