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No Leaping On Wall Street: News Goes From Bad To Worse

Business  (tags: Consumer Spending, Credit Crisis, Economy, Mortgage Crisis, Recession, Rising Pricing, U.S. Economy, Breaking Business News )

- 4095 days ago -
As if investors didn't have enough to worry about, Friday's batch of economic numbers shows more signs of recession as well as its evil twin--inflation.


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Blue B (855)
Friday February 29, 2008, 8:20 pm
First, the government reported that U.S. consumer spending rose more than expected in January, but the gain was eaten up by swiftly rising prices.

Then, a Chicago-based business group said U.S. Midwest business activity contracted sharply in February, showing that even areas of the country least affected by the boom-bust housing cycle are feeling ripples from the crisis.

On top of that, U.S. consumer sentiment dropped to a 16-year low in February, hitting levels that usually sound the alarm bells of recession, on worries about declining incomes and rising unemployment, a survey showed.

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Need Further Proof? Look no further than today's headlines:

- Dow slips over 300 points
- Oil hits $103 a barrel
- Consumer spending stalls
- AIG, the country's largest insurer, posts a $5.3 billion loss

Blue B (855)
Friday February 29, 2008, 8:27 pm
The wheels are coming off . . . and we're going to have a whole continent full of bankrupt, re-poed, and idle former WalMart shoppers, many of them with half of their skin tattooed and many of that bunch all revved up to "roll heavy and gun up" against the rich folks who screwed them.

Blue B (855)
Friday February 29, 2008, 8:35 pm
How much notice did the market have that $76 Billion in Treasury Debt was going to be auctioned yesterday, today, and Monday?

Blue B (855)
Friday February 29, 2008, 8:45 pm
"Nobel laureate economist Joseph Stiglitz told London's Chatham House today that the Iraq war has so far cost the United States $3.3 trillion, and that those costs are the "hidden cause of the current credit crunch" and housing crisis. Stiglitz added that "[t]he money being spent on the war each week would be enough to wipe out illiteracy around the world" and "[j]ust a few days' funding would be enough to provide health insurance for US children who were not covered."

Enric Mestres Girbal (3)
Saturday March 1, 2008, 11:20 am
I think the problem wih politiciens is that don't gamble with their own money, so they don't care about the cost of their decisions, they don't care if the economy sinks as long as they don't get engulfed. In the States, the enormous cost of the wars you are involved in, have brought down the $ and your economy. In Spain, we do also have a galoping economy crises due to corruption sponsored by politicians, and the efect on prices. Plainly: the governament needs money=taxes go up=prices go up=but not the salaries=family economy goes down=shoping goes down=crisis.

Blue B (855)
Saturday March 1, 2008, 11:52 am
Eric, does the government of Spain "print money" as easily as the Bu$h crooks in our government of the U$A?

Bu$h's illegal war$ cannot be sustained; food prices have doubled, gasoline prices have almost tripled and (income) salaries/wages (except for CEOs) have not matched those increases, so people are really hurting, families are suffering.

Chris Nielsen (75)
Saturday March 1, 2008, 2:11 pm
There is more to it. This Wall Street mess is coming back to haunt the arrogant rich, who sought control over mankind's destiny. Their sins and transgressions against humanity are their downfall. They will receive the mark of the beast from the will of the masses. Their children will bear the mark of the beast, if they have any. We, the masses, are tired of your lies and know of your suicide pact for the world. The rich are cursed by their own greed.
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