Depression Watch

"All that I've said has come true with a vengeance..."-- Bush bails and leaves Obama holding the sack of feces!! My only hope is that history will show this was GOP/Bush's fault. The whole party needs to be marginalized until it represents something other than elitist monied interests.

Bush *FINALLY* gets it...

"Today's job data reflects the fact that our economy is in a recession," Bush said.

DUHH!!

IT'S OFFICIAL: Recession since Dec'07

CNNMoney reports:
The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy .

'NUFF SAID! I was right, Bush was wrong...and bad...and thankfully gone. Now if we could just ditch the Fed!

I'm Back...and boy was I right...

Events of past six months bear out my recession prediction. Fed and the Bush Treasury screwed up big-time, and all Americans will pay the price for years to come; most affected will be the foreclosed and bankrupted, but individual taxpayers and 401K/IRA retirees also got whacked.

Thank Heaven the electorate realized it needed Obama more than four more years of GOP mismanagement!

Oof, maybe not so short!

CNNMoney:
"We have a deadly combination of commodity price inflation and credit contraction," said University of Maryland economics professor Peter Morici. "It's tough to imagine a worse combination. In a worst case scenario, the recession could last several years."

Recession:another believer

80,000 jobs lost in March. January and February revised to 76,000 losses...each.

CNNMoney.com reports:
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The Labor Department now estimates that the economy has shed 232,000 jobs in the first three months of this year.
"The revisions are the real surprise in the report," said John Silvia, chief economist for Wachovia. "If we had known it was anything like that, there would not have been any debate going on about whether we were in a recession. It's pretty stark."
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I wasn't debating, except for the technical definitions.

Are we there yet? (yes)

From CNNMoney:
The Reuters/University of Michigan Surveys of Consumers said its final index of confidence fell to 69.5 in March — its lowest since February 1992, when it was at 68.8 — from the previous month's reading of 70.8; indicating that "it is now nearly unanimous among consumers that the economy has already entered a recession."