depression

Market down 2% as terrorists get their way.

Anyone with half a brain saw it coming. In a matter of hours, the investors worldwide have gotten the GOP message of New American Austerity loud and clear: The US is doubling down on dumb.

“As the macro data comes out it seems like we may have more on our hands than just getting the debt ceiling raised,” said Myles Zyblock, chief institutional strategist and managing director of capital markets research at RBC Capital Markets.

Ya think?

My father lost his father in the Spanish influenza epidemic in 1918. His mother remarried and his mother and step-dad used the proceeds of a insurance policy, left to my then infant father by his father, to purchase a house. During the depression they took in boarders ($5 a week room and board) and his step father tried to find work in his trade - carpentry. The step-dad built a tool chest on wheels and was often gone for weeks at a time pulling his cart and looking for work. Finally, it was too much for him and he took his own life ... leaving behind an insurance policy to repay my then @ 12 year-old dad. It was a bitter time. Folks who lived through it have never forgotten.

I'm not trained in economics. I'm not sure what the future holds. But the signs are troubling and getting worse rather than better...in my opinion.

The tubes today are bristling with seasonal commentary. As real news slows to a trickle, writers everywhere turn their words toward the holidaze, the season that brings us the shortest day of the year. No longer in touch with planetary time, many of us slip past the winter solstice with barely a nod. Eyes set on the Christian replacement five days later, we are well armed with electricity and candles, having no need to fear this darkest and longest of nights.

OK let's review. Last Spring, Bush said their was no recession. This summer, 'a few bumps in the road' - this fall, "Stormy weather", now, well their might be a depression, but my tax break will fix it.
My opinion of these changes reflect that there is indeed a serious recession and possible depression occurring, but our news media doesn't cover the issues.
At least BBC has covered the newest element of our spiraling economy - Bush's own 'Hoovervilles' are here.