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US Economy is in deep depression and accelerating downwards –Obama can do little to stop the total collapse
It is bad out there. People are losing jobs, families, and their homes before they can even blink. The rich are becoming poor and the poor are becoming homeless. American economy is in deep trouble – far beyond anyone can even imagine. It is Boeing 747 that suddenly found at a 45,000 feet altitude that it has no more fuel. Bring the aircraft down with full passenger load safely into the airstrip will be miraculous. Obama can do very little stop the total collapse.
The economy will shrink at a 3.5 percent annual rate in the fourth quarter and at a 2 percent pace in the first quarter of 2009, nearly twice prior estimates. That would be the biggest back-to-back contraction since 1982. Econometric models point to a far worse economy with 12 million jobs loss and continued –4% GDP growth for several years to come. The real estate and stock market can lose 70% of their current values by end of 2010.
The surge in unemployment reflected an economic cave-in in October, when car sales plunged 32 percent, manufacturing contracted the most in 26 years and consumer confidence fell to a record low. The deepening recession puts pressure on Obama to quickly assemble a response and name his economic team.
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