Wall Street's bears are back in charge »
Posted by: TechnologyExpert 1 month, 3 weeks agoDespite a relatively mild Monday selloff, there was no question that a bear market is well underway, the latest sign that the economy is probably in recession.
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bbb6401 month, 3 weeks ago
Awe...poor Americans, losing a little bit of money? Awe...poor baby. It's okay to wage wars based on lies, kill and injure millions, release hundreds, maybe even thousands, of tons of DU all over the ME, etc, etc, but lose a little bit of fiat, and you all start crying. LOL!
YOU DESERVE IT!!! YOU BETTER START GOING TO CHURCH ON SUNDAY AND PRAYING FOR FORGIVENESS! LOL!
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saintetienne1 month, 3 weeks ago
"YOU DESERVE IT!!! YOU BETTER START GOING TO CHURCH ON SUNDAY AND PRAYING FOR FORGIVENESS! LOL!"
Yuck it up, bbbrain, but as the United States goes, so goes the rest of the world - - even WORSE. I don't know or care where you are, but YOU are the one who better start praying, because as bad as it might get in America, the ripple effects are going to be far, wide and DEEP for the rest of the world.
And quite frankly, you deserve it.
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Teech1 month, 3 weeks ago
John McLame, old, doddering, drooling, disillusioned, fool that he is - at least has the honesty to state that "I don't know much about economics."
Not to fear. Just two days ago he took the stage with his economic advisor, Gramm, who cleared up the whole scene for all Americans when he stated uneqivocally that we are only in "a mental recession" and things are actually much better than the newspapers would have us believe.
Bears beware. Iraq is won. The recession is all in the mind of those damn liberals, and if we just elect McSame and stay the present course for 4 more years..........
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doggammit1 month, 3 weeks ago
"They want you to come back into the marketplace, because they suspect that you just might have a few pennies left in your jeans."
Yup. It's been a real treat being frisked by subspecies of Reagan's voodoo vampires over the years. Is there a drop of blood left? If so, they will find it.
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canadianrancher571 month, 3 weeks ago
For many reasons I feel this bear market is going to be more severe that some of the past ones. With the price of energy where it is is is going to basically cripple the consumer so the hopes of a consumer led recovery is not there. Many plants have outsourced jobs and former empoyees have entered the service sector which only grows in a healthy economy. As the American economy slows so will the economies of many of the worlds countries so what happens on Wall street will likely touch us all.
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bigurn1 month, 3 weeks ago
There is a technological definition of what a recession is:
"Recession
Two consecutive quarters of decline in real GDP is commonly taken to be a recession. The National Bureau of Economic Research, a private organization, effectively decides when recessions occur, however, and the actual dating process is determined by judgment rather than a formal rule.
One interesting point is that there is no widespread, unique term for periods that are not recessions. That is, we can refer to expansions and contractions, but there is no universal pairing of ____ and recessions."
"Real" in economics refers to the effect of inflation. Since we haven't had deflation in anyone's lifetime, all things are tending to rise in cost, which lowers all rates of return of all things.
Some actual data:
Real GDP QTR 1 2008 - 0.6% Past 4 QTRs - 2.5%
So, Real GDP is rising slightly, and has risen for the past 4 quarters. Thus, no recession yet.
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1-2-Oscar1 month, 3 weeks ago
At the same time, wholesale price inflation during the past twelve months is being reported as 9.2%. That's the highest rate of wholesale inflation since 1931.
Do you all remember what 1931 was like? Do you remember that the nation endured eight more years of severe economic depression after that?
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doggammit1 month, 3 weeks ago
We always get the rosiest of indicators piped loudest through the MSM. There seem to be very few exceptions appearing in a mushrooming investment talk show and TV network financial broadcast market (only one I know of and can't even recall his name offhand) - it's a matter that deserves closer inspection.
From my limited POV, I get the distinct impression that market confidence is nothing other than a widespread confidence game... a manufactured consensus that has worked its voodoo on all market investors - up until now.
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bigurn1 month, 3 weeks ago
I have no idea what 1931 was like; wasn't there. However, most people don't see wholesale inflation, they see retail inflation. Retail inflation is about half that rate.
1929 started the Great Depression, and it was triggered in Europe. There were no safety valves in the economy at the time, and there are now. There is no foreseeable way to have another Great Depression.
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Dionys1 month, 3 weeks ago
"So, Real GDP is rising slightly, and has risen for the past 4 quarters. Thus, no recession yet. "
This is garbage. Bushco's cooked the numbers, like they do with everything, and modified how they calculate 'Real GDP.' Just like when they claim unemployment's at 6% when it's more like 12% based on the E6 calculation versus the E3. If you don't think we're in a recession you're either blind, stupid or the mouthpiece of this administration bent on lying to the public.
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bigurn1 month, 3 weeks ago
The data are from an independent economic firm. Real GDP is calculated outside of governmental forces.
The E6 calculation is always used for unemployment because it uses the population of people looking for work. That's not manipulation; it's looking at the data from a leadership standpoint. There's no point in hiring people who aren't looking for a job.
Dio, things are down but not bad. A little perspective will show that things have been soooo much worse before.
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TechnologyExpert
I am Editor-in-Chief at Alice Hill's RealTechNews (http://www.realtechnews.com). I also have my own blog (Tech-Ex) at http://TechnologyExpert.Blogspot.com. Finally ...
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