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Worst is yet to come for economy
- Text size
Agence France-Presse
October 30, 2008
The US economy contracted in the third quarter as panicked consumers slashed spending, data showed Thursday in the first downside leg of what analysts say could be a deep and nasty recession.
In its first reading of gross domestic product (GDP) in the July-September period, the Commerce Department said output of goods and services fell at a 0.3 percent annual pace amid a sharp retrenchment by consumers and businesses.
- A d v e r t i s e m e n t
The drop in gross domestic product (GDP) was the first negative figure since the fourth quarter of 2007.
The decline, not as steep as the 0.5 percent annualized drop expected by private economists, comes amid mounting expectations of a sharp falloff in the US economy amid the worst banking and financial crisis in decades.
Some analysts said the drop could be just the start of a deep and painful recession, which is normally defined as two consecutive quarters of negative growth.
“A heftier decline in real GDP is likely in the fourth quarter, which will confirm that the US economy is in recession,” said Dawn Desjardins, economist at RBC Capital Markets.
The decrease marked a sharp fall from the 2.8 percent growth rate of the second quarter and reflected weaker consumer and business spending and housing activity, offset in part by strong exports and government spending.
With the decline, economic output was estimated at an annualized 14.43 trillion dollars.
“What is noticeable is that the US economy is hanging onto support from exports that will not last in the fourth quarter,” said Avery Shenfeld, economist at CIBC World Markets.
“The rest of the world is slowing and the rising dollar will take some of the shine off exports. The fourth quarter is going to be much worse, with a decline of perhaps as much as two percent.”
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October 30th, 2008 at 7:44 pm
It’s time for a constitutional government
October 30th, 2008 at 8:09 pm
This should probably be put in perspective. There are as many positives as there are negatives in a financial downturn. There is lots of misery, but social values re-emerge. Privates who were promoted to generals become privates again and financial fantasies are replaced with fundamentals. Lessons are going to be arriving fast and furious, but they are still going to be lessons. Kick and scream all you want, but what will work will be an increased respect for “old world values” Plan “A”: destroy the monsters; Plan “B” work around them.
October 30th, 2008 at 8:12 pm
Also, economy of china will collapse as well. When the dollar collapses, the chinese 1.4trillion reserves will be worth nothing. So when the Chinese exports shrinks, as well as economic activity slows down. China will fall as well.
October 30th, 2008 at 8:18 pm
have you guys seen the preview of the new movie of tom hanks called angels and demons, where hanks character discover the secret society illuminati. wow the elite not longer hidding their secret.
October 30th, 2008 at 8:21 pm
Maybe we could fix the problem by simply printing more money….. Wait.. Nevermind..
October 30th, 2008 at 8:37 pm
after the elections they’ll no longer need to prop up the economy.
October 30th, 2008 at 8:37 pm
What will work for this country??
A: Adjust your diets and eat only locally grown food.
B: Check, double check, and then check again and ONLY BUY USA MADE products.
October 30th, 2008 at 9:00 pm
AMEN #2!!!!! Would be nice to see old world values” return!!! I for one am actually looking forward to it.
October 30th, 2008 at 9:23 pm
It’s the middle class that will suffer most, in other words, the masses. They will further their agenda through our reliance on the government..
Learn proper natural health Care
http://www.curecabinet.com
October 30th, 2008 at 10:03 pm
You know all those multi-billion dollar production facilities that have been built in China, Vietnam, Taiwan? Those have not been paid for.
October 30th, 2008 at 10:12 pm
huge news on the pentagon http://video.google.com/videop.....5659781278 also see http://www.thepentacon.com
October 30th, 2008 at 10:17 pm
I was impressed by two things today: (1) I participated in a training seminar via work today and I met someone who I did not know and the subject came about voting, the lady who I did not know stated: Yeah, like that really matters, everybody knows this election is rigged. I was quite pleased to have heard that so out in the open and figured that is exactly what this society needs, more open honest talks without fear of ridicule. (2) I went to Walgreens and an item was on sale for like a dollar cheaper and someone loudly said: I’m not buying this, if this thing is made in China, I’d rather pay the extra dollar to help this economy and help some American keep his/her job! I guess there is still some hope for us, cuz some people are beginning to wake up. Peace.
October 30th, 2008 at 10:22 pm
ASK QUESTIONS DEMAND ANSWERS!
October 30th, 2008 at 10:54 pm
I visit infowars hoping to find people with at least an IQ of 50, unlike those retards who get their news via MSM, so far I haven’t been disappointed, I would venture a guess most who are on this site have an IQ well above 100. Having said that, 9-1-1 was an obvious inside job and probably initiated by neocon zionists fools. Peace.
October 30th, 2008 at 11:07 pm
please everyone buy locally. enough with the crap. we can do it.
E
mccain insane
http://www.aniboom.com/video/301720/mccain-plan/
October 30th, 2008 at 11:09 pm
I hold an honorable discharge for serving 6 years in the US Marines, an AA degree, a BS degree, and presently working on a MS degree; yet, with all that so-called real-world education, it is easily less than what I gained from this website for the past 5 years or so. Thank you Alex Jones and David Icke for helping me wake up to the real world as it is now. I have no doubt the federal reserve is illegal, that 9-1-1 was an inside job, and that the members of the Bush administration are a bunch of liars! Having said that, be the change you want to find. Peace.
October 30th, 2008 at 11:22 pm
This is off topic, BUT
go to this site and read about ‘Fleeing Bush Family Detained By US Delta Foirce At Camp David’
“http://www.whatdoesitmean.com/index1159.htm”
October 30th, 2008 at 11:27 pm
There is no question this fraud is going to get worst. I think we really need to do our homework and understand every nook and cranny of this fraud. I have been reading a book called “The Fraud Of The Fraud: Have you been taken for a ride?” written by Jose M. Paulino. I think this is the way to go. He just deals with undisputable facts. Things that you can point to and say look, dispute what they themselves have admitted. Check the book out at the following link..
http://www.amazon.com/FRAUD-HA.....438261918/
October 30th, 2008 at 11:54 pm
Wake up people see the real threat is the elite world bankers. Wars create $$$$$$$ for their pockets. They can care less how many people die, even if it comes down to WW3, and it will.
Bible prophesy is being fulfilled right before are very own eyes. They know people will resist the NWO it’s part of their plan. By depopulating the earth. With this U.S.(Babylon the Great, that will fall, Revelations 17 and 18) financial crisis turning into a world crisis is their way creating more chaos for these evil ones to order. The E.U.(beast in Revelations) will soon have power over all the earth. Why do you think there are so many Unions? European. African, Asian and they want the North American Union to form through N.A.F.T.A. But there will be consequences here in the U.S. to many people are enraged of being robbed through the bail out plan that passed and we know their true agenda! Gog-Magog War(Ezekiel 38 and 39) is about to erupt with Russia(Gog), Iran(persia), Syria(Asyria), other Islamic nations against Israel. The Jewish Third Temple is underway of being rebuilt. This prophesy has to be fulfilled before Jesus Christ returns. Out of the NWO they will kill you if you do not accept the mark of the beast(the chip). For they will hate you as they hated Jesus. A World Revolution must stand up and say No, we have had enough of all this evil and the threat of our lives in this satan’s system! Do not be deceived the NWO is Satan’s system. Terrorism is a scapegoat for the elite’s main agenda, and their main tool to accuse everyone that is against their NWO!
October 31st, 2008 at 12:27 am
problem = the world
solution = JESUS CHRIST
October 31st, 2008 at 12:30 am
#17: I have found similar information about the Bush family planning to escape war crimes by fleeing to Paraguay. There is also an enormous water aquifer under the Bush compound. And I also read that Ken Lay is alive and is being protected by the Bushies down there. Read this article, it’s incredible.
http://www.halexandria.org/dward845.htm
What the hell is going on? Something crazy is going to happen soon I’m afraid. I will be really shocked if something big doesn’t happen. First I read about the Bush family trying to flee to their compound in Paraguay. Then Joe Biden guarantees that there will be “generated” crisis. Then Obama shuts him up. Obama also has to make an urgent trip to Hawaii to visit his sick grandma. (sure… that’s why he went to Hawaii) Did it have something to do with the Berg lawsuit? Or something more terrifying?
Peace. Please can we have peace!
October 31st, 2008 at 12:37 am
Sure there are some that have AA or BA or a PHD but lets not forget the schooling system today is a JOKE. It is as much a part of the dumbing down of americans as the media and government is. Education or not, anyone that is seeking truth has my back. ASK QUESTIONS and dont settle for excuses like “you dont have an education” or “your just ignorant”. God gave us a brain and its time we start using it. The truth will set you free.
October 31st, 2008 at 1:20 am
Lets get this stuff over with!
October 31st, 2008 at 1:20 am
Bring on the Terror!!!
October 31st, 2008 at 2:39 am
If you want peace then your going to have to fight for it. Get it. We might not have it for our selves but we might be able to have it for our children if we fight for it. Just as our for fathers told us we would HAVE TO DO. Its time to take your country back from this rouge government.
October 31st, 2008 at 5:54 am
Alex Jones has nice boobs!
October 31st, 2008 at 6:51 am
Beware,Be smart and be ready!
Chance favors the prepared mind!
Prepare for the worst and hope for the best!
Hang in there folks,were gonna win this one. Its just going to take awhile to get through these the most of trying times!
Remember its our duty to stand up to the workers of inequity.
Goodluck my brothers and sisters!
Godspeed!
October 31st, 2008 at 8:10 am
http://www.brasschecktv.com/page/457.html
October 31st, 2008 at 8:52 am
I wish that they would go ahead and put it out in the open already cuz these people in america dont realize shit until its too late.. so many ignorant people fail to accept that the govt has been bought out and is under control by bankers… what a shame….
October 31st, 2008 at 8:58 am
Long Read but woth it..
In the typhoon of commentary that’s blown around the world a step behind the financial tsunami that’s wrecking everything, two little words have been curiously absent: “fraud” and “swindle.” But aren’t they really at the core of what has happened? Wall Street took the whole world “for a ride” and now a handful of Wall Street’s erstwhile princelings have shifted ceremoniously into U.S. Government service to “fix” the problem with a “toolbox” containing a notional two trillion dollars. This strange exercise in financial kabuki theater will shut down sometime between the election and inauguration day, when the inaugurate finds himself president of the Economic Smoking Wreckage of the United States. What will happen?
I have thought for some time that things could get dangerously out of hand in America, despite our exceptionalist notion that we are immune to the common plot-lines of history. For starters, inauguration night will seem more like Halloween, as those two little words fly in to haunt the new president. So, a large and looming question is: Who will be appointed the next attorney general of the U.S. (to replace the human sash-weight currently occupying the office), and how soon will the federal marshals be scouring the wainscoted hallways of Goldman Sachs, JP Morgan Chase, not to mention a thousand Greenwich, Connecticut, hedge fund boiler rooms, with man-sized nets?
A storyline is already emerging to the effect that these birds really didn’t quite know what they were doing in grinding out that multi-trillion dollar basket of alphabet securities sausage (a theme on Sunday’s 60 Minutes broadcast). Nobody will buy that line of BS, though — and certainly not in the courtroom where, for instance, Mr. Hank Paulson will have to answer why his own firm of Goldman Sachs set up a special unit to short its own issues. It will be edifying to see how they answer.
In the meantime, however, millions of Joe-the-Plumber types will have gotten their pink slips, slipped helplessly into foreclosure, watched the repo men hot-wire their Ford pickups, and eaten down the kitchen cupboard to a single box of Kellogg’s All-Bran (which had been sitting there for eleven years infested with weevils). They will be watching the official proceedings in the federal courtrooms with jaundiced eyes as they hunch in their tent cities, in the rain, sipping amateur-brand raisin wine bartered for a few snared rock doves. How long before the hardier ones among them venture out to Easthampton with long knives and matches?
It will bring little satisfaction though, and the disappointment could lead to a more inchoate outbreak of civil disorder that would be more like a free-for-all of vengeance and grievance. There will be a great outcry for the new government to “do something!” Perhaps that will finally bring the troops home from Iraq — only for them to find that the Homeland has become Iraq….
f the financial system completes its self-destruction — and that’s looking more and more like a real possibility — there will be several pretty awful consequences. One is that the United States will be forced to declare bankruptcy by repudiating its own debt. All those who took refuge in U.S. Treasury bonds and bills will be like folks who sought shelter from a tornado in their out-house. That would go hand-in-hand with a massive currency inflation that is likely to follow the current phase of compressive liquidating deflation — in which every possible asset is being sold off for less than its face value. That process is self-limiting due to the finite supply of real salable assets. The trillions of dollars injected into the system while this is happening must eventually snap-back as people shed the last fungible article and compete for necessary commodities like food and fuel with dollars that are suddenly plentiful but worthless. At some point, the government may have to summon up a new currency. I don’t think it will be anything like the “Amero” which the paranoid fringe incessantly mutters about as part of their fantasy in which the U.S., Mexico, and Canada all join up to become one country. But any “new dollar” would probably have to be backed by gold.
As we discover ourselves to be a much poorer nation, one of my correspondents put it: “the bogus risk-swapping economy must be replaced by a net value-added economy.” That means actually making things, growing things, and rebuilding things, and that can only begin to happen if we do not stupidly sucker ourselves into a war with other nations who are liable to be extremely ticked off at us for destroying the global economy, but also competing with us for a dwindling supply of resources that are not equitably distributed around the world.
This means especially oil. I hope you’re enjoying the temporarily cheap prices at the gas pumps, because this is purely a function of the compressive deleveraging that is going on right now, as contracts and positions held in energy markets are being dumped by everybody and his uncle to raise cash to meet margin calls. My guess is that oil and its byproducts will become much more difficult to get in the months ahead — not just more expensive, but literally not available. The current falling price of oil has little to do with the real supply and demand fundamentals. It’s simply a function of the markets being in near-total disarray. We’re running on current inventory, and running it down. In the background, all kinds of peculiar and terrible things are happening. The entire apparatus of allocation and distribution is being thrown out of whack. The smaller tanker operations are going bankrupt. The “less-developed” nations are heading back to the 17th-century level of daily life without electricity. The oil exploration and development projects that were planned for hard-to-get oil netting $100-a-barrel minimum — in places like the deepwater Gulf of Mexico, Siberia, and Central Asia — are being shelved, which means the world has less of a chance to offset coming depletions in old fields.
The bottom line of all this is that we in the U.S. could find ourselves in a situation of shortages, hoarding, and rationing. This would pretty much kill off whatever remains of the previous shuck-and-jive economy — hamburger sales, theme park visits, NASCAR weekends — while it makes obvious the failures of our suburban living arrangements (and drives the value of housing there closer to zero). My pet project of restoring the American passenger railroad system might seem pretty minor in the face of all this, but it’s at least a place to start that will accomplish several things: allow people and things to get places without cars and trucks; put many thousands of people to work at many levels doing something of direct, practical value; and be a small step in rebuilding confidence that we are a society capable of accomplishing something.
Jim Kunstler
October 31st, 2008 at 9:04 am
GGGOOOOO OOOOOBBBBBAAAAAAAMMMMMMAAA
October 31st, 2008 at 9:04 am
well ppl like it or not it’s coming, we just need to be prepared for the worst and advise those who are ignorant and dont know shit till the last fucken minute. Pray faith is strong it will lead to victory with Jesaus on your side we all may suffer a bit, but will make it. Eating something is better than nothing, I cant have chicken and steak everydaynow, i dont go out to eat no more cause i acn cook at home, sandwiches, noodles and maybe once or twice a week we will have a nice meal, gotta have my beer though. well ppl just prepare for something Bush is going down as the most ignorant, stupid, irressponsible president ever in hitory, is punk ass dad BIg bush had something to do with the assasination of kennedy one of the greatest hopes for mankind, Kennedy was tryin to warn us all back then in the 60’s we did not listen its not to late, fuck bush and fuck this recession but ppl keep faith and god on your side and just hope for the best.
October 31st, 2008 at 9:08 am
Well should you believe your lying eyes? Or should you believe what the MSM is telling you? Get ready for a monumental CRASH after the elections. Everything they are telling all of us are flat out lies to support their wacky agenda.
http://www.youtube.com/watch?v=NRPLujl8v3s
October 31st, 2008 at 9:28 am
#31: wrong forum, dude.
October 31st, 2008 at 9:44 am
I won’t spend a dime. Crash!
October 31st, 2008 at 10:19 am
THE NEW WORLD ORDER IS HERE
STOP SAYING THE NEW WORLD ORDER
CAUSE ITS HERE
JOIN THE KILLUMINATI!
I CREATED IT!!! I PROMOTE PEACE AND UNITY!!!!!!!!!!!!!!!!!!!!!
October 31st, 2008 at 10:47 am
Wait until the retail numbers for the 4th quarter show up!! When most retail stores expect huge sales numbers in the 4th quarter, I have a feeling that a gigantic number of senseless Christmas shoppers of years past, will have a much tighter grip on the holiday budget.
October 31st, 2008 at 11:24 am
crash!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
October 31st, 2008 at 11:45 am
#32: Are you fucking serious?!? Great Depression 2: The Nightmare Continues. Playing out in a former super power near you!
October 31st, 2008 at 12:01 pm
One final appeal to please vote for Chuck Baldwin.
Check out Greg Evensen’s latest column: THE NEXT CIVIL WAR FOR HISTORIC AMERICA: ARE YOU MY ENEMY? http://www.newswithviews.com/Evensen/greg133.htm
October 31st, 2008 at 1:25 pm
Stock up on provisions now!!
Dry Beans, and canned vegetables, as well as muntions.
When the bottom does finally fall out, and it will, you better be ready.
The MSM thinks we’re all too stupid to know what’s really happening.
Thank the Good Lord in Heaven for people like Alex Jones, that spread the message of TRUTH!!!
The freakin’ neo-cons are going to kill the Dollar, so that they can introduce their new currency the Amero. It’s really frightening when I speak to people about the neocon plan, and they have absolutely no idea what the heck is actually going on. I tell them to turn off their T.V., tune into Air America Radio, and research using the internet. It’s really a Damn Shame more of the American Public will not wake up!! People do not know about NAFTA, which is one of the tools to getting the North American Union in place. Deer in the freakin’ headlights…
I live in Texas, and these good ‘ole folks around here are strong McSame supporters. It really makes me question someones intelligence when they support that piece of crap!!!
I voted third party, Bob Barr since he was on the ballot, and I did not want to take the chance that my vote would not be counted by writing in Chuck Baldwin. Too much corruption in the God Fearing Land. There are those like GWB that say they are Christian, and are going to burn in the fires of Hell for the sins they’ve commited.
Pray for them. Pray for our Republic.
Thank You.
DMC.
October 31st, 2008 at 1:47 pm
Goooo Homeeee Obammmmaaa!!! Youuuuu ain’tttt wanttedddd here!!!!
October 31st, 2008 at 1:54 pm
Not to get off topic, but is Alex hitting the bottle? He’s rambling on and on like my drunk uncle!
October 31st, 2008 at 2:28 pm
MSNBC is saying now “the bear market died in October” and “Drink a toast to the end of this stock market crash, October was the bottom.”
If you believe that guy, this was the most painless World ecomomic crash in history. So many mixed signals, national debt higher then even numerically understandable. Bush making more speeches of fear then he did for the ‘War of/on/for/against TERROR.’
And not even 2 months go by and everything is looking up? I am confused?!?!?
October 31st, 2008 at 3:25 pm
A full scale depression could spark a much needed full scale revolution/restoration of the Republic. That’s why they need to lower us into the fire slowly………
As always, their success is in incremental steps.
October 31st, 2008 at 3:56 pm
I will not spend one little red cent.
October 31st, 2008 at 4:48 pm
I have the brains the Americans are looking for ……. Americans have lost their brains …… they are brainwashed ……… watch out for the Zombies …. they hunger for fresh brains … the peoples that are smart enough to save and not spend and are not corrupt will make it in the long term .. ZOMBIES end up in tent City’s …. SORRY but the truth is Just what it is ….. save and don’t spend….. get ready for the hard and unjust times …toss yr credit cards ……. buy only what you need sell yr TV set and other junk …….. get ready for the food wars ………….. keep a low profile camp in yr home when its war in the streets ….. toss yr TV it will be used to spy on yr family ….. stay out of crowds of people …. don’t be a follower be a leader ….. empower yr mind think great thoughts and be happy …. let the others ( Zombies ) watch TV and suffer bad thinking … toss the radio it will get you killed giving out false info …. in the bad times …. use yr brains and be smarter than they are by not buying into their debt scams and Salesman scams …. be strong …….
October 31st, 2008 at 5:08 pm
I voted for Chuck Baldwin as he was on my ballot; him and 6 others plus a space for a write-in. I probably threw away my vote but I don’t trust Obama and McCain might be okay with Palin, but I just don’t know. I know I will be glad when it is all over. I am really sick of the subject and the mud slinging. They get up there and slam what the other says instead of telling the people what they plan to do for them. The only information I have gotten about either of the two running for president is from the internet. I do not have my TV hooked up to outside means; just watch DVDs and video tapes and I listen to our local radio station with 3 minutes on the hour of ABC news (and that’s really a joke). You can tell they are pushing for Obama and they support gay marriage. I listen to George Norry on Coast to Coast AM when it’s not right before Halloween. This week has been kind of sucky because he’s not having anything on the current topics right now; presidential run, how we are being rail-roaded and stuff like that. It’s usually a very informative show and I really enjoy it. I love it when he has Alex Jones on there.
October 31st, 2008 at 5:08 pm
yah, get storable food and remember that we are in a point of history with somewhat impressive technology(a lot more underground..) that is no fluke people..many people are going to die(soul goes on to Van Allen’s Belt) but this is the time to become free of the Draconians(reptile people..7- 22ft tall)
November 3rd, 2008 at 7:47 am
The great majority are stupid. They don’t read. They don’t enjoy thinking. Those that do, ingest the diet of propaganda spewed by the corporate run media machine, and form narrow opinions based on that.
Who then, can argue with the elite, who believe they know what is best for the masses? Their veiw is, “you don’t need to think, we’ll do your thinking for you.”
What did you dream? That’s all right, we told you what to dream. Welcome to the Machine.
Pink Floyd