Fed Survey: US Recession Will Last 14 Months

Private-sector economists believe the U.S. economy fell into recession last spring and now expect a sharp contraction in the fourth quarter of this year after slashing their forecasts for gross domestic product, a Federal Reserve Bank of Philadelphia survey said on Monday.

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Comments

[Retrofuturistic]

The Great Depression lasted for TWELVE YEARS.

[JoeBlough]

Is this another lie told by the government? I don't trust the Fed or the government. Too many lies told too often.

[1differentdrummer]

Some people have been in recession for longer than that already.

[MetalCanuck]

LOL who are they kidding!

Its going to be a DEPRESSION and it will last for years.

[Carolab]

Preceded immediately by "what would a depression look like"?

14-month recession. Bah, what an optimistic prediction.

[tomas0808]

But but but...I wanted an Escalade!!! Waaahhh. I wanna be cool and pretend to be a rich person. Waaaaahhhh

[tomas0808]

This is the result of 40-50 years of devaluing labor. Labor has become devalued to the point that we have actually become a weak nation. Despite what they might say, having Wall st and the most bombs does not make us a strong nation.

I have confidence in Obama and he may be able to stop the depression and even begin some program to rebuild the strength of the country, but I also think it's quite possible that this will be a perfect storm that reduces the country to ruins. A full on depression and the resultant savagery might be the only thing that will make us realize the emptiness of consumer society and force us to remember what is really important in life and return opportunity for all Americans

[MetalCanuck]

AMerica is going in too much debt, Obama hasn't got the money to fix anything. He can only borrow and make it worst.

[JoeBlough]

Palin says this is gods plan for us.

[InnerThetan]

They announced today on MSNBC that Japan, England, and Europe are in a recession. Why won't they say it here? I guess they are afraid Christmas sales will plummet. They will without a label.

[tomas0808]

Personally,I can't wait to see all the malls, gyms, dog walking companies, dog washing companies, doggie daycares, go bankrupt and close down. I can't wait for the day when people will be afraid to drive the Escalade because they will be attacked. I simply find it repugnant that people waste money in places like that, when there are homeless people, starving kids, the list goes on and on

[Zeje]

There is nothing wrong with going to the gym. It might keep you healthy. It's not expensive. My gym is only $20 a month.

[dortmunder]

NOW they tell us?

[planetjeffy]

a recession is when your neighbor loses his job. a depression is when you lose yours.

If they are predicting this will be over in June, they need to get a clue. The layoffs have just started happening. This leads to more business failures and more layoffs. Not to mention this is world wide. It will take at least another 1 -1.5 years to start getting out of this mess. Thanks W.

[MetalCanuck]

try 10 years or more if no WW3

We need a green energy revolution to get us out of this.

[skibiketrash]

For months the MSM would not wisper "recession" eventhough the numbers shouted it out, and now they say 14 months???? Newsflash folks: This is a DEPRESSION that will last longer than 5 years. George and his boys are steeling whats left in the treasury and the greenbacks you and I have left in our wallets won't be worth wiping our backsides with very shortly. "Hello...... McFly"

[Carolab]

Yes and Peter Schiffs says that with it the government will be placing MORE controls over us and that we must not allow this. He says, rightly, the government created this mess through the Federal Reserve Bank. Advises you get dollars out and exchanged while you can, stop making mortgage payments, exchange the money you save for gold or other currency and stock up on nonperishable food items.

[efdcapt115]

And the survey says 14 months huh? At this point does anybody at the Fed, Treasury or in the outgoing administration actually still think ANYBODY out here in the real world believes ANYTHING they have to say?
Sure the "recession" will last 14 months. The DEPRESSION will last 14 years.

[Mr Grey]

Indeed, since they haven't even figured out how to get the "recovery" started.

[Louisfreeze]

I'm glad to see no one is falling for this or the temporary falling of OIL PRICES! They are going to try to gouge people out of every last penny eventually. The global markets have fallen by an average of over 55%. Yeah, we will come out of this tommorrow, NOT! The stock market would have to recover by 75% to get to even with the highs. Not going to happen for at least 5 years, probably 10 to 20 yerars. The media has become so sterile that they can't tell the American people the truth anymore. The MEDIA and the FED are useless.

[Carolab]

Massive inflation on its way.

[JoeBlough]

Big oil is lowering the price of oil to sucker in more SUV buyers. When the inventory is empty, gas prices will jump back up to $4.00+

[nomoredead]

Noooooo, not the hotdog picture again !

[InnerThetan]

Ya know, I feel I must say this. My husband and I are not "deadbeats". We bought a home five years ago and the bankers told us it was a fixed rate. We qualified, based on their terms, but they sold the mortgage out from under us to a new company. The new company changed the terms to an ARM. They sold it one year later to another company. In four years, our monthy payment doubled from the original amount. Natural gas payments went up, electric went up, food prices went up, gasoline went up, and we didn't get a raise to compensate, etc. We are honest ppl. and I don't think it is fair to blame everyday Americans who are trying to do the right thing. We just got caught up in the quagmire of dishonesty targeting others.

[JoeBlough]

Impossible. You signed up for fixed, it has to stay at fixed. Basic contract law.