BBC....Recession in U.S. has arrived.

[Stuart G]

Source: BBC

http://news.bbc.co.uk/2/hi/business/7176255.stm


Recession in the US 'has arrived'
US construction worker
Merrill said Friday's employment figures confirmed the recession
The feared recession in the US economy has already arrived, according to a report from Merrill Lynch.
It said that Friday's employment report, which sent shares tumbling worldwide, confirmed that the US is in the first month of a recession.
Its view is controversial, with banks such as Lehman Brothers disagreeing.
An official ruling on whether the US in recession is made by the National Bureau of Economic Research, but this decision may not come for two years.
The NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months".
It bases its assessment on final figures on employment, personal income, industrial production and sales activity in the manufacturing and retail sectors.

Read more: http://news.bbc.co.uk/2/hi/business/7176255.stm

---

..I wonder what this will do to the world markets?..U.S. Dollar?...

[AndyA]

1. Recession with George Bush and his "economic booster" tax cuts in office?

Who could have ever possibly imagined such a thing could happen!!!

[crim son]

5. Oh but you forget.

We won't see the benefits of the tax cuts for a decade. Therefore, any economic improvements during the next (Democratic)! president's tenure will be credited to the shrub.

[AllyCat]

14. So all the economic benefits will be credited to Shrub-o-matic

and the recession itself (not declared for 2 years according to this article), will be blamed on the Dem Pres. Thanks CorpoMedia!

[ayeshahaqqiqa]

2. Our dirty little secret is finally coming out

I think the world markets have realized this for months. For example, tourist sites in India stopped taking US dollars back in the summer. The euro has risen steadily against the dollar. It's just that now the world (or, more likely, the US) has finally acknowledged what has been going on for quite some time.

[xultar]

3. In other news. LittleLordPissyPants says the economy isgreat, he's put more $$$$

in peoples pocket and provided Murkens with progress...such as 4$ a gallon milk and gas.

[boricua79]

4. Recession, Trillion Dollar FAILED wars, Pakistan in turmoil,

wiretapped Americans, detained Americans without due process, Abu Ghraib and Guantanamo Bay Torture, reputation in the shit hole.

What Republican American could look at that record and actually think that they voted for the right guy?

That's what we get for allowing Republicans to rule this country. We're taking it back!

[Jeff In Milwaukee]

12. Yeah Yeah. Sure Sure.

But we defended marriage, and that's really the important thing.

Am I Right or Am I Right?

[boricua79]

22. you're right! :)

marriage sure got defended....at least 45 to 50% of time!

Hey, 1 of 2 are not bad odds!

[KansDem]

24. Time for a new bumper sticker...

That's what we get for allowing Republicans to rule this country.


Republicans:
We tried it your way...
It didn't work.

[ninkasi]

34. I love it

Now, let's elect progressive dems, and do it the right way.

[Native]

45. Or, for Hillary's camp..."It's the Economy, Stupid!" n/t

[RainDog]

51. and...

It's the STUPID'S ECONOMY.

[maseman]

31. Don't forget

NOLA and the lack of any action in Darfur.

[SpiralHawk]

6. "Our republicon owners haven't told us what to say yet." - American Corporate Media

"So we will just maintain our position, serving our republicon overlords, and witholding important information from the citizens of the USA. What the Hell, the pay is teriffic."

- American Corporate Media Toadies

[Brother_1969]

7. This is news?

Hmm... let's see

Millions of people unable to afford medical care
Millions of people losing their homes
Millions of people in soup lines every day
Millions of people losing their jobs


Maybe what's news is that the media continue to acknowlege what's really happening -- a depression!

[rosesaylavee]

9. Don't forget the tent city in Southern California

reported here on DU a couple of weeks ago.

Welcome to DU, btw!

[fasttense]

8. This republican recession was caused by the "free trade"

religion that the neocons and the bushies embraced. This current economy is the natural result of deregulated capitalism. From the poisoned children's toys to the subprime scams, to paralyzed liquidity, this is the inevitable result of Milton Friedman's idiotic economic philosophy.

Ever country that has ever implemented even the mildest forms of "free trade" policies has always ended up with a recession, high unemployment, liquidity problems and a failing currency.

The bush has implemented the most numerous, radical and rapid "free trade" policies than any other US president. Under his crazy leadership, we have had the worst gains on Wall Street since Carter. Can we finally agree that "free trade" neoliberal economics does NOT work and move on to reality?

[truth2power]

15. We have a winner!!! "...the natural result of deregulated capitalism."..

This IS what Milton Friedman's economic philosophy has brought us to. Read the chapter on Friedman and the University of Chicago School of Economics in Klein's "The Shock Doctrine". I have not seen anywhere in the so-called MSM where this has been discussed. Deregulate, Privatize, Cut social spending. Oh, and "free trade".

We should all be saying this, over and over and over. The neoliberals have all but destroyed this country. Bastards!!

[KG]

19. Clinton signed NAFTA. both parties have been happy to vote for polices that

have led to a massive exodus of manufacturing jobs from the US.

[Broadslidin]

23. will make them a Fast Buck. Tis the cut throat Merkan Way.

Wondering,
just how dangerous will our Imperial Empire become
as the remaining crude oil is blissfully burned?

[niceypoo]

42. It's all about floating the economy on debt...

...and free trade (imperialism). Foriegn governments dont want to loan us money any longer. Eventually the house of cards will collapse

[kenfrequed]

10. We have been sliding this way for years.

Seriously, we are actually teetering closer to depression than we have since the energy crises of the 70's. As far as recession goes, I think we arrived there last year sometime.

[johnp]

11. The Great Depression days are back!

I am already starting to see more people begging on the streets and I think another Depression is right around the corner. Unemployment has already risen 1% in the past couple of months to 5%, and I know its just gonna keep on growing and its all Bush's fault. This idiotic idea that lowering taxes causes economic growth. Talk to any economist and they will tell you that is wrong when in fact raising taxes spurs economic growth. Here are the figures.

http://www.bls.gov/news.release/empsit.nr0.htm

[bdamomma]

13. welcome to DU johnp!

buckle up it's going to be a bumpy ride, and the sooner this guy * goes the better.

[demo dutch]

33. Just in time for the new Dem Prez to start "A New Deal" and bail the country out!

[Dukkha]

16. and in a few days the state of the union will be "strong" as usual

and the idiot in chief will get an ovation

[progressoid]

17. Bullshit

It there was a recession we'd hear about it. After a quick check of the news, what I know is that Nicole Kidman is pregnant and Dr Phil canceled his Brittney Spears show.

No recession.


edit for speling

[LSK]

38. lol, well done Colbert

[onehandle]

18. Hooray!

Hold on to your jobs, kiddies!

[focusfan]

20. i guess Bush will get what he wants

to break america and there to be poverty.

[MetaTrope]

21. I guess this means CEO bonuses are only up 15 percent?

[madrchsod]

25. i`ve been in a recession for the last 2 years

no big news to me.....

[redqueen]

29. Exactly. First month? Hah.

Next year they'll say "Oh, it turns out it started a few years earlier, actually." Geniuses.

[Javaman]

26. No, really?

duh.

[2beToby]

27. I wouldn't have ever guessed...

I'm just a teacher without work in an area where schools are being consolidated. Would've never guessed recession was on the way or anything.

[The Wizard]

28. Dump your paper assets

and spend money on durable goods. Bush has wrecked the economy faster than shit going through a goose. He and his crony capitalists have done well. Wall Street is doing fine (for now), and Main Street is getting ass raped. When Main Street gets tired of the pain, Wall Street will reap what they have sown.
With the advent of the information super highway, the crooks and liars who got rich on other's misery will be easier to find and their homes will be looted and sacked by the raging masses. The Interstate highway system makes getting to them easier than ever.
A good start would be for the new President and Congress to rescind every law and edict imposed on us by the Nazi war criminal Bush. That's right, I said Nazi. There's no nice way to say Nazi or war criminal.
The way in which we've been soiled during the Bush cartel's junta and immoral rule will require a national cleansing.
Any Democrat who applauds anything other than the words "I will resign tomorrow." coming from the Decider's pie hole should be purged from the Democratic Party. Enough with these Republican criminals already.
Rant over.

[Binka]

35. Great Rant

Thank you.

[debbierlus]

30. US Recession has been here for MONTHS

[fascisthunter]

32. New Bumpersticker: Conservative Economics FAILED

Also: There is No Such Thing as Free Trade

[benld74]

36. Wait for it,,, the REAL reason the recession happened

brought to you by the GOP talking heads, heard daily across this great land of ours!

[lovuian]

37. the Shock and Awe is coming this is going to get ugly

this is where 90% assets of country are in the hands of a few

Depression
now they will gobble up land companies for cheap
cash is king unfortunately even that is bad due to dollar devaluation

there is going to be such anger and unrest

[benld74]

39. Yup, the 90% of us will be in shock and the 10% will be going AWWWWWE!

[Lorien]

40. My contracts are down and my eBay sales are down to $700.00 a month

from $1,200.00 a month this time last year (same merchandise, same 100% positive rating). Yeah, I'd say that we're in a recession alright.

[Hydra]

41. Dur!

I wonder when they'll start rounding up the gold again..."For the greater good!"

[shadowknows69]

43. At least we can still count on Britan

To let us know how our fucked up former colony of theirs is running. I think if shit gets bad enough the Queen might ask us if we want to come back to the empire.

[kestrel91316]

44. I've got news for the Beeb: recession hit the US in the late fall,

around the end of October.

Bush ran his businesses into the ground. He ran his personal life into the ground. And now he has run the United States into the ground.

WAY TO GO, BUSHIE!!!!!!!

[Hydra]

46. Don't worry, he'll get a golden parachute for it!

After all, his job was to wreck the economy and funnel money to his cohorts.

[lebkuchen]

47. the US dollar will probably buy 50 euro cents this year.

My prediction...

[Xenotime]

48. The US economy is dying. Something needs to be done quick

[earth mom]

49. We all figured it was coming.

I'm seeing tons more sellers on ebay and a lot less buyers.

It's bad...and gonna get much worse.

[bluesmail]

50. Thanks for the newsflash

BBC

[Arctic_Leviathan]

52. The problem is...

I attribute the short length of time of the expansion as a result of the borrow-and-spend policies and tax cuts.