Poesia [ ] T Posted January 8, 2008 Share Posted January 8, 2008 Whats it mean for you? Probably not a damn thing, but for alot of people shit is about to get ugly. Opportunity and failure. US recession is already here, warns Merrill By James Quinn, Wall Street Correspondent Last Updated: 12:05am GMT 08/01/2008 The US has entered its first full-blown economic recession in 16 years, according to investment bank Merrill Lynch. Get the latest news and analysis of the credit crisis The full financial outlook for 2008 Merrill, itself one of Wall Street's biggest casualties of the sub-prime crisis, is the first major bank to declare that a recession in the world's biggest economy is now underway. US Treasury Secretary Hank Paulson has admitted that the US economy faces severe challengesDavid Rosenberg, the bank's chief North American economist, argues that a weakening employment picture and declining retail sales signal the economy has tipped into its first month of recession. Mr Rosenberg, who is well-respected on Wall Street, argues: "According to our analysis, this [recession] isn't even a forecast any more but is a present day reality." His comments are the strongest sign yet that the gloom on Wall Street over the US economy is deepening as the sub-prime mortgage crisis and the credit rout show little sign of easing. Mr Rosenberg points to a whole batch of negative data to support his analysis, including the four key barometers used by the National Bureau of Economic Research (NEBR) - employment, real personal income, industrial production, and real sales activity in retail and manufacturing. advertisement Mr Rosenberg notes that although the NEBR will be the final arbiter of any recession, such confirmation may be two years away as it typically waits for conclusive evidence including benchmark revisions. However, he believes that all four of these barometers "seem to have peaked around the November-December period, strongly suggesting that we are actually into the first month of a recession." His view is at odds with some otherl forecasts on Wall Street, with Lehman Brothers going so far as to issue ten reasons why the US economy will not enter into a recession. Mr Rosenberg argued that "This isn't about 'labels.' What is important about recessions is that while each may have its own set of particular characteristics, there are also unmistakable investment patterns that emerge time and time again." His views were cemented by last week's jobs numbers, which showed the unemployment rate hitting 5pc, an increase of 13pc year-on-year and the highest in two years. Despite the increasingly weak economic data, Treasury Secretary Henry "Hank" Paulson said the immediate goal of the Bush administration "is to minimize the impact of the US housing downturn on the economy." Apparently dismissing calls for immediate tax cuts amid suggestions that President George W Bush might announce a fiscal stimulus package as early as his annual State of the Union address later this month, Mr Paulson said it is more important to get policy right rather than announced policy changes quickly. He said that no single policy or action would undo the "excesses" of recent years, and urged for patience as the next steps to aid the country's economy were revaluated. However he noted that officials within the Bush administration "recognise the risks we face" and will try to keep the economy "as strong as possible as we weather this housing correction." The issue of the faltering nature of the US economy continues to play a large part in the race to replace President Bush, with the majority of candidates seeing it as a key battleground. Ahead of tomorrow's New Hampshire primary, Democratic contender Hillary Clinton said the US middle class is under increasing economic pressure, as costs rise and house prices wane . Move it to Crossfire if you cant handle the truf. Link to comment Share on other sites More sharing options...
R@ndomH3ro Posted January 8, 2008 Share Posted January 8, 2008 Re: US recession is already here looks like you are going to have to hock the Ferrari Link to comment Share on other sites More sharing options...
ClueTwo Posted January 8, 2008 Share Posted January 8, 2008 Re: US recession is already here I'm ready for a new job. Link to comment Share on other sites More sharing options...
Poesia [ ] T Posted January 8, 2008 Author Share Posted January 8, 2008 Re: US recession is already here Oppurtunity vs failure. Most down markets present huge times of bottom feeding. This is the time when the rich get richer. And the Poor gets poorer. When you jump into the market not out on some cases. Time will tell. Link to comment Share on other sites More sharing options...
count chocula Posted January 8, 2008 Share Posted January 8, 2008 Re: US recession is already here we've been in a recession i'm sick of watching the news and all i hear is them hinting at the "threat of an oncoming recession". i swear people are fucking blind until the news says so real estate - been fucked jobs - been lost the dollar - been low i can go on and on. wake up you fucks! Link to comment Share on other sites More sharing options...
rushawn wuan Posted January 8, 2008 Share Posted January 8, 2008 Re: US recession is already here how are you doing in the real estate poesia? Link to comment Share on other sites More sharing options...
Poesia [ ] T Posted January 8, 2008 Author Share Posted January 8, 2008 Re: US recession is already here Yeah but thats the thing, we all know its been bad but the Media wants someone to say it and our chairman Bernanke is to chicken shit to do so. So news from someone like Merrill Lynch is the a kep point in the Recession. Jobs are growing were im at so it would not be as bad, but overall markets and the Dow jones will suffer. bad markets equal stablized low rates for me in real estate. Improving government backed loans with larger loan limits means good news. Alot of other markets are fucked though, and we drug down the gloabl markets also with our mortgage backed securities that they have been buying like crazy. Global recession. Link to comment Share on other sites More sharing options...
Poesia [ ] T Posted January 8, 2008 Author Share Posted January 8, 2008 Re: US recession is already here how are you doing in the real estate poesia? Real estate is slow been so for the last 6 months, but with more people leaving the business than coming and more consumers needing help it will balance itself out. like anything else only the strong will survive and take advantage of its first upswing. Its a good time to invest. Keep your monthly bills down. It was harder to invest in a hot market, now deals are falling at your feet daily. Pick and choose. Link to comment Share on other sites More sharing options...
rushawn wuan Posted January 8, 2008 Share Posted January 8, 2008 Re: US recession is already here T;5986530']Real estate is slow been so for the last 6 months, but with more people leaving the business than coming and more consumers needing help it will balance itself out. like anything else only the strong will survive and take advantage of its first upswing. Its a good time to invest. Keep your monthly bills down. It was harder to invest in a hot market, now deals are falling at your feet daily. Pick and choose. word, 2 of the 3 realtors i worked for are out of the business , i kinda feel good one of them fell off because he was a cocky motherfucker. i havent heard anything about the 3rd one since i left. Link to comment Share on other sites More sharing options...
Gat Bush Posted January 8, 2008 Share Posted January 8, 2008 Re: US recession is already here drugs will never go into a recession. i need to start selling drugs. Link to comment Share on other sites More sharing options...
Bruce_1nR Posted January 8, 2008 Share Posted January 8, 2008 Re: US recession is already here As if I wasn't broke enough already... Link to comment Share on other sites More sharing options...
Cracksmoka Posted January 8, 2008 Share Posted January 8, 2008 Re: US recession is already here we are an industrial/agricultural country that has exported all of its jobs to third world nations so conglomerates can make more money. You know when people yell "corporate greed" this and that... its true. my man up there is right. We BEEN fucked, fuckin NAFTA...psssh, nigga please. Link to comment Share on other sites More sharing options...
Milk Grenades Posted January 8, 2008 Share Posted January 8, 2008 Re: US recession is already here we've been in a recession i'm sick of watching the news and all i hear is them hinting at the "threat of an oncoming recession". i swear people are fucking blind until the news says so real estate - been fucked jobs - been lost the dollar - been low i can go on and on. wake up you fucks! it's cute when you type mad Link to comment Share on other sites More sharing options...
Dick Quickwood Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here wtf is a recession Link to comment Share on other sites More sharing options...
Dawood Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here I don't see any recession....I'm snappin' necks and cashin' checks, money grippsta. Link to comment Share on other sites More sharing options...
the.crooked Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here Eh Poesia, You wanna gimme a job when I graduate in a couple months? In all seriousness. Link to comment Share on other sites More sharing options...
the.crooked Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here In terms of remaining on topic. This recession is gonna be make or break for America I think. With the continual development and strengthening of the EU, we are going to have to start looking to similar structures and alternatives to our contemporary economy/government. I am way curious to see how this all goes down. I am just hopin to get into gradschool and get outa here before its way too fucked. Link to comment Share on other sites More sharing options...
BruceLeroy Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here el mundo se va acavar por favor believe it. Link to comment Share on other sites More sharing options...
Abracadabra Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here uh, the stock markets reached insane heights this year. of course there's a fucking recession. what, they're going to keep posting record breaking numbers every day? shit was ridiculous for the last few years, houses were selling for waaaaaaaaaaaaaaaay more then they were worth, people piled on the debt like it was going out of style and now shit is about to get back to sane levels. the recession is going to be nothing but good news for me, and alot of people in my position. *i have a steady job with a solid company who is continually growing, and is in a growth industry that will only be spurned by technological advances in every day commerce. *i have no debt. finally i'll be able to buy a house soon that i can actually afford, and not with some bullshit interest only adjustable rate mortgage from some bullshit loan shark. there are so many forclosures right now that i'll be able to snag a bargain. there's one street in this city that holds the record for most forclosures on one street in the country. of the 50-odd houses, 17 are in forclosure. that's almost 40%! the ones that have forclosed are selling for as low as $86,000!!! they were going for over $250,000 2 years ago! bring on the crash!!!!!!! Link to comment Share on other sites More sharing options...
rushawn wuan Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here 86k for a house in cali? i'll take one. Link to comment Share on other sites More sharing options...
Prime Chaos Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here humm.. I work at a Roller Rink. i make 8 bucks an hour... I think i need to get my head out of my ass. Link to comment Share on other sites More sharing options...
KILZ FILLZ Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here boom and bust its inevitable Link to comment Share on other sites More sharing options...
count chocula Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here it's cute when you type mad you should see my mouth when i actually SAY it :naughty: Link to comment Share on other sites More sharing options...
Theo Huxtable. Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here 86k for a house in cali? i'll take one. shiieeeeet must be a 2 room house with no lawn. Link to comment Share on other sites More sharing options...
the.crooked Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here *i have no debt. finally i'll be able to buy a house soon that i can actually afford, and not with some bullshit interest only adjustable rate mortgage from some bullshit loan shark. this is exactly what every american needs to do. however, only a minute few will continue to see the value in not delving into the american dream of credit. i am really curious to see the credit vs. cash statistics for last years holiday shopping season. i can't wait until the credit card company's start defaulting and need to get bailed out by foreign governments. thats gonna be sweet. then well see some crazy shit start happenin. Link to comment Share on other sites More sharing options...
KILZ FILLZ Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here the beast will never fall on its own Link to comment Share on other sites More sharing options...
EGG Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here Link to comment Share on other sites More sharing options...
Guest spectr Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here its been here for a while... we have been in a growth recession for years.... Link to comment Share on other sites More sharing options...
Some1 Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here we've been in a recession i'm sick of watching the news and all i hear is them hinting at the "threat of an oncoming recession". i swear people are fucking blind until the news says so real estate - been fucked jobs - been lost the dollar - been low i can go on and on. wake up you fucks! when people feel good the economy does better thats why they do this...the gov is never going to tell you what really is going on until planes hit some skyscrapers... Link to comment Share on other sites More sharing options...
ILOTSMYBRAIN Posted January 9, 2008 Share Posted January 9, 2008 Re: US recession is already here They're not going to tell you what is really going on even when that happens. Guys I hope some of you are preparing yourselves for this shit because it's not getting better any time soon, in all likely hood shit is going to get worse. Link to comment Share on other sites More sharing options...
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