U.S. Heading for Slump, With or Without Bailout

[Crewleader]

By Rich Miller

Sept. 30 (Bloomberg) -- The U.S. may face its longest recession in a quarter century no matter what action Congress takes on Treasury Secretary Henry Paulson's $700 billion plan to rescue the battered banking industry.

Economists including Joseph Lavorgna of Deutsche Bank Securities and David Greenlaw of Morgan Stanley said it now appears the economy shrank in the third quarter as credit- crimped consumers cut spending for the first time since 1991. A further contraction is likely in the next two quarters, some economists predicted, which would make the recession the longest since 1981-82.

http://www.bloomberg.com/apps/news?pid=20601068&sid=ayyjXs25Y7oE&

[Tandalayo_Scheisskopf]

1. Dear Leader:

The man who turns to shit everything he touches,

[mike_c]

2. but at least the big investment banks will be protected...

...or at least those Paulson deigns to save with some of that $700 billion. Can't have the rat bastards who created this problem by sucking the value from the dollar sharing in the consequences.

On edit: yes, I recognize that I'm a little bitter about it all.

[Double T]

3. Failed economic and financial reality are hard to accept.

At least a few of US can see the stark trees from the bullshit covered forest. The 700 billion bush economic and financial 'surge' isn't going to do a thing to fix OUR economic and financial problems; it will allow bushco to make their getaway and blame this disaster on someone else.

[Crewleader]

5. You said it my friend

"At least a few of US can see the stark trees from the bullshit covered forest."

and to our government leaders here are some wise words from our history ...

“If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.”

– Thomas Jefferson

[Double T]

6. Thanks Crewleader for that TJ quote.

TJ certainly was a great visionary; too bad his vision and warning have become our reality. Bookmarking this tread for future use and reference!

[YOY]

4. THat's what I've been saying for years but I keep getting called "Chicken Little"

mostly by folks who have no idea how the market works.

[Crewleader]

7. Thank you Senator Bill Nelson!

For your courage and integrity...I agree with you, not enough help for the little people.


The Vote In The Senate-October 1,2008

http://www.nytimes.com/ref/washington/ROLLCALL.html?currentChamber=senate¤tSession=2¤tCongress=110¤tRoll=213

[SouthToTheLeft]

8. Yes, we are

But I think it'll be much, much worse without the bailout. We let the banks collapse in the 30's and look at what happened then.

[ixion]

9. nothing's changed... still going to be a collapse... bigger now than before

because we just added a trillion+ in bad debt to our balance sheet.

welcome to DU, despite the dire circumstances.