Six66Mike - 12-2-2008 at 03:50 AM
Most of us have known and been calling it all year long. The US is in a recession. NBER finally made it official today, admitting the US is in, and
in fact HAS been in a recession for the past year.
They have known about the recession all year long. They held out on telling people that yes it's a recession, while giving billions to dodgy
corporations and talking up the economy.
I'm pretty pissed, this news should have come out last year when Bush still had a year in office, not in his last month.
This is fucked.
BDx13 - 12-2-2008 at 04:19 AM
cue 8% drop of the DOW, 9% of the NASDAQ.
asia is down 5-6% today (tomorrow, whatever), which means the US markets probably will be again in the morning.
wild shit.
MarkV - 12-2-2008 at 05:06 AM
I agree. But I also don't blame Bush for the lack of notice.
Six66Mike - 12-2-2008 at 05:32 AM
Yeah news here said they started dipping already and today will be worse. Aussie markets dropped by de facto despite 1% interest rate cut and other
decent economic news this week locally.