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Economy |
US economy shrank by 0.6 percent in second quarter — signaling recession |
2022-08-27 |
[NYPOST] The economy shrank by 0.6% in the second quarter compared to the same period last year — the second consecutive quarter that the nation’s gross domestic product contracted, thus signaling the onset of a recession, according to the latest data. The US Commerce Department issued a revised reading of second-quarter figures on Thursday — nearly a month after its initial report measured a 0.9% contraction compared to the year prior, Fox Business reported. In the first quarter of this year, GDP fell by 1.6% — the worst-performing quarter since the spring of 2020. At the time, much of the country was in lockdown due to the spread of the coronavirus (aka COVID19 or Chinese Plague) ![]() . |
Posted by:Fred |
#6 ^ Just as companies that were never going to make a profit ever were "the future" until the dotcom crash, "money that is backed by nothing" is the future now. Until it isn't. |
Posted by: M. Murcek 2022-08-27 17:26 |
#5 Sudden selloff in Bitcoin… Friday 26Aug2022 The Bitcoin Market (Live) |
Posted by: Chaish Guelph4835 2022-08-27 17:16 |
#4 Have I left anything out ? Poverty Suicides Drug Use Lawlessness Low Birth Rate Beating old people Raping young people ... |
Posted by: Skidmark 2022-08-27 11:09 |
#3 ^^^We are. But better to kill the inflation dragon now, when it is relatively weak, than 3 or 4 years from now, when it will be much worse. Compare the Fed's fecklessness from 1965-78 in dealing with inflation. If they had been serious at any time during that period, we would have suffered less pain than we did eventually in 1979-82. |
Posted by: Tom 2022-08-27 08:22 |
#2 Economy certainly appears to be headed into the ditch. Thank you Biden. Deep State handlers, and feckless dem-communist voters. What a splendid job you have done in two short years. "Famine, death, war, and pestilence." Have I left anything out ? |
Posted by: Besoeker 2022-08-27 05:57 |
#1 Stocks crushed after Powell's Jackson Hole speech — Dow falls 1,000 points, Nasdaq drops 4% |
Posted by: Skidmark 2022-08-27 00:37 |