Honey, I Shrunk The Economy
Someone had to follow Donviti’s great post up with a clunker. So, let it be me. It’s not much of a post anyway, more like several paragraphs ripped from today’s Times of London. What boggles my mind the most is that there are millions of people in the United States that voted for this Texas idiot, TWICE.
The US economy shrank at its fastest pace in the third quarter since the aftermath of the September 11 attacks, figures released today showed.
The US Commerce Department said that gross domestic product (GDP), which is used as a measure of economic health, declined by 0.5 per cent in the July-to-September quarter.
This is the sharpest fall since the third quarter of 2001, in which America reeled from the 9/11 terrorist attacks.
Analysts believe that GDP has fallen even faster in the last quarter of this year and could drop by as much as 6 per cent in the three months from October to the end of December.
Tags: Bush's Fubar Economy
I blame Barney Frank and Chris Dodd.
No wait… I blame deadbeat homeowners who failed to take into account losing their job… due to Barney Frank and Chris Dodd.
Nariman Behravesh, chief economist at IHS Global Insight, the economics consultancy, predicts that GDP will fall by 4 per cent in the first quarter of 2009.
He said: “Assuming that the incoming Obama administration does enact [its] $850 billion (£574.5 billion) financial stimulus package quickly, it will do little to stop real GDP growth from dropping like a stone in the first half of 2009 but could help turn things around in the second half and provide a basis for sustained growth in 2010”.
hellooooo 4percent? wow…
I’ve heard -6% 4Q08, -4% 1Q09, -0.5%2Q09
This is one of the problems of having a service based economy. If things get tough, everyone tightens the belt and services get trimmed back.