Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

NYT, pg1: Seeing an End to the Good Times (Such as They Were)

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Editorials & Other Articles Donate to DU
 
DeepModem Mom Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-08-08 12:14 PM
Original message
NYT, pg1: Seeing an End to the Good Times (Such as They Were)
Seeing an End to the Good Times (Such as They Were)
By DAVID LEONHARDT
Published: March 8, 2008

If history is a reliable guide, the recession of 2008 is now unavoidable.

The dismal jobs report released Friday showed overall employment to be lower than it was three months ago. Every time such a slump has occurred since the early 1970s, a recession has followed or already been under way.

And if the good times have really ended, they were never that good to begin with. Most American households are still not earning as much annually as they did in 1999, once inflation is taken into account. Since the Census Bureau began keeping records in the 1960s, a prolonged expansion has never ended without household income having set a new record.

For months, policy makers and Wall Street economists have been predicting, and hoping, that the aggressive series of interest rate cuts by the Federal Reserve would keep the economy growing, despite the housing bust. But the possibility seemed to diminish almost by the hour on Friday.

Shortly after 8 a.m., the Fed announced yet another measure meant to unlock the struggling credit markets. At 8:30, the Labor Department released the unexpectedly poor jobs report. Almost immediately, the economists at JPMorgan Chase who only last week had told clients they thought the economy was still growing reversed course and said a recession appeared to have started earlier this year....

http://www.nytimes.com/2008/03/08/business/08recession....
Printer Friendly | Permalink |  | Top
aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-08-08 12:18 PM
Response to Original message
1. When Bush seized office and stocks fell to half their previous worth...
Did no one think that was an ominous sign?
Printer Friendly | Permalink |  | Top
 
asthmaticeog Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-08-08 12:20 PM
Response to Original message
2. Well of course there's a recession, there's a Democratic majority in congress now.
You *know* that's coming, don'tcha?
Printer Friendly | Permalink |  | Top
 
thunder rising Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-08-08 12:25 PM
Response to Original message
3. You know we are never "IN" a recession. We are either on the way into or out of but never IN.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Wed Nov 26th 2014, 06:27 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Editorials & Other Articles Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC