When will they call it a DEPRESSION?
Its getting a little old hearing the same old recession nonsense.....here is a story from the WSJ today:
Europe's economy faces a deeper recession and a slower recovery than the U.S. or other world regions. As a result, the European Union is becoming the region that is most hurting prospects for an early end to the global economic slump.
The EU's economy is set to contract 4% this year and an additional 0.3% next year, according to new forecasts published Wednesday by the International Monetary Fund. That's even worse than the outlook for the U.S. economy, which the IMF says will shrink 2.8% this year and stagnate in 2010.
Seriously, who is kidding who????
In Japan, exports are down 50% and imports are down not much less. Factories are running at half capacity and in a country where you have a job for life, many lives are being cut short as workers are getting fired by the thousands from company after company.
Factory after factory operating at 50% capacity is not a recession, it is a DEPRESSION....and a catastrophic one at that with the entire nations exports DOWN 50% for an export based economy.........
In America, new home sales are down 75% from peak, auto sales down 50%, Pre Clinton era revision unemployment numbers approaching 20%, Home Forclosures at record rates and climbing, and bank after bank facing significant detioration in their loan portfolios.........
You think this is a recession.......you think our GDP is down only a few percentage points with this kind of data.......you think that business after business suffering double digit sales declines thinks GDP is down only a few percentage points??? you think city after city, state afer state, and the Federal Government suffering double digit tax revenue declines thinks GDP is down only a few percentage points??????
And Europe worse than here?????
This is no recession folks........this is a depression and with the current policies of funding insolvent banks.....welcome to Zombie Nation.........no wonder Ghoser is ready to rock n roll.
In America, auto sales are down 5