Recession on track to be longest in postwar period
Story By DEB RIECHMANN, Associated Press Writer
Story By DEB RIECHMANN, Associated Press Writer
As the unemployment rate increases day after day we see the lines at the soup kitchen the unployment offices and the lines for the job fairs get longer and longer thousands of people applying for only a few positions. It was the 1981-82 recession, that was widely considered America's worst but this one seems to be heading for the spot . It was during the Reagan years we thought this was the worse but as we see in recent months we are heading down those path again and with no end in sight if his continues for another 2 months this will be the longest recession since the post war. The country today is in a worse state than it was in 1982. The president is doing what he believe is best to bring the country back from the brink of disaster but he is facing some oppositon from the other leaders. " Mr. McCain, appearing on “Fox News Sunday,” echoed that sentiment without identifying any banks. Mr. McCain, who lost the presidential election last November, also accused the Treasury Department of avoiding the “hard decision” to let “these banks fail.” “Close them down, get them out of business,” Mr. Shelby, the senior Republican on the Banking Committee, told ABC’s “This Week With George Stephanopoulos.” “If they’re dead, they ought to be buried How can we expect Obamas plan to work these are two of the top Republican leaders they are the ones who should be setting the stage for he other's to follow if they feel this way will they steer the ohter'd in there direction or will they hopefully follow a path of there own and try to see where this all goes.
The biggest worry for most is how long will this last The whole word is affected by this crisis if we fail they will fail. Many of these countries look to the US for aid if we can't help ourselves how then can we help others. How soon can we see a shift in the right direction "The Treasury department made its own news on Sunday, filling three of the top positions under Secretary Timothy F. Geithner. Alan B. Krueger was named as assistant secretary for economic policy; Davis S. Cohen was chosen as assistant secretary in the office of terrorism and financial intelligence, and Kim N. Wallace was named assistant secretary for legislative affairs. The announcements addressed growing concerns that even as the Treasury Department has worked furiously to craft bank bailouts over its first six weeks, the department still had left key positions unfilled. The withdrawal last week of Annette Nazareth, Mr. Geithner’s prospective deputy and a former commissioner at the Securities and Exchange Commission, touched off questions about whether staffing problems might be slowing the administration’s response to the economic crisis. The position of deputy treasurer remains open.
Robert Gibbs, the White House press secretary, played down the personnel matter.
“We have tremendous confidence in Secretary Geithner,” he said at a news conference on Thursday, “and we are working with the committees of jurisdiction in order to get nominees both up to Capitol Hill and through the process of getting them into government.” No pressure on Mr. Geitner. As the energy prices plunges we see the economy deteriorates "Sam Fletcher Senior Writer
"HOUSTON, Mar. 3 -- Energy prices fell sharply Mar. 2 with crude dipping below the psychological barrier of $40/bbl in intraday trading on the New York market amid signs that the recession is deepening in the world's major energy-consuming countries with no improvement in sight." Olivier Jakob at Petromatrix, Zug, Switzerland, said, "Another wave of deleveraging hit the investment spectrum, and when losses are so abrupt across asset classes it is difficult to come with a single justification for each asset." He noted, "Even gold did not manage to hold its head above waters, leaving the dollar as the only place of refuge." What should we do in the mean time invest and hope for the best or sit on our money and hope for the best. We know our individual selves we must do whatever we feel is the right thing to do listen to the economist but we still need to follow our own judgement.
Robert Gibbs, the White House press secretary, played down the personnel matter.
“We have tremendous confidence in Secretary Geithner,” he said at a news conference on Thursday, “and we are working with the committees of jurisdiction in order to get nominees both up to Capitol Hill and through the process of getting them into government.” No pressure on Mr. Geitner. As the energy prices plunges we see the economy deteriorates "Sam Fletcher Senior Writer
"HOUSTON, Mar. 3 -- Energy prices fell sharply Mar. 2 with crude dipping below the psychological barrier of $40/bbl in intraday trading on the New York market amid signs that the recession is deepening in the world's major energy-consuming countries with no improvement in sight." Olivier Jakob at Petromatrix, Zug, Switzerland, said, "Another wave of deleveraging hit the investment spectrum, and when losses are so abrupt across asset classes it is difficult to come with a single justification for each asset." He noted, "Even gold did not manage to hold its head above waters, leaving the dollar as the only place of refuge." What should we do in the mean time invest and hope for the best or sit on our money and hope for the best. We know our individual selves we must do whatever we feel is the right thing to do listen to the economist but we still need to follow our own judgement.
I am agree 100% that the biggest worry is how long this recession will last. Every body is suffering the economic crisis.But i think that the most affected are those countries in the third world, such as Central America, South America etc. In those countries the poverty is real. Central and South America's countries do not have "Welfare", so for those countries poverty is hunger, no foodstamp,lack of shelter, is being sick and not being able to see a doctor,etc,etc. So if we are affected with this recession now imaging those people in the third world's countries. As we know most of those countries depend on The United States economy. Now I think this is the time when we must safe our money. How? as we feel is the right thing to do.
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