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| U.S. output plummets, manufacturing at record low |
| 2009-03-17 |
| U.S. industrial output fell to its lowest level in almost seven years in February and manufacturing in New York state slumped further this month, according to data on Monday that pointed to a worsening economy. |
| Posted by:Fred |
| #12 ...the Obama spending spree is going to need the money printing presses running overtime. Yup, which will have the effect of making our money worthless. Somewhere along the line, the US decided that manufacturing was unclean and ungreen--no matter that a lot of good jobs and the middle class disappeared. Somehow it became more acceptable to shuffle worthless paper and go broke. |
| Posted by: JohnQC 2009-03-17 19:28 |
| #11 Just wait until cap-and-trade kicks in and Zero's taxes to support his Healthcare and entitlement programs pig-pile on top of it. American jobs will be going overseas in a flood. And so will American based companies. |
| Posted by: CrazyFool 2009-03-17 17:35 |
| #10 Industrial output slid 11.2 percent compared with February 2008. The 1.4% drop was month-month. Manufacturing has been shipped overseas for many years, even during the good years. Most worrying is that the deficit w/ China still grew year over year even as China's worldwide exports declined 40% and now comprises over 1/2 of the total trade trade deficit, including oil imports. With the $100 billion AIG taxpayer bailout of European banks and $250 billion Chinese trade deficit, the American taxpayer is doing all he can to keep the rest of the world out of depression. |
| Posted by: ed 2009-03-17 17:29 |
| #9 Obama is just not doing his job! He is destroying our industrial output at a paltry 1.4% rate, compared to over 13% for Russia. You can't get to the Workers Paradise at such a feeble rate. Can't happen. Wont happen. The masses will rise up and prevent it. |
| Posted by: Richard of Oregon 2009-03-17 12:15 |
| #8 By far the most extraordinary economic event will be when the T-bill bubble pops. The best description: "It will be a once in a lifetime, spectacular event. Like standing on the side of Mount St. Helens when it erupted." But when? I expect a few more bubbles to go first, to soften everybody up for the "big one". In most cities, you can see the commercial real estate bubble popping right now. But it is a "silent and deadly foozler", which won't make big headlines until suddenly we smell it and collectively gag. Pension funds are in a quiet dive as well. Many of them were terribly overextended in stock equities, and have had their clocks cleaned. Hedge funds, mutual funds, and a lot of municipal bonds are also going to wash. |
| Posted by: Anonymoose 2009-03-17 10:21 |
| #7 Yeah, but think of all the greenhouse gases we aren't emitting! If we keep this up, all manufacturers will be able to meet their "cap and trade" targets, right? |
| Posted by: Cornsilk Blondie 2009-03-17 09:44 |
| #6 Things are still manufactured here? |
| Posted by: Besoeker 2009-03-17 07:11 |
| #5 Most interest rates have already risen to their highest level in recent years. Consumer borrowing costs are also elevated. The rate on 60- month loans for new cars climbed to 7.32 percent, close to a seven-year high, as of March 13. Bloomberg |
| Posted by: phil_b 2009-03-17 05:53 |
| #4 Maybe the price of debt i.e. Interest rates will rise? |
| Posted by: Bright Pebbles the flatulent 2009-03-17 05:25 |
| #3 Now I know that surprise meter is broken. |
| Posted by: g(r)omgoru 2009-03-17 04:41 |
| #2 Note the net overseas selling of US treasuries. If foreigners won't buy US debt, the Obama spending spree is going to need the money printing presses running overtime. |
| Posted by: phil_b 2009-03-17 03:14 |
| #1 Not as bad as TURKEY's, ala CNN NEWS this AM. |
| Posted by: JosephMendiola 2009-03-17 00:41 |