If you don’t know, don’t feel bad. Despite my best efforts, I can’t explain what’s going on either. David Leonhardt wrote a piece in the NY Times yesterday telling us not to feel so bad:
Raise your hand if you don’t quite understand this whole financial crisis … I’m here to urge you not to feel [...]
Pat Buchanan sums up our economic standing. Basically, we’re in deep shit:
With the dollar sinking, oil surging to $100 a barrel, the Dow having its worst January in memory, foreclosures mounting, credit card debt going rotten, and consumers and businesses unable or unwilling to borrow, we appear headed into recession.
If so, tax revenue will fall [...]
The BBC is reporting that Merrill Lynch believes that the US economy is in recession:
The feared recession in the US economy has already arrived, according to a report from Merrill Lynch.
It said that Friday’s employment report, which sent shares tumbling worldwide, confirmed that the US is in the first month of a recession.
…
An official ruling [...]
I can’t get around the economy online today. NYT, WSJ, and SF Gate all have pieces relating to the state of the financial system. It’s looking bad.
NYT:
“This is unambiguously negative,” said Mark Zandi, chief economist at Moody’s Economy.com. “The economy is on the edge of recession, if we’re not already engulfed in one.”
SF Gate:
The Bush [...]
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Brian is a recent college graduate living in Washington, D.C.
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