Terrible news, and completely unexpected

[StageLeft]

Link

The Federal Reserve on Wednesday sharply downgraded its projections for the country's economic performance this year, predicting the economy will actually shrink and unemployment will rise higher.

YOU ARE @*#(ING KIDDING ME.

Against that backdrop, unemployment -- now at 7.6 percent, the highest in more than 16 years -- will keep climbing and stay elevated for quite some time, the Fed predicted.

Wow! Who at the fed can I call for the winning lotto numbers? These guys are modern day Nostradamus'.

 

[jman19]

OMG... no way... who could have predicted this?????

 

[shiner]

Good to see that mcowen found a job.

 

[spacejamz]

Originally posted by: shinerburke
Good to see that mcowen found a job.

:laugh:

I miss those drive for $5 threads though...

 

[Carmen813]

I suggest we start referring to the current economic conditions as a "bagel."

 

[GTKeeper]

BUY GOLD BUY GOLD BUY GOLD!!!!!!!!!!!!!!

See what it does to you in a totally deflationary environment.

 

[Double Trouble]

Man, this is the reason they pay these guys the big bucks, they see these things coming waaaaay before average Joe's like us could!

 

[piasabird]

There is no benefit to gloom and doom predictions unless that is what you want the economy to do.

 

[Craig234]

Originally posted by: piasabird
There is no benefit to gloom and doom predictions unless that is what you want the economy to do.

There's plenty of benefit to trying to have an accurate assessment, good or bad. Making a rule that one of those two isn't allowed is bad for accuracy.

 

[BoberFett]

Originally posted by: piasabird
There is no benefit to gloom and doom predictions unless that is what you want the economy to do.

If attitude determines the economy, why didn't exuberance carry us through the past year? Shouldn't everything be coming up roses?

Was Lehman's failure caused by a frown?

 

[StageLeft]

Originally posted by: BoberFett

Originally posted by: piasabird
There is no benefit to gloom and doom predictions unless that is what you want the economy to do.

If attitude determines the economy, why didn't exuberance carry us through the past year? Shouldn't everything be coming up roses?

Was Lehman's failure caused by a frown?

Well, in a way yes. The frown was upside down. And by frown of course I mean mortgages across the planet.

 

[blackangst1]

Originally posted by: spacejamz

Originally posted by: shinerburke
Good to see that mcowen found a job.

:laugh:

I miss those drive for $5 threads though...

He is predicting $10 by summer...at least last time I checked out his board

 

[BoberFett]

Originally posted by: Skoorb

Originally posted by: BoberFett

Originally posted by: piasabird
There is no benefit to gloom and doom predictions unless that is what you want the economy to do.

If attitude determines the economy, why didn't exuberance carry us through the past year? Shouldn't everything be coming up roses?

Was Lehman's failure caused by a frown?

Well, in a way yes. The frown was upside down. And by frown of course I mean mortgages across the planet.

I thought all of the world's empires were destroyed not by the upside down frown, but the vertical smile.

 

[Ozoned]

Originally posted by: Skoorb
Link

The Federal Reserve on Wednesday sharply downgraded its projections for the country's economic performance this year, predicting the economy will actually shrink and unemployment will rise higher.

YOU ARE @*#(ING KIDDING ME.

Against that backdrop, unemployment -- now at 7.6 percent, the highest in more than 16 years -- will keep climbing and stay elevated for quite some time, the Fed predicted.

Wow! Who at the fed can I call for the winning lotto numbers? These guys are modern day Nostradamus'.

The market did not react to this.

Wouldn't it be nice to have access to all public figures investment information prior to these type of announcements?

 

[soccerballtux]

Originally posted by: GTKeeper
BUY GOLD BUY GOLD BUY GOLD!!!!!!!!!!!!!!

See what it does to you in a totally deflationary environment.

lol.

Actually my market friends are concerned about in/stagflation. Stagflation implies extreme economic shrinkage + extreme inflation; I think it will be rather mild.

 

[manowar821]

Maybe it's reverse psychology.

 

[charrison]

Originally posted by: Skoorb
Link

The Federal Reserve on Wednesday sharply downgraded its projections for the country's economic performance this year, predicting the economy will actually shrink and unemployment will rise higher.

YOU ARE @*#(ING KIDDING ME.

Against that backdrop, unemployment -- now at 7.6 percent, the highest in more than 16 years -- will keep climbing and stay elevated for quite some time, the Fed predicted.

Wow! Who at the fed can I call for the winning lotto numbers? These guys are modern day Nostradamus'.

and the fed is also predicting growth with resume 2nd 1/2 of this year.

 

[Zebo]

Perceptive SOBs - Have me thinking opposite though since they failed on the pre-crash.

 

[WhipperSnapper]

You mean the economy is not strong and getting stronger?

You're kidding me...

 

[StageLeft]

Originally posted by: charrison
and the fed is also predicting growth with resume 2nd 1/2 of this year.

That is possible, but it will be some time before that before lost ground is made up.

 

[brandonb]

The Bush bailout did wonders. I'm glad Obama's bailout will do the same thing. Change is coming! We wil all rejoice! Then we can bailout everybody else oo. Wonderful!

Change that we're going to go right down the toilet. How was this crisis invented. Everything was fine a few years ago. The only thing that changed is that we got robbed and thrown to the wolves.