Doom & Gloom seems a little more like reality

[StageLeft]

Link

The government says the economy shrank at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century. Consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department figure shows the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated by the government last month.

It also was a considerably weaker performance than the 5.4 percent annualized decline economists expected.

Futures are down sharply as we see the market ultimately heading to a sub-7k.

 

[Hacp]

Originally posted by: Skoorb
Link

The government says the economy shrank at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century. Consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department figure shows the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated by the government last month.

It also was a considerably weaker performance than the 5.4 percent annualized decline economists expected.

Futures are down sharply as we see the market ultimately heading to a sub-7k.

So Obama ran the country for less than two months and we already have a 6% reduction in gdp? I can't wait to see what happens after 12 months of running this country. We might as well kiss the US economy goodbye.

 

[StageLeft]

Originally posted by: Hacp

Originally posted by: Skoorb
Link

The government says the economy shrank at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century. Consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department figure shows the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated by the government last month.

It also was a considerably weaker performance than the 5.4 percent annualized decline economists expected.

Futures are down sharply as we see the market ultimately heading to a sub-7k.

So Obama ran the country for less than two months and we already have a 6% reduction in gdp? I can't wait to see what happens after 12 months of running this country. We might as well kiss the US economy goodbye.

Reading comprehension fail. Article wasn't even that long! "end of 2008".

 

[frostedflakes]

Originally posted by: Hacp

Originally posted by: Skoorb
Link

The government says the economy shrank at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century. Consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department figure shows the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated by the government last month.

It also was a considerably weaker performance than the 5.4 percent annualized decline economists expected.

Futures are down sharply as we see the market ultimately heading to a sub-7k.

So Obama ran the country for less than two months and we already have a 6% reduction in gdp? I can't wait to see what happens after 12 months of running this country. We might as well kiss the US economy goodbye.

Try to not be such a partisan hack, k?

 

[wwswimming]

it only seems like Doom & Gloom because it's compared to a bubble economy.

the last 10 years, what has supported the economy is people using their homes as
ATM's, based on the assumption that the house price would keep going up.

so now we're finding out what's left, without the bubble. problem is, the US has
out-sourced so much manufacturing that there's not much left.

 

[StageLeft]

Originally posted by: wwswimming
it only seems like Doom & Gloom because it's compared to a bubble economy.

the last 10 years, what has supported the economy is people using their homes as
ATM's, based on the assumption that the house price would keep going up.

so now we're finding out what's left, without the bubble. problem is, the US has
out-sourced so much manufacturing that there's not much left.

That is kind of gloomy, though

I think the US is still a manufacturing powerhouse but as a percentage of the economy it's something like 14%, which is pretty small. Other countries are much higher in that, but then the US also is technically very advanced with manufacturing, so has a lot of automation--enough that the percentage of GDP alone is not a fair comparison with a country that has humans stitch clothes instead of machines.

I still think for most people the pain has yet begun, because unemployment is still much lower than it's going to end up peaking at and upside down on one's house or not, the pain doesn't really end up coming home for most people until the paychecks stop.

 

[dphantom]

Originally posted by: Hacp

Originally posted by: Skoorb
Link

The government says the economy shrank at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century. Consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department figure shows the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated by the government last month.

It also was a considerably weaker performance than the 5.4 percent annualized decline economists expected.

Futures are down sharply as we see the market ultimately heading to a sub-7k.

So Obama ran the country for less than two months and we already have a 6% reduction in gdp? I can't wait to see what happens after 12 months of running this country. We might as well kiss the US economy goodbye.

The affects of any Obama/Congress policy won't start to show up for until the third qtr this year. However, it is my opinion the stock market has been reacting to both this and the Obama plans since the November election.

 

[Hacp]

Originally posted by: dphantom

Originally posted by: Hacp

Originally posted by: Skoorb
Link

The government says the economy shrank at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century. Consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department figure shows the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated by the government last month.

It also was a considerably weaker performance than the 5.4 percent annualized decline economists expected.

Futures are down sharply as we see the market ultimately heading to a sub-7k.

So Obama ran the country for less than two months and we already have a 6% reduction in gdp? I can't wait to see what happens after 12 months of running this country. We might as well kiss the US economy goodbye.

The affects of any Obama/Congress policy won't start to show up for until the third qtr this year. However, it is my opinion the stock market has been reacting to both this and the Obama plans since the November election.

Its effects, not affects. You are immediately discredited.

 

[StageLeft]

The affects of any Obama/Congress policy won't start to show up for until the third qtr this year. However, it is my opinion the stock market has been reacting to both this and the Obama plans since the November election.

Perhaps so, but they clearly had a lot to react to before that, as it's been falling apart for well over a year now! The market has had direct reactions to his stances of late, though. Other than that empty rally after Bernanke's talk, pretty much everything else from the gov in the past two weeks has resulted in a drop in the market.

 

[BigDH01]

Originally posted by: Hacp

Originally posted by: Skoorb
Link

The government says the economy shrank at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century. Consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department figure shows the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated by the government last month.

It also was a considerably weaker performance than the 5.4 percent annualized decline economists expected.

Futures are down sharply as we see the market ultimately heading to a sub-7k.

So Obama ran the country for less than two months and we already have a 6% reduction in gdp? I can't wait to see what happens after 12 months of running this country. We might as well kiss the US economy goodbye.

Obama was sworn in this year, not at the end of 2008. He was not the president when this reduction occurred (Q4 2008). GDP numbers are backwards looking. You are immediately discredited.

 

[StageLeft]

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[bl4ckfl4g]

Originally posted by: Hacp

Originally posted by: Skoorb
Link

The government says the economy shrank at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century. Consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department figure shows the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated by the government last month.

It also was a considerably weaker performance than the 5.4 percent annualized decline economists expected.

Futures are down sharply as we see the market ultimately heading to a sub-7k.

So Obama ran the country for less than two months and we already have a 6% reduction in gdp? I can't wait to see what happens after 12 months of running this country. We might as well kiss the US economy goodbye.

Uhhh wow get some more sleep then come back to this thread.

 

[dullard]

The writing was so clearly on the wall for this. Yet anyone who even considered it was castrated and hung for being a pessimistic moron. But they miss an important key to proper pessimism. You must both (a) realize that things can go bad and (b) do something to prevent it so that the bad outcome doesn't occur. People often forget or ignore part (b) of pessimism. You can't do part (b) without part (a). You can't even see part (a) if you look at the world with rose colored glasses. Thus much of the blame goes on the optimists for failing to consider the possibilty of problems and thus failing to prevent them. Too much optimism tends to take you towards the worst possible outcome while pessimism if done properly tends to take you towards the best possible outcome.

EconomyFeb2009 in four simple graphs

 

[DealMonkey]

Originally posted by: dphantom
The affects of any Obama/Congress policy won't start to show up for until the third qtr this year. However, it is my opinion the stock market has been reacting to both this and the Obama plans since the November election.

Excuse me, but why should the White House care what the stock market is doing or not doing? I mean, we are talking about the same short-sighted idiots (Wall St) who helped drive this country into the ground. The same morons who created a commodities bubble, driving oil and gas prices through the roof for everyone in this country.

 

[MooseNSquirrel]

On the bright side with the downturn in prices of energy the average family will probably save about 1500$ this year...pretty good stimulus effect I would think.

Oh and can we give up the idea that thet stock market is any reflection of reality?

If it was it would have seen this coming and started a downturn in 2005, not late 2007.

S&M

 

[eleison]

Originally posted by: dphantom

Originally posted by: Hacp

Originally posted by: Skoorb
Link

The government says the economy shrank at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century. Consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department figure shows the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated by the government last month.

It also was a considerably weaker performance than the 5.4 percent annualized decline economists expected.

Futures are down sharply as we see the market ultimately heading to a sub-7k.

So Obama ran the country for less than two months and we already have a 6% reduction in gdp? I can't wait to see what happens after 12 months of running this country. We might as well kiss the US economy goodbye.

The affects of any Obama/Congress policy won't start to show up for until the third qtr this year. However, it is my opinion the stock market has been reacting to both this and the Obama plans since the November election.

Yea, that's the general consensus from people that I've talked to... On this forum, not so much... but then most people on this forum are libs who probably haven't taken a shower in a few days

IMHO its going to get a lot worse. Heck, the country probably needs it to show them how ignorant liberal policies are. Look at Jimmy carter.. The US pop could only handle one term. Afterward, it was pretty much center policies or right of center for a few decades...

 

[dullard]

Originally posted by: MooseNSquirrel
...cut...
S&M

MooseNSquirrel, welcome to Anandtech. I've seen a couple of your posts and they seem to be well thought out. I hope you stick around. I am confused by one thing though. Is S&M related to the name MooseNSquirrel? If so, wouldn't M&S be more straightforward?

 

[zephyrprime]

Originally posted by: Hacp
Its effects, not affects. You are immediately discredited.

You are being absolutely ridiculous to be arguing such petty points. You are obviously no more than a troll. Your previous post which failed to notice the time range the OP was talking about was hilarious too.

 

[TheSlamma]

Originally posted by: MooseNSquirrel
Oh and can we give up the idea that thet stock market is any reflection of reality?

Don't companies that are invested in use that money to employ more people though and other things that allow them to contribute to the economy?

 

[zephyrprime]

Originally posted by: MooseNSquirrel
On the bright side with the downturn in prices of energy the average family will probably save about 1500$ this year...pretty good stimulus effect I would think.

Oh and can we give up the idea that thet stock market is any reflection of reality?

If it was it would have seen this coming and started a downturn in 2005, not late 2007.

S&M

In the past, the stock market has been a future discounting mechanism. In recent years, it seems likes it's been incapable of doing this. The stock market is very short sighted nowadays.

 

[MooseNSquirrel]

Originally posted by: dullard

Originally posted by: MooseNSquirrel
...cut...
S&M

MooseNSquirrel, welcome to Anandtech. I've seen a couple of your posts and they seem to be well thought out. I hope you stick around. I am confused by one thing though. Is S&M related to the name MooseNSquirrel? If so, wouldn't M&S be more straightforward?

Ah yes, its because I thought I was being clever by using by initials backwards and forcing folks to read S AND M (get it haha).

I know lame but what can you do, I was much younger then and now its a habit.

The next thing I get asked is why the heck don't I use a signature.

As to that, I have no idea!

S&M

 

[StageLeft]

Originally posted by: TheSlamma

Originally posted by: MooseNSquirrel
Oh and can we give up the idea that thet stock market is any reflection of reality?

Don't companies that are invested in use that money to employ more people though and other things that allow them to contribute to the economy?

Yes, they do, it's more than simply a trading game. They issue stock and the higher its current price, the more money they can get for any particular piece of stock.

 

[MooseNSquirrel]

Originally posted by: TheSlamma

Originally posted by: MooseNSquirrel
Oh and can we give up the idea that thet stock market is any reflection of reality?

Don't companies that are invested in use that money to employ more people though and other things that allow them to contribute to the economy?

Yes, which along with retirement account's suffering, is one of the biggest downsides to a falling stock market.

Another one woulf be the difficulty of young companies to have IPO's.

S&M

 

[ayabe]

Originally posted by: Hacp

Originally posted by: dphantom

Originally posted by: Hacp

Originally posted by: Skoorb
Link

The government says the economy shrank at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century. Consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department figure shows the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated by the government last month.

It also was a considerably weaker performance than the 5.4 percent annualized decline economists expected.

Futures are down sharply as we see the market ultimately heading to a sub-7k.

So Obama ran the country for less than two months and we already have a 6% reduction in gdp? I can't wait to see what happens after 12 months of running this country. We might as well kiss the US economy goodbye.

The affects of any Obama/Congress policy won't start to show up for until the third qtr this year. However, it is my opinion the stock market has been reacting to both this and the Obama plans since the November election.

Its effects, not affects. You are immediately discredited.

So are you based on the content of your post rather than grammar. I'd say he comes out on top.

Shouldn't you be out organizing the revolution? You could do it Blues Brothers style, going from trailer park to trailer park, I'm sure armed insurrection to protect the tax rates of the top 2% is right around the corner. Go out there and get those hooples hoopling!

I wish you the very best of luck.

 

[umbrella39]

Originally posted by: Hacp

Originally posted by: Skoorb
Link

The government says the economy shrank at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century. Consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department figure shows the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated by the government last month.

It also was a considerably weaker performance than the 5.4 percent annualized decline economists expected.

Futures are down sharply as we see the market ultimately heading to a sub-7k.

So Obama ran the country for less than two months and we already have a 6% reduction in gdp? I can't wait to see what happens after 12 months of running this country. We might as well kiss the US economy goodbye.

Marginalized. You may as well kiss your credibility goodbye.