Swift, steep downturn crisscrosses globe

Not looking good, kids. I think we are all in deep trouble and nobody really knows how to get us out of it. Pray, pray, pray.

"Swift, steep downturn crisscrosses globe
Markets are hammered as hope fades for quick recovery

updated 4:25 a.m. CT, Wed., Feb. 18, 2009

NEW YORK - Markets around the world plunged Tuesday as evidence mounted that the global economic crisis is worsening.

Japan is suffering its worst downturn in 35 years. The British economy is facing its sharpest decline in almost 30 years. Germany is slumping at its worst pace in nearly 20 years. Meanwhile, the job market in the United States, at the epicenter of the global downturn, is the worst in decades. And emerging economies are contracting at a pace few had predicted just months ago. Even China, whose economy still is growing at a 6.8 percent annual pace, is grappling with vast numbers of the unemployed, raising fears of unrest.

The sharpness of the global slowdown has alarmed economists, who see no obvious engine for recovery. " …

Source and entire article: msnbc.msn.com/id/29252158

We’re transferring all of our IRAs to cash, seriously. At least that way, we can pay off our mortgage if we get laid off.

Prepare everyone. And get ready for a run on mutual funds. It’s only just begun.

It you us the amount of negativity as a historical marker, we have probably reached the bottom

Actually I don’t think so. Right now people are concerned but they aren’t yet panicking. But that’s next.

What a marvelous thing it would have been if, instead of the stimulus bill just passed, the Obama administration and Congress had opened up coastal waters and ANWAR to drilling, “fast-tracked” licensure for nuclear power plants or even subsidized them, and given tax incentives to convert vehicles; particularly those used intra-city, to natural gas. Possibly they could have even been so “bold” and “experimental” as to encourage and even subsidize development of oil shale extraction.

We have a “continental economy”, notwithstanding a loss of a lot of manufacturing. If a significant segment of our energy spending was brought back to the U.S. and money was spent in developing known and workable energy resources, we could have perhaps led the whole world out of recession, added real jobs and increased our own tax base in the process. If we quit subsidizing silly things like corn ethanol extraction, a proven loser, we would also lower the cost of food and increase the food supply.

What a missed opportunity!

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