recession

Republicans in Washington have had only one agenda since 2008: Defeat Obama in 2012. And if their "new austerity" happens to bring the country to its knees along the way, well, tough shit.

Tuesday’s International Monetary Fund report is quite correct to warn that America and Europe are on the verge of renewed recession. Interest rates on US, German and UK government bonds have fallen to all-time lows. For the American and western European economies to decline again, when unemployment levels are already so high, would be disastrous. Overall, we could be in for a repeat of the experience of 1937, when America fell back into recession after three years of recovery from the Great 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?

Cross-posted from a Facing South article by Chris Kromm.

If anyone needed evidence that the Great Recession is still reverberating through the economy, consider the situation state legislatures face as they come into session this month.

Put together, states have a collective $160 billion budget shortfall for the current fiscal year. And some states are doing much worse than others: 10 have budget shortfalls of at least $2.5 billion, according to the Center for Budget and Policy Priorities, including Florida ($2.5+ billion), North Carolina ($3+ billion) and Texas ($10+ billion).

FINE ARTS THEATRE in ASHEVILLE NC
GALAXY CINEMA in CARY NC
PARK TERRACE 6 in CHARLOTTE NC
CAROLINA 3 in DURHAM NC
CAMEO ART HOUSE THEATRE in FAYETTEVILLE NC
COLONY CINEMA 2 in RALEIGH NC
APERTURE CINEMA in WINSTON-SALEM NC

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DIRECTOR’S STATEMENT

http://www.telemachusleaps.com/2010/10/what-comes-firstthe-chicken-of-co...

It may be only 20 positions eliminated, but I wonder who those twenty are?

The News & Observer Publishing Co. plans to eliminate about 20 positions, the latest cuts as the media company rides out a sharp decline in revenue.

Affected employees will be provided severance payments and other transition assistance. The N&O now has 524 full-time positions, down from 704 a year ago. The newspaper last year also cut wages, suspended contributions to retirement plans and required unpaid furloughs for its staff.

According to a recent USA Today article Federal employees making annual salaries of $100K or more jumped from 14% to 19% during the recession's first eighteen months. 1700 employees in the FAA earn more than $170,000.

Being motivated by the discussion on this thread, as well as some recent radio commentary I've heard, I decided to talk about something I'm not really qualified to talk about, that being the recent collapse of our economy thanks to the financial industry and its Congressional collaborators. I understand that health care reform is on the minds of many, but there are some equally important issues our government has chose to shelve until some later date, which I believe is placing our economic recovery at great risk, and could undermine the success of whatever other reforms our government attempts.

This is the time of year when many people find themselves picking paper angels off of trees and striking out to buy for a child who will otherwise go without holiday presents. It is a time when we pack shoe boxes with toys, drop new toys in collection bins, send money to local charities and deliver non-perishable food to the food bank. This is supposed to be a big time of year for non-profits.

Sadly, the toy collection bins I saw while out this morning were empty. They were empty when we entered the store and empty when we left. I've heard and read reports of local food banks with empty shelves. Last week when our family made a delivery to the local Christmas Bureau we saw a sign posted outside saying they were not taking anymore applications. There simply aren't enough donations to help everyone in need.

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.