Economic Depression
Status Report
" The economic recession is
deepening and
the urgency of our economic risk is growing."
- President Barack Obama, 1-30-09
"This is going to be a
longer and more damaging
recession than anything we have seen since
the Great Depression of the 1930s."
- Martin Feldstein, Harvard Economist - 1-30-09
Updated: Feb. 1, 2009
Yesterday, Jan. 30 the government announced
that the economy declined a whopping 3.8% in the last quarter of
2008. In addition consumer spending dropped 3.5%, more than
expected.
According to NBC News during the last week we
lost a total of over 102,000 jobs. Steel production fell a huge 51%
due largely to the collapse of the U.S. auto industry and
construction industries.
The stock market ended it's worst January in
history.
Our economy continues to tumble in a free
fall, along with almost all of foreign governments. No one knows how
much money has been lost. No one knows how long this madness will
continue. No one knows when (and if) we will ever pull out of this
protracted crash.
The simple fact is this - we have been living
far beyond our means for most of this century and now the bill is
coming due. Some economists are now beginning to refer to the coming
events as the Great Depression II.
Survive and thrive during the coming bad
times. Get the facts -
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