2 July 2008
The Real Economic Story…
Posted by Joy Bischoff under: World Economy .
…is how the current financial crunch effects the pocket book. We read lots of articles that cite reports and list figures but what it really comes down to is us. Those who live without an economic cushion are hurting…end of story.
Broad Says U.S. Economy in Worst Recession Since World War II
By Anthony Massucci and Erik Holm
(Bloomberg) — Billionaire investor Eli Broad said the U.S. economy is in the `worst period’ of his adult life as a housing market recovery remains “several years” away.
“This is worse than any recession we’ve had since World War II,” Broad, 75, said in an interview yesterday. Broad, the founder of homebuilder KB Home, said the U.S. should avoid a depression on the scale of the 1930s because the country now has sufficient “safety nets.”
The economy expanded at an annual rate of 1 percent in the first quarter, the Commerce Department said last week. That caps the weakest six months of growth in five years. The U.S. lost 49,000 jobs in May, when the unemployment rate rose to 5.5 percent, the fifth straight month with a drop in payrolls and the biggest jump in the jobless rate in more than two decades.
“This is the worst period of my adult lifetime,” Broad said, speaking about the U.S. economy. “I do not think things are going to get any better” before the next president takes office in January.
5 Comments so far...
Todays Current Events in our Economy » Alert - US Economic Recession Says:
2 July 2008 at 4:02 am.
[…] Alert for: US Economic Recession The Real Economic Story? By Joy Bischoff We read lots of articles that cite reports and list figures but what it really […]
Mac Says:
2 July 2008 at 9:17 am.
That’s what I’ve been thinking. They keep comparing this to 2001 and 1994 and the 70s but middle America never got personally hit this hard during those times. It should be measured by how much it is effecting the average family and it is getting ridiculous.
Benjamin Says:
2 July 2008 at 9:24 am.
Mac, and that is before we feel the effects of the latest rise in oil prices (and the predicted future rise) or the 5 million acres of crops wiped out from the floods.
Benjamin Says:
2 July 2008 at 9:29 am.
Joy may have been right. I didn’t know this. No more fund raising after the convention but untill then stringing Romney along is making McCain money. He said he won’t be picking his VP until after Obama does which willl probably be around convention time so it is smart of him to keep Romney on a string until then.
Romney VP report excites Mass. GOP
Bay State Republicans were abuzz on Beacon Hill yesterday following a report on a respected political Web site that former Gov. Mitt Romney tops likely GOP presidential nominee John McCain’s list for running mates.
Politico yesterday had McCain campaign sources naming Romney as the number one choice for the Arizona senator, with Romney’s fund-raising ability as his top trait.
“I think it’s great,” said Rep. Brad Jones (R-North Reading.) “I think the economy is going to be the number-one issue, and he (Romney) is a guy who’s been successful in that field.
But those believing the deep-pocketed former venture capitalist will be tapped because he can bring megabucks to the McCain campaign may want to think again, said Larry Sabato, director of the center for politics at the University of Virginia.
McCain has pledged to use public funding in the general election, meaning he can’t use any private money Romney may raise for him after the Sept. 4 Republican convention.
http://www.bostonherald.com/news/national/politics/2008/view.bg?articleid=1104326&srvc=rss
E.E. Says:
2 July 2008 at 10:50 am.
Broad has it right. This is the worst I’ve seen in my adult life also.
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