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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) ...the twenty first century equivalent of bubonic plague, only instead of killing off a third of the population of Europe it kills 3.4 percent of those who notice they have it. It seems to be fond of the elderly, especially Iranian politicians and holy men... . |
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 |