Winner 2013 Webby Awards for Best Political Website
June 19, 2013

 Choose a size
Text Size

Trending:     chris hedges     economy     nsa     politics     robert scheer
Most Read

Reporter Who Brought Down the 'Runaway General' Dead at 33

The Terror Con

Nate Silver vs. Politico: It's on Again

The Making of a Global Security State

IRS Conspiracy Theory Debunked, Rand Paul Answers Cheney Criticism, and More

Most Comments
Most Emailed

 * NEW! * Greenland’s Great Melt Is Pinned On Climate Change
 * NEW! * The Making of a Global Security State



The Unwinding


Truthdig Bazaar more items

 
Ear to the Ground

U.S. Economic Shrinkage Worst in 25 Years

Email this item Email    Print this item Print    Share this item... Share

Posted on Feb 27, 2009
George Costanza
blogspot.com

In a famous scene from “Seinfeld,” George Costanza (played by Jason Alexander) also experienced unexpected shrinkage.

Either the U.S. economy was in the pool during the last three months of 2008 or the economic crisis is worse than expected. The nation’s GDP shrank 6.25 percent in the fourth quarter of last year, almost doubling the preceding quarter’s contraction rate of 3.8 percent.

The Guardian:

The US economy contracted at the worst pace in 25 years in the last three months of 2008, as nervous businesses and consumers spent less money and exports declined.

Markets dropped on the economic news. On the New York stock exchange, the Dow Jones industrial average of blue chip stocks plunged more than 100 points in the first hour of trading, to 7,049, the lowest level since October 1997.

The US gross domestic product contracted at a frightening 6.25%, a rate much higher than the 3.8% decline in the third quarter of 2008, according to preliminary statistics released today [Friday] by the US department of commerce.

Read more

More Below the Ad

Advertisement


New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

godistwaddle's avatar

By godistwaddle, March 2, 2009 at 7:58 am Link to this comment

I don’t understand why the “Masters of the Universe” and numerous Republicans (as well as their complicit Dems) are not dangling from lamp-posts all over the country.

Report this

By octopus, February 27, 2009 at 6:18 pm Link to this comment

From my experience so far, if they are saying 6.5% then it is probably more like 12%.

Report this

By Reubenesque, February 27, 2009 at 5:35 pm Link to this comment

Yeah, Ribald.

We bet it all on the house and the roulette wheel fell off it’s spindle.

Report this

By Ribald, February 27, 2009 at 1:54 pm Link to this comment
(Unregistered commenter)

The chickens have, indeed, come home to roost.

The foxes are guarding the hen-house, the economy has bought the farm, and we all regret counting our eggs before they hatched. We shouldn’t have had our nest eggs all in one basket. Until this economy hits bottom, we’ll all be running around like chickens with our heads cut off.

When it comes to the economy, I’d like to know: Where’s the beef?

Report this
skulz fontaine's avatar

By skulz fontaine, February 27, 2009 at 1:20 pm Link to this comment

The chickens of the “Reagan Revolution” have finally come home to roost.

Report this
Newsletter

sign up to get updates


 
 
 
 
Join the Liberal Blog Advertising Network
 
 
 
 
 
 
 

A Progressive Journal of News and Opinion. Editor, Robert Scheer. Publisher, Zuade Kaufman.
© 2013 Truthdig, LLC. All rights reserved.