Economy Shrank Even More Than Feared at End of 2008

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HLRKuu

Eupzregj of NY 7:01AM July 14, 2009

The local small community banks still possess the integrity, responsibility and trust lacking in our financial industry and may well be the catalyst to our recovery. The community banks serviced many of their own loans, mortgages and cash investments thus maintaining standards and integrity and did not require bailouts like the huge greedy barons in $$$multi-billion high rise towers to their money Gods!!! If there is any hope of recovery, I'd bet it will happen from the community banks providing the foundation upon which to rebuild!!!

Ray Fisher of NM 5:56PM March 01, 2009

The economy is contracting severely because the only consumers who still have money (some) left are continuing to contract their discretionary spending severely.
First, they are in economic shock over the losses to their investments.
Secondly, they have lost at least 30% of the value of their homes, many of which had a LARGE downpayment invested in them, which is now for all intents and purposes, GONE.
Third, they are told they have to pay to "stop foreclosures" on the guy who put ZERO down and never could afford the home he bought.
And fourth, they are going to continue to be the Democrats' whipping post for tax increases and so on for the foreseeable future.
They will not start spending again until their housing costs are reduced or their home values rise. They are worried about the future and angry about the present. Get a clue, Obama!
Who the Mortgage Rescue Plan Won't Help and Why That Stinks for the Economy -- http://www.associatedcontent.com/article/1518722/a_surfers_take_who_the_mortgage_rescue.html?cat=9

HM of VA 2:34PM March 01, 2009

The market collapse is a result of millions of people like myself deciding that Obama's policies will kill any business recovery we had hoped for over the next couple of years. Expect more fall in the first quarter. We look forward but use the past as a guide. Government controls have never helped business, just the opposite. Redistribution of wealth has failed in our past history and every other nation in the past. Billions of dollars on pork and social programs and very little to encourage anyone to get back into housing or any other type of business.
The changes in tax policy will cause more people to be laid off as small business struggle to have enough money to support their families. Future devaluation of the dollar will raise our 8 percent debt payment.
The housing collapse was caused by bad loans, encouraged by democratic party policy. Nothing has been done to change those loan policies. The 96 percent of people paying their loans are getting very 'pissed' about loan bailout for people who should not have purchased a home.
Bush economic policies were not the best, but compared with Obama, he's a genius.

Russ Moan of OR 8:20PM February 28, 2009

"the worst rate in a quarter century"
Bush and the Republicans last gift to the American people. The final nail in the coffin for the anti-government, radical free-market, anti-regulation, no taxes ever, tax cuts for the Rich ideology. We've done the experiment, it failed. Oh but wait, this is a faith-based Party. An anti-rational, anti-science Party..
The Worst President, The Worst Political Party, The Worst economic disaster ion 80 years, Heckuva job.

thebob.bob of OR 12:18PM February 27, 2009

"the worst rate in a quarter century"
Bush and the Republicans last 'scr-w you' to the American people. The final nail in the coffin for the anti-government, radical free-macket, anti-regulation, no taxes ever, tax cuts for the Rich ideology. We've done the experiment, it failed. Oh but wait, this is a faith-based Party. An anti-rational, anti-science Party..
The Worst President, The Worst Political Party, The Worst economic disaster ion 80 years, Heckuva job.

thebob.bob of OR 12:12PM February 27, 2009