Floyd Norris, NYT chief financial writer thinks so.
It has been three decades since the United States suffered a recession that followed on the heels of the previous one. But it could be happening again. The unrelenting negative economic news of the past two weeks has painted a picture of a United States economy that fell further and recovered less than we had thought.
http://www.nytimes.com/2011/08/05/busin … f=business
A small ray of sunshine-
The July unemployment rate fell a notch to 9.1 percent, the department reported.
http://www.nytimes.com/2011/08/06/busin … rs.html?hp
Eh, I think a more pertinent question might be whether we ever actually got out of the recession in the first place. I'm no economist, but I really can't see that we did. Though we've had a few good months for job growth, overall it's mostly been one of those "jobless recovery" things economists like to talk about. The very concept is an oxymoron and, imho, a pretty plain statement on exactly how out-of-touch with reality many economists are, for reasons better articulated by Pam Grundy back in the day. (Gosh, I miss having her around on threads like this. )
So do I. Is she to be found somewhere else on the Internet?
I know she was writing here for awhile, but it doesn't look like she's published anything new for some time:
This one looks a bit more active:
Looking for those links, I also just stumbled across her on Huffington, where she seems more active, but beyond that, I'm not sure. Some of the other old timers might know better.
A double-dip recession happening now in the U.S.?
Distortion and Misinformation....is this all you know how to peddle?
WHEN - not if - "the economy" crashes again, it won't be a double dip, it will be a triple dip. Everyone keeps forgetting about the dot-com burst of the early decade. The Fed and government keep shifting one bubble into another bubble into another.
Just a reminder: Key Interest rates have been held at 0% for 3 years now. This is going to have a horrendous effect on the economy.
Interest rates coordinate savings, consumption, and investment over time. A 0% interest rate sends the signal "consumers have been saving ALL OF THEIR MONEY, and are NOT IN DEBT AT ALL, and have NOT BEEN SPENDING AT ALL WHATSOEVER for 3 WHOLE YEARS!! Start investing in the 500 story buildings you've always wanted!!"
Meanwhile, in reality, consumers are spending their money and are not saving at all. In fact, many of them are in horrible horrible crushingly terrible debt.
The buildings will be built, the numbers will rise... but no one will be able to use them.
The only solution that politicians will agree upon is inflation.
Buy Silver. Buy Gold.
PS: if you don't know much about interest rates, don't feel bad. Almost all the economists of the world also don't understand them.
Here's a video to teach yourself a thing or two:
Murphy is a great speaker, he's funny, and he doesn't rely on notes (so you can actually LISTEN to him).
(If you watch the video, you'll hear people laugh when Murphy says "everyone knows the Fed would never create a trillion dollars in under 6 months". This is because the Fed ACTUALLY DID DO THIS, despite how ridiculous it sounds.)
Murphy is an engaging speaker and I have no issue about how markets work. But issues arise when they fail to work and what to do about these failures. And the degree of regulation needed to avoid, insofar as possible, market failures--dishonesty on the part of participants, bubbles which burst and bring recessions and losses which are irrecoverable.
I went to the beach on Monday. All I saw around just overweight bodies. I think recession just added to average Canadian. Can nation of seals be creative, productive, industrial etc., or all we can do is just eat, wallow in our misery and moan about everything? May be it's just public beach on a hot day, I don't know, but totally very depressing...
A double dip depression... at least.
That is if you even believe we were ever doing better to begin with under Oabma. Which is just a straight lie... but the Left loves it.
Hey TMMason, the Economy hasn't been correctly handled, much longer than Obama's term. So, quit trying to blame just him.
I did not just blame him for the whole thing.
I referred to his policies not doing any good to fix what he did inherit. Pretty simple, Cags. And I don't think he ever thought they would help. Obama wanted violent revoilution while he was in Occidental, He was determined that revolution was emmiinent. They it dawned on him that it wouldn't... so what better way to destroy America that from the inside.
Believe me I am fully aware of the Progressive Rights culpability in all this also, and those compromising Conservatives who have, along with the Progressives and Socialist/Democrats over the last decades, wiped this nation's financial powers out from under us.
This goes way back beyond the Progressive Congress of Newt Gingrich, and the Dems and Chris Dodd, Barney Frank, and Clinton, and their creation of Fanny and Freddy, that was the last step to set and wait for, in the plan to callapse the US.
All of them scum in the political class, throughout the last century, can claim some credit for this mess. They have all plotted and schemed us into a third world nation.
Step by step, inch by inch, slice by slice... it is called creeping incrementalism, and it has finally slain the U.S.A..
We are staggering even now and they give that retard obama another trillion or two to blow through... the Unions and Acorn types, TIDES and all the fanatic Left is laughing thier ass off at us, as we wonder why the markets are down again. This country has become a living joke.
Europe is crumbling and America is not far nehind... a new world order is going to arise out of this and China is nicely placed.
But no, Cags... I am well aware that many a politician in the last century, on all sides, should be hung for treason.
Many on all sides.,.. yup.
There are two superpowers in the world now, the USA and Moody's Bond Rating Service! America can Nuke anyone they want, but Moody's or worse still - Standard & Poor just down grade you. This says it all!
If you want to have someone by the kahonas nowadays, you just threaten their entire economic money-dependent way of life, and bingo!
When it comes to clearing a debt, the last thing anyone does is hands back the maxed out credit card in return for yet another one with an even bigger credit limit on it! But yet some are doing this. Oh dear!
Is America better just letting its rating be downgraded and shrugging and getting on with life and business? The world is dancing to the tune of David Beers, the head of S&P after all! Heard of him? You have now! (And no- he doesn't have a Wikipedia page... take not of that and ask why???)
I love Finance! Just when someone is proclaimed the Most Influential Person in the Economic World, another unknown appears and coughs politely with an.." excuse me, that would be me!" comment. It's like Economic Freemasonry. There turns out to be one more level more powerful than the previous one!
Anyone think that the Rule of the Down Graders ought to be brought to a close?
Small post script to this:
US economist and money manager Zachary Karabell wrote last week, "the best possible outcome would be for them to downgrade the US – and for the world to shrug, with rates set by the multitude of buyers and sellers. That would at least demonstrate that these emperors, clothed though they are, wear very frayed robes."
In other words, break up the ratings agency cartel! Might be one less problem for America and everyone else! I'm curious to see what everyone in this forum thinks of this!...
A Congressman was seated next to a little girl on an airplane so he turned to her and said, "Do you want to talk?
Flights always go quicker if you strike up a conversation with your fellow passenger."
The little girl, who had just started to read her book, replied to the total stranger, "What would you want to talk about?"
"Oh, I don't know," said the congressman. "How about global warming, universal health care, or stimulus packages?" as he smiled smugly.
"OK," she said. "Those could be interesting topics but let me ask you a question first. A horse, a cow, and a deer all eat the same stuff - grass.
Yet a deer excretes little pellets, while a cow turns out a flat patty, and a horse produces clumps. Why do you suppose that is?"
The legislator, visibly surprised by the little girl's intelligence, thinks about it and says, "Hmmm, I have no idea."
To which the little girl replies, "Do you really feel qualified to discuss global warming, universal health care, or the economy, when you don't know sh*t?"
Then she went back to reading her book.
Good grief, I posted that at the worst time and in the worst place. My sincere apologies; it was not directed at anyone's post.
Ask someone that lost their house or someone that can't find a job,it's called a Depression.Wall St and the Banks got taken care of ,that's nice,,,,considering they caused it.
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