Stocks Drop Nearly 700 on Recession Confirmation

[JedskoPoz]

burn america :D

[DPA1288]

I find it funny that those people who ring the bell are always smiling and clapping even on days like that.

[littlenickyscarfo]

Im a mortgage banker, call me tommorro and ill guarantee you a 5.375% thirty year fixed with only 1 point in discount with little fees..

[Dblock7185]

For years and years the rich have been sucking this country dry. Wow it's finally coming to bite americans in the butt. What do you think was going to happen when all those jobs are being shipped over seas for cheaper labor.These CEO don't give a damn, all they care about is their bonuses and how much they can save the company..

[eal1011]

The market has gone wild, for too long, people not spending money, inflation went up too fast, example real estate, gas, food and many more. The companies wanted the old law back since Hoover days, so congress gave a yes, and now at the mess, now Congress says is too late, they are gonna fix it, but is way too late.

[eekdog2005]

Thank god i ignore my propagandist media and listen to people like Ron Paul and Alex Jones. Call me crazy, but i knew about this last year. It's good to be ahead of the curve. The sad thing is most american's will not be prepared for this coming crisis.

[anysuggestions]

Point is:

US BEING IN A RECESSION SINCE DECEMBER 2007 MEANS 2 CONSECUTIVE QUARTERS TRANSPIRED (6 MONTHS PREVIOUS) TO BE ABLE TO QUALIFY AS A RECESSION AT DECEMBER 2007!!!

[mjg19999]

dude ur an idiot, think about what u just said, that is like saying hey my sheets are clean but u put a black light to them and u see cum stains they have been hiding our real numbers for years

[anysuggestions]

Had it right the first time:

...fiscal year for 2009 ("FY09", sometimes written "FY0809") is as follows:

1st Quarter: October 1, 2008 December 31, 2008

2nd Quarter: January 1, 2009 March 31, 2009

3rd Quarter: April 1, 2009 June 30, 2009

4th Quarter: July 1, 2009 September 30, 2009

[anysuggestions]

United States government's fiscal year for 2008, 1st Quarter: October 1, 2008 December 31, 2008.

[speakmymind01]

ITS NOT OFFICIAL

I don't give a damn how many economist say the same thing.

It IS IMPOSSIBLE FOR A RECESSION TO HAVE STARTED IN DEC 2007

A recession is 2 back to back quarters of negative GDP, here are the numbers

2008 GDP

Q1 +.6% revised to 1%

Q2 + 1.8%

Q3 -.5%

We've had a grand total of ONE quarter of negative growth and thats Q3

So the report is wrong. I don't care how many times this story made the news

[than217]

What a fucking ass backwards system. I knew we were in a recession this entire year AND I GOT A 'C MINUS' IN ECONOMICS CLASS!!!

[anysuggestions]

IF IT TOOK 'EM THIS LONG TO TELL US THAT, we've PROBABLY been a DEPRESSION SINCE November of this year. they withhold information until they absolutely HAVE to tell us, CAPEESH? U fUCKERS won't know about the Martian they've got in captivity until its too late. And somebody please hunt down the analysts on the news whom I distinctly remember saying "no its not a recession until we have 2-3 months of downward spiral."

[baumusc]

We are in a recession not a depression, the two are vastly different. We have a 6.1% unemployment rate right now, during the depression it was 25+%. The reason they waited until now to call it a recession is that to officially call it one there needs to be 2 consecutive quarters of economic shrinkage.

[anysuggestions]

A fiscal QUARTER is 3 months (1/4 of a year). WIKIPEDIA. For example, the United States government's fiscal year for 2009, 1st Quarter: October 1, 2008 December 31, 2008. US BEING IN A RECESSION SINCE DECEMBER 2007 MEANS 2 CONSECUTIVE QUARTERS TRANSPIRED (6 MONTHS PREVIOUS) TO BE ABLE TO QUALIFY AS A RECESSION AT DECEMBER 2007!!! Following that track record of late delivery to the public, I surmised that if we WERE in a depression RIGHT NOW, u won't know until we've been in it an entire year.

[AlistairWahlters]

"Recession Confirmation", that's a hoot! Who needed confirmation?

[thelumberjackjohn]

anyone that thinks were getting out of this is a monkey.. get out of the stock market take your 401k out and invest in food water the basics.. we will go back to some ruff times worse then the great depression

[baumusc]

People said the same thing during the gas crunch in the '70's. I don't think this is going to be worse than the great depression. It will be a bad recession but not another great depression.

[thelumberjackjohn]

Well I think you should look at the dollar.. Thats whats going to collapse.. Type in argentina economic collapse and that will be are future. This is a global crisis and we will hit a great depression much worse then the great depression

[baumusc]

The entire world economy is so intertwined that if the US sinks into another great depression so will the rest of the world. I just don't see that happening. These things are cyclic, with every boom you have a bust, the last 12 years have pretty much been a boom.

[unholyiguana]

Too many people recovering from debt right now and too many people still getting ripped off...this recession isn't going to go away anytime soon.

[prod1gy3000]

If this is news to anyone go stick your head back in the sand.

[zizala1]

NEWS! What fuckin news, America has been in recession since 2006. What Harvard grad retard economist realized there's a recession? Americans are fuckin stupid!

[HomoGeneyes]

WALL STREET ORGY

LOCKHEED MARTIN ORGY

RATHEON ORGY

BOEING ORGY

CHEVRON ORGY

SHELL ORGY

BRITISH PETROLEUM ORGY

AMERICANS use a condom.

[ContrastY]

everyone is a moron.

If people do not have an income ( A JOB!!!!!!!) they do not have money to spend even on NECESSITIES!

If people do not have jobs, how in HELL do you expect them to run out and spend all their money on crap they do not need?!

[schultzee4748]

Anyone who did not know we were in a recession is either a republicon ideologue with head in the sand and not wanting to admit the failure or someone really stupid.

Lou Dobbs has been screaming about it for at least a year.

[yayayasucka]

Recession: a period of temporary economic decline... generally identified by a fall in GDP in TWO successive quarters.

therefore it can only have been CONFIRMED now... no need to jump the gun on such a serious matter... and believe it or not you can interpret this as proving that Lou Dobbs was right??? i.e. this recession started December 2007.

[yayayasucka]

or CONFIRMING* the he's right

[zizala1]

NEWS! America has been in recession since 2006, how is that news. What Harvard grad retard came up with that bullshit?

[TainaAtheist1]

I have evidence that suggests that Central Florida the recession started in the summer of 2006.

.

[FundedByTheMob]

if you prove it to me, i'll give you 25 cents and a half-eaten tuna sandwich

[themeaningoflife38]

people should research "Operation Mockingbird" and see what happened to our "free press".

[ronpauljimrogers]

hey, how come youtube has my IP blocked from posting on all 9/11 videos?? Too much truth... You tell me.

[ronpauljimrogers]

Recession - what every US citizen has known and experienced since winter '07. True unadjusted unemployment is 16% (Great Depression the same.) The 100,000's of jobs lost monthly is astounding. (Last three months lost over half of the total from last 12 months - it may be accelerating.)

Please prepare, people. Now is the time! Fed govt is BANKRUPT. - jim and ron

[peturr916]

lets hope obama can do wat he promised us

[thefordshowcom]

good luck with that

wow scary that you actually have hope in Obama

when are you going to wake up?

market will be going much lower

[GiovannaNYC]

The libs had lobotomys. They can never wake up from that.

[yummytacotyrone]

Oh, thats too bad. I hate whoever is responsible for this. Isnt it Isreal day?

[justinbushaw]

all a plan to get americans to except the amero, once the government buys all the banks,instead of giving them loans

[monkeypeopleofearth]

our elected representatives have FUCKED the American people....we MUST end the democrat/republican strangle hold on the govt

[KWarren7]

makes me glad i sold my alcoa stocks yesterday

[Bacchant33rd]

The roots of the crisis go back to the early 1970s when finance was "liberalized" from the constraints of the post-war period (1945-1970). These constraints were instituted by the US & UK for a reason: because it was assumed CORRECTLY that allowing governments to control capital movements & currencies would provide a basis for rapidly expanding growth in trade, which indeed happened. It's the GOLDEN AGE OF MODERN CAPITALISM. FREEING these constraints RETARD growth & development. As it has done

[Zeldovich]

The Bush voters ruined this country. Congratulations idiots! You got what you wanted!

[seka1986]

Welcome to Barack HUSSEIN Obama's Amerikka.

[CMK144]

he hasnt even taken office yet, its still bush's shitty crashing america

[seka1986]

If he hasn't taken office yet then why is he acting like he is President? Wasn't the shitty economy Bush's fault when Clinton was still in office? Stop and think before you act.

[GiovannaNYC]

seka-The economic growth was up 19% under Bush

[seka1986]

I was referring to the state of the economy when Bush first took office. When Obama takes office the neo-libs won't know who to attack or blame.

[GiovannaNYC]

Yes I know. Contrary to Liberal propaganda the economy grew 19% under Bush.

[seka1986]

They won't look back further than the past few months. Facts and figures mean nothing to the neo-liberal mind.

[GiovannaNYC]

......assholes

[ronpauljimrogers]

All military, killing, and FEMA camps. Meet Chertof - czar of the U.S. Gulag. He even LOOKS like death. jesus.

[GiovannaNYC]

Get off the drugs before you start seeing green men too.

[Zeldovich]

The government has been over-stating economic growth and under-stating inflation for years. Witness the refusal of the government to publish M3 numbers and the fact that inflation is calculated based on a "core" value, that excludes food and energy. The government's trying to claim that the inflation rate for fiscal '08 was 5.8%, which is very high, but including food and energy, it approached 13%. Of course, now we're in a liquidation-induced deflationary period.

[Zeldovich]

It is clear that economic growth under Bush has been abysmal, as so much of it was phony. We were spending billions a year on houses given to people who could not afford them and then watching real estate prices rise and counting those bad loans as solid assets upon which to loan more money. At the same time, homeowners spent more, thinking that their paper gains in equity were real. Now, the reallocation of so much capital is hurting us.

[Zeldovich]

So, we had phony growth figures, which is bad enough, but then they weren't even adjusted for inflation. And all this is in the light of a Fed and treasury that were debasing the dollar, while claiming to support dollar strength. The dollar fell 50% against the Euro during the first 7 years of the Bush administration.

[baumusc]

The Euro was introduced as a bank note currency on Jan 1st, 2002. It hasn't even been around for 7 years yet.

[elektrikcity]

It started under the Carter and then the Clinton administration, to loosen lending standards, so every man woman and child could own a home. bad idea, now we're paying the price

[baumusc]

This was more Congress' fault than the President's since the House makes policy for Fannie Mae and Freddie Mac. Congressional Dems pushed for less stringent loan requirements all the way until as recently as last year even though many in Congress were warning about the pitfalls.

[Zeldovich]

The congress was controlled by Republicans from 1994 to 2006. If they wanted to financial sector reforms, they could have passed them in the House.

[baumusc]

All I know is that stocks dropped over 1000 points in the week after Obama was elected. Whether it is right or wrong you have to admit that Wall Street is on edge about Obama's election mainly because he has said he will increase the dividend and capital gains tax. Hopefully he will wise up and realize that by doing that he will only cause the market to go down even more.

[CMK144]

however he has no control over what happens in the government as of now, so anything that happens to the market is because of speculation or distrust in the already messed up economy

[RonPaulGeorgeRingo]

Out of control BORROW & spend goes back several decades. The current leverage crisis is just the LATEST example - the straw that finally broke the camel's back. Don't forget, MANY warned about the dangerous LONG TERM consequences back in the early 80's, when Reagan took this CREDIT CARD approach to governing, injected it with steroids, & essentially made it (pseudo) conservative dogma, the national religion.

Ron Paul was right . . . in 1988 . . . in 2008.

His LOST party ignored him. Shame.

[seka1986]

Oh I guess Carter and CLinton get a free pass. LOL, Ron Paul is just a whiner who can talk all the shit he wants because he's not in office.

[mjg19999]

and u a fuck tard so go fuck yourself

[seka1986]

What the devil are you talking about and how did you know the black light trick, hmmm??

[baumusc]

I believe it was more congressional Democrats that had a hand in the bank crisis. They were the ones pushing for lesser loan requirements for people who couldn't really afford them. Congressional Democrats forced Fannie Mae and Freddie Mac to lessen their loan requirements and also gave other banks incentives to do the same. They did this while House Republicans warned against it. Bush spent like a liberal and taxed like a conservative which never works but this bank crisis wasn't all his fault.

[Zeldovich]

baum, Republicans controlled congress between 1994 and 2006 and blocked Bush efforts to regulate Fannie and Freddie more, so don't blame the idiotic Democrats. They opposed this, but they weren't in charge.

[77sporty]

it's the fed the bankers that want to distroy america. i give the country 6 months at most. we will be broke. then what?

[Zeldovich]

Who knows? Maybe the Fed and Treasury really is trying to bring about some kind of new international economic order through this crisis.

[Subparman]

"The nation is indeed, in a recession." Thanks for waking the fuck up, hello!?

[sugarpuddin88]

Gimme a break!

The USA is bankrupt & Oct 1st US Military troops are training to fight American citizens

US owes 96 trillion it has plundered & pledged to SS & Medicare

US plundered another 53 trillion from other trusts

US owes 10 trillion interest to a bunch of private bankers it allows to print money out of thin air

US owes on 12 trillion Freddie & Fannie; US owes untold to Bernanke's buddies on Wall Street

US is over and done with!

Thank god for my second citizenship

[seka1986]

Welcome to Barack HUSSEIN Obama's Amerikka.

Get used to it sugarplum, please renounce your US citizenship soon.

[SKDXyt]

Seriously Seka1986?

So your logic is that Obama, who has not yet had any control as the executive officer of our country, has caused this recession? A recession which has been in effect for almost a year now while he was only campaigning in the primaries? Really?

Hmmm, So the Republican party and the current Republican executive officer of our nation (Bush) had no effect or made/is making any decisions which directed the Treasury, Federal Reserve or TARP initiatives over the past 8 years?

[OlGreyWolf58]

We are not done tanking

and the more the fed prints this fiat currency the deeper we are going to fall

Socialism anyone?

[sugarpuddin88]

We are at the non-sustainability point of Democracy!

Now NORTHCOMs homeland defense force trains on US soil to combat civil unrest in the States

America is entirely bankrupt!

Help yourself - Get another citizenship & move your currency out of the US dollar!

[OlGreyWolf58]

we are owned by china now

we are nothing more than slaves

welcome to socialism

[Zeldovich]

Socialism? This is worse. It's corporatism.

[fucksatanism]

GOOD!