Recession To Be Painful And Drawn Out: Report

Reuters:

The U.S. economy has entered a recession that will be more painful and drawn out than the usual downturn, the director of the Reuters/University of Michigan consumer sentiment survey said on Friday.

Inflation pressures will linger despite the retrenchment in consumer spending, complicating the task of policy-makers, the University's Richard Curtin said in a report, citing data from industry group The Conference Board.

"This is no ordinary recession," he said. "The aftereffects will last much longer than the typical downturn."

He said the Conference Board's expectations index is a strong predictor of economic contractions, and that it is currently flashing red.

Read the whole story: Reuters

Comments

[realitytrumpsbull]

Kind of like some of the politicians and their adherents, hangers-on, and various investors?
We're getting robbed, it all gets done with computers.­..caymans, woohoo! Fish are bitin'...

[Purple Girl]

that's why you don't lend a stranger or a friend money at a casino.
Wall street is the roulette table of the facade called the Federal Reserve. the IRS gives our money to them to gamble. but even if they lose thye have US as their limitless bank roll- just sell the decendants off on the open Futures market. Which way is the auciton block I'm to send my kids over to??
Blood Money- they make Capone look like a patriot, a kid lifting a pack of gum.

[MajorKong]

And here I was upset that I missed the 1930s. Now it looks like I'll get to catch the rerun.

[Tator]

You may indeed. I have read many books on what turned the recession of 1929-1931 into the depression of 1932-1940.

Unfortunately, the Dem controlled house and both Obama and Hillary are proposing exactly the same moves that turned the recession into The great Depression.

The absolute single most worst thing to do is to raise taxes, and that is what they are going to do.

For the uninformed: When Bush's tax cuts are allowed to expire by the Dems here is how high your taxes are going up.

The child tax credit of $1000 go to $500 per child

10% goes to 15% increase of 50%
25% goes to 28% increase of 12%
28% goes to 31% increase of 10.7%
33% goes to 36% increase of 9.1%
35% goes to 39.6% increase of 13.1%

So who is going to get screwed the most by the Dem tax increases-THE POOR.

Never, every say again, the Dem/Liberals are for the little guy. They are about to pick their pockets for all they can.

[Tator]

resubmitted with better formating.

You may indeed. I have read many books on what turned the recession of 1929-1931 into the depression of 1932-1940.

Unfortunately, the Dem controlled house and both Obama and Hillary are proposing exactly the same moves that turned the recession into The great Depression.

The absolute single most worst thing to do is to raise taxes, and that is what they are going to do.

For the uninformed: When Bush's tax cuts are allowed to expire by the Dems here is how high your taxes are going up.

The child tax credit of $1000 go to $500 per child

10% goes to 15% increase of 50%

25% goes to 28% increase of 12%

28% goes to 31% increase of 10.7%

33% goes to 36% increase of 9.1%

35% goes to 39.6% increase of 13.1%

So who is going to get screwed the most by the Dem tax increases-THE POOR.

Never, every say again, the Dem/Liberals are for the little guy. They are about to pick their pockets for all they can.

[Dendroica]

You know they can easily pick and choose which taxes they'll raise. For example, gut the AMT, keep the tax cuts for the poor and middle class, and make stock options taxable at the full 39.6%.

Net result- zero change in tax receipts, but a dramatic shifting the burden from the middle-class to the rich.

[realitytrumpsbull]

I hear they're accepting euros in New York, or something...

[getoffmedz]

heckofajob Bush/Cheney

[thegreatgiginthesky]

Wonderful. That is the way I like my recessions, long and drawn out. Add some cheddar cheese with a side order of fries and we are talking gourmet style baby.

[ConcernedAboutRFuture]

I'm moving to Vermont. At least I can live off the land and carry a weapon... in case Blackwater takes over....everything. Y'know... that thought doesn't seem too ridiculous...and is quite scary.

[almoguy]

Have you ever spent a winter in Vermont? Try the rural south...everyone has a weapon, so Blackwater is outgunned, besides the land is cheap, the taxes are cheap there are no rules and the water is suprisingly pure. Don't be put off by the Christians, the vast majority of them are very sweet and helpfull..­..afterall they are "Christians"

[thegreatgiginthesky]

Any one know where I can get my hand on a M16 tank? I don't feel very safe these days and was planning on investing in a few to be used in case of self defense.

[Dendroica]

Alright Huffpo, this is the third time you've used this photograph. Is Papaya King paying you, or are you too cheap to spring for something else out of the Getty?

[thegreatgiginthesky]

Maybe its the most depressing picture they have in the image gallery. I know I would be depressed if I could only afford Hot dogs.

[Dendroica]

I haven't tried their dogs (the fiance is a vegetarian) but I've been told they are about the best you can buy. And their drinks are fantastic- the best fruit drinks outside of fresh organic stands.

[localman]

Looks like we've got ourselves a situation here...

I mean who in the hell would have ever guessed that the greatest debtor nation ever would suffer a 'painful and drawn out recession'? Or as people that aren't blowing smoke up your ass refer to it as, a depression.

[mrcontinental]

mrcontinental: european gigolo?

A man's gotta do what a man's gotta do.

[drkazmd65]

Isn't a long, drawn out, worse than usual Recession usually referred to as a Depression?

Or - is it still non-PC to use the "D"-word?

But,.... DUH!

[mmckinl]

Should the economy see ever rising energy prices while trying to recover it will be a Depression with severe deflation for everything but food and fuel which will inflate taking ever more disposable income from all other sectors.

[NicoleAnonymous]

What is the difference between the two?

[mmckinl]

In a true deflation all prices go down enabling a turnaround once confidence is restored. In this deflation energy and food will continue to grab ever more income negating any revival in the economies other sectors.

[irv]

a recession is when you get laid off. a depression is when i get laid off.

[mmckinl]

Many economists are now saying it will take 10 years to fully recover.

I'm not so optimistic. Even with all the bad economic news oil today is still above $90. Our whole economy is based on energy, especially oil.

With ever increasing energy prices more and more disposable income will be used to counter the effects of higher food and fuel prices squeezing out other purchases with an ever tightening grip on income.

The USA needs to declare an energy emergency. Tariffs should be implemented immediately and electric vehicles developed at once. Tax credits for solar panels and wind turbines. Without dramatic changes to our energy consumption we will forever spiral downward with government and consumer debt piled on our backs.

[ConcernedAboutRFuture]

Whoever you are mmckinl... I very much enjoy reading your comments. They are concise and quite educational. Thanks.

[civilbehavior]

HOT DOG!! A recession special......

Can Americans get any dumber.

This downturn began in earnest when Bush decided to piss down from above from the have mores wiht his tax cuts. Add to that the cost of this bloody war and bingo.....­.recession­.

I fault the American public for accepting and condoning this behavior. They are too damn lazy and too ridiculously trained to be "politically correct" to start the revolution.

You get exactly what you deserve. Karma is a bitch.

[mmckinl]

This downturn began in the 70's when Peak Oil hit America. We then began the petro dollar economy and did nothing to use energy more wisely.

We have known for 35 years through two oil shocks that our position was untenable. We have done nothing, worse, we built even larger more energy wasteful cars and houses.

Our trade deficits began then, we were the world's leading lender. Today we are importing 60% of our oil and are the world's biggest debtor.

[Dendroica]

Truth be told, they've had that sign up for most of the last 20 years. IIRC, it's been taken down for less than three of them!

[gcallaghan]

The recession will be painful and drawn out? Without the shield of those Saudi and Chinese funds that served to merely deflect the onset of this recession, we're about to be hit with the full force of the retarded codpieceboy's economic shitstorm. Visualize the average Iraqi's life just before Bush "liberated" them and try to picture them now. What goes around comes around.