Message From Davos: The Recession Is Coming

Times   |  Gary Duncan   |   January 23, 2008 01:18 PM


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A full-blown, prolonged recession in America is now inescapable, with the rest of the world set to be dragged into a severe global slowdown despite yesterday's emergency US interest rate cut by the Federal Reserve, leading economists said in Davos this morning.

A darkening outlook for the global economy looked set to dominate the week-long World Economic Forum, as plunging stock markets and the Fed's drastic and dramatic reaction overshadowed the opening of the annual gathering of political and business leaders.

Some of the world's most prominent economic pundits told an opening session this morning that the Fed's surprise three-quarter-point cut in US official interest rates was already "too little, too late" to stave off recession in America.

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- waynesmyer I'm a Fan of waynesmyer 10 fans permalink

Fear Not! The GOP*ers will save the day! We will do our reverse Robin Hood routine that was perfected by Ronnie Reagan, " Take From The Poor, Give to the Rich" This works everytime! Right?
* GOPer defined: One who believes Baby Bush talks to GOD a.k.a. Grand Ole Pissheads, Good Old Pedophiles, Grandiose Old Perverts

    Favorite    Flag as abusive Posted 11:23 AM on 01/28/2008
- javaman I'm a Fan of javaman 5 fans permalink

come on davos get with the program, didn't you see that cbs just proclaimed that we are in one?

I mean jeeez, predicting one coming is just soooooo yesterday!!!

we live in the era of spoon fed media sound bites.

    Favorite    Flag as abusive Posted 09:25 AM on 01/24/2008
- NoPCZone I'm a Fan of NoPCZone 17 fans permalink

The Republicans have the answer. Guess what it is.

Tax cuts for the wealthy, let the rest eat cake.
More deregulation- who needs OSHA, EPA, etc.

    Favorite    Flag as abusive Posted 03:10 AM on 01/24/2008
- Issak I'm a Fan of Issak 12 fans permalink

Bend over- the usual suspects always profit. Always. Deja vu all over again- the masses lose the wealthy get wealthier. Amazing how the same bridge gets sold..over and over and over.

    Favorite    Flag as abusive Posted 12:38 AM on 01/24/2008

Wow! Hey Nostradamus where would we be if we didn't have high paid economists like you to state
the obvious. How about a plan to fix it, like the Ron Paul economic plan for sound money.

    Favorite    Flag as abusive Posted 12:19 AM on 01/24/2008
- MajorKong I'm a Fan of MajorKong 388 fans permalink
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Bush boom!

    Favorite    Flag as abusive Posted 12:03 AM on 01/24/2008
- loki I'm a Fan of loki 131 fans permalink
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Watching and listening to the financial media outlets the last couple days, I would say a majority of them seem to project the image that we are already in a recession, the government is just refusing to admit it. Only a few, like Jack Welch today and larry kudlow talked as if things were fine and this was just a great opportunity to find great deals in the stock market.

One thing really bothers me though, and it does re-enforce that wall street is nothing more than a huge gambling hall, is that many of the same companies that are hurting from the mortgage fall out and falling dollar , are the same ones who took out hedge funds (bets) that this would happen, and are now making money on their losses. Its almost as if they had incentive to make sure the shat hit the fan.

I did hear an interesting view on the Citi's and Merrill's foreign infusions. No money was actually moved into the US to fund these. The companies just liquidated some of their US holdings, and transfered the funds from them into Citi and Merill. basically , they ruined one sector to buy more stock of another. It did nothing to actually help the economy, and may have actually harmed the economy with the industries they pulled out of.

    Favorite    Flag as abusive Posted 09:16 PM on 01/23/2008

They should know . They control the money, all the money. Sharpen your hoes and learn to say yasa masta.

    Favorite    Flag as abusive Posted 08:38 PM on 01/23/2008
- truthyguy I'm a Fan of truthyguy 42 fans permalink

Well Bush ruined every business he touched before going into politics. Now, consistent with that track record he has ruined the American economy.

And don't give me any bullshit about the baseball team he made money on. The deal was conceived by others, he was given a minority interest and all he had to do was use his family's political connections to get the bond deal for the ball park, the sale of which generated millions for all the sellers. In short they converted a tax free bond handout into their own piggy bank. This fucking asshole should have been impeached a long time ago and he would have been but for the incompetent idiot Pelosi.

    Favorite    Flag as abusive Posted 08:21 PM on 01/23/2008

Quantum Decay Fractal Model 'F'

    Favorite    Flag as abusive Posted 08:06 PM on 01/23/2008
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Clinton. (Oil Per Barrel) 1998 11.61

Bush. (Oil Per Barrel) 2007 94.13

    Favorite    Flag as abusive Posted 07:24 PM on 01/23/2008
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Larrybob Davos, spokesman for the 'hey, let's drop the US Con Me squarely on its' fat ass' coalition, said in a press release that....

    Favorite    Flag as abusive Posted 07:06 PM on 01/23/2008
- rh654 I'm a Fan of rh654 14 fans permalink

So do all Liberals view everything as completely negative or is it just this site?

The Conservative sites do essentially the same thing on the other side of the spectrum.

If whoever posted this story on the Huffington Post had actually READ the story that they provided the link to they would have found that yes "SOME" DAVOS participants believe that a recession is coming hoewver, OTHER participants don't necessarily share that point of view.

While this site chose to look at half of the story - here are some quotes from the story from other participants.

"Both Mr Roach and Profession Roubini said that Europe, Asia or emerging markets could escape fallout from a US recession.­"

“I think it is going to be a close call but think we will not actually move into global recession.­”

In a poll here, Davos delegates voted a US recession the No 1 threat facing the world. But not all the leading economists present saw a worldwide downturn as inevitable.

    Favorite    Flag as abusive Posted 06:52 PM on 01/23/2008

Message from Davos: We engineered it so have fun you stupid people who believe their politicians.

    Favorite    Flag as abusive Posted 06:51 PM on 01/23/2008

Wow, we needed these idiots to tell us a recession is coming. Hey assholes! The recession hit most of us years ago! You might want to change your slogan to something more honest like....sc­rewing people to maximize profit- "Davos" it's what we do...

    Favorite    Flag as abusive Posted 06:42 PM on 01/23/2008
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