Worst Global Economy Since WWII

November 29, 2008 RSS Feed Print
  • Comment (7)

Before we all start loading up on Elmo Live! toys and Wii Fit games, might be a good time for an economic reality check. As Bruce Kasman of JP Morgan gloomily sees things:

"Economic reports continue to beat the drum of a deep and synchronized global downturn. Industrial activity readings are pointing towards the first double-digit annualized decline in global manufacturing output since the mid-1970s. And this week’s key national November business surveys—including a collapse in Germany’s Ifo and Japan’s Shoku Chukin—should combine with a further slide in the US ISM survey next week to reinforce the message that business confidence is approaching a three-decade low as the quarter ends. With indicators pointing to an intensifying global adjustment in employment and business spending, our forecast of the deepest four-quarter GDP slide in the developed world since WWII appears to be on track."

Reader Comments Read all comments (7)

Add Your Thoughts
Your comment will be posted immediately, unless it is spam or contains profanity. For more information, please see our Comments FAQ.

As with all statistics, the numbers can be skewed in various manners and the Public cancer figures are lower overall yet they neglect to note some disturbing aberations. Most notably, mortality figures are often skewed by deaths from non related conditions even though cancer was the present. I have discussed in many heated discussions with CDC & NCI in the past over statistics being skewed by unrelated factors. Have been out of the EPI field for 6 years but doubt things have changed much. In fact, be willing to bet HIPAA and insurance issues have trumped reality. Have had personal experience of records altered to avoid paying cancer insurance as an example. As an ICD code can be drastically modified by changing 1 character, anything can happen. We live in the age of deceit which I'm praying will soon change. Also wonder why CDC studies cell phones affect on sperm counts and not ovarian cancer??? Some questions remain unanswered...

Ray Fisher of NM 1:03PM November 30, 2008

FYI, Ray, overall cancer rates in the U.S. are now declining. http://www.nytimes.com/2008/11/26/health/research/26cancer.html?bl&ex=1227934800&en=e69773c4efd24c5c&ei=5087%0A

of MD 11:51AM November 30, 2008

It seems our nation has lost all semblence of accountability for our actions whether it be governmental, business or personal. As a former Republican, I voted for Georgie in 2000 then lost faith in him soon afterward due to his disreagard for our nation thus in 2008 I voted Dem. Business is as bad as government, as deceit is the norm constantly cheating people out of greed, desire for profits, mired in debt, etc... My apartment complex is a prime example, built by a retired couple paid for in cash, sold to a management company, now mired in debt, going bancrupt fast. Our population is not accountable in parenting, financial responsibility, patriotism or just plain decency. The causes of our situation vary from greed, lack of respect for ourselves and others, a machiavalian sence of societal norms and simply a broken national spirit. Our nation first has failed to respond to the 9/11 attack, eliminated financial and fiscal safeguards and have failed to service our debts. I feel the remedy to our situation is to rebuild ourselves from scratch, rebuild our economy from cash savings, rebuild our labor force, rebuild our families with values, courtesy and honesty, rebuild our society via the Constitution and our ten commandments, reinstate business ethics to turn a fair profit instead of a predatory profit, use our resources wisely and generally give of ourselves not necessarily money but time, kindness and love. While not a religious person myself, the Bible is a firm guideline toward a great lifestyle and decency religion not withstanding.

Ray Fisher of NM 10:35AM November 30, 2008

Capital Commerce

U.S. News business reporter Matthew Bandyk examines the issues, people, and debates that shape the nexus of political and economic life in the nation's capital.

advertisement

advertisement