Recession looms despite government interventions

[UpInArms]

Source: Reuters

In the real economy, however, the news was mostly grim.

Investment bank Merrill Lynch, which has agreed to be acquired by Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz), wrote down $5.7 billion of toxic assets and Citigroup reported a quarterly net loss of $2.8 billion.

U.S. home builder sentiment sank to an all-time low in October; motorcycle maker Harley-Davidson Inc (HOG.N: Quote, Profile, Research, Stock Buzz) cut its earnings forecast; General Motors (GM.N: Quote, Profile, Research, Stock Buzz) said it would lay off 1,500 hourly workers; and big U.S. manufacturers braced for a slowdown.

U.S. industrial production marked its biggest drop in 34 years in September and factory activity in the U.S. mid-Atlantic region fell to an 18-year low in October.

"We should anticipate further declines in employment and softness in most components of demand for goods and services," said Gary Stern, head of the Minneapolis Federal Reserve Bank.

A Reuters poll of economists said the world's richest nations are in, or close to, recession, with a sharp deterioration in the U.S. outlook.

Read more: http://www.reuters.com/article/bondsNews/idUSN1639806720081016?sp=true

[DJ13]

1. I love how the MSM plays along with the government and denies ...

..... we've been IN a recession for nearly a year according to many economists.

[tom_paine]

3. That's their job. What? You want they and their families to starve?

They have no choice. Assist the Nazi-Bushies or starve.

:sarcasm:

[Purveyor]

2. IMHO it is going to be much worse than just a recession. We are facing something that no one can

predict nor imagine.

Secure your homestead, stock the common staples and hang on, you are most likely to have family calling for a place to live.

Just saying.