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Could U.S. Economy Send World Into Recession?
1/23/08 -- Posted by Catherine Morgan
Tuesday marked an historic and troubling moment in our economy. Even after the Bush announcement on Friday, of a stimulus plan to jump-start the economy. It became clear, after markets around the world fell sharply on Monday, that the Bush plan just wasn't going to be enough. So in an emergency effort by the Federal Reserve to stabilize the market, interest rates were dropped (0.75%) just before the opening bell on Tuesday. However, even with this desperate move by the Fed, the DOW still ended the day at a 15 month low. Now the question isn't...Is our economy in trouble? The question is...How much trouble is our economy in? And - How will our economy recover from this? How many people will lose their jobs? Their homes? Their healthcare? Only time will tell. The looming recession may be worse than the other two serious economic downturns that have hit the U.S. in the past 25 years, according to the Wall Street Journal. It seems the Bush administration has ignored (even denied) this country's economic problems, to the point that we are now in danger of not only facing a recession in this country...But, possibly being responsible for a world-wide recession. This is what is being reported in news around the world... Australia -- Current Market Crisis is 'worst in 60 years' What the bloggers are saying... From AlterNet -- How to Pull Out of a Recession: The Ethical Way, Not the Bush Way. I heard Donald Trump on Larry King. They were talking about the Bush Stimulus Plan. Larry asked, if giving checks for people to spend would help the economy? Trump basically said...Americans would just be going out and buying products made in China, stimulating the economy of China. I never thought of if that way? How are you feeling about the economy? Are you worried? Do you think the Bush Stimulus Plan will help? How would you spend your check? |
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