IMF Top Economist: Worst is Yet to Come

Discussion in 'Economy' started by DavidS, Nov 22, 2008.

  1. DavidS
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    DavidS Anti-Tea Party Member

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    EXCERPT:

    "The worst is yet to come," he was quoted as saying in Finanz und Wirtschaft as he noted how the banking sector's woes had started to spill over into the real economy by hitting the carmaking industry.

    "This is only the beginning," he added. "The risk exists that the data will get worse and worse, which would then lead to more pessimistic expectations and accelerate a fall in demand."

    "It will take a long time before we go back to normal conditions."

    Blanchard said the crisis should last for another year, but normal growth would return only in 2011.

    Story here:
     
  2. xsited1
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    xsited1 Agent P

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    I agree. However, normal growth will only return in 2011 if Americans vote out the liberals in Congress and replace them with fiscal conservatives. Otherwise, it could last much longer.
     
  3. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    Of course it's going to get worse, we keep exacerbating the problem.
     
  4. Richard-H
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    Richard-H Gold Member

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    Apparently there is no such thing as a 'fiscal conservative' in U.S. politics. There are people who lie about being a fiscal conservative so people will vote for them, but then spend like the fiscal conservative's worst liberal nightmare.

    If you want fiscal conservatives in Washington, you have to elect liberals who are so scared of being accused of 'tax and spend' that the wind up being fiscally conservative.
     
  5. Againsheila
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    Againsheila Gold Member

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    It will get much worse regardless. It can't do otherwise. I've been predicting this since the 80's. You can't send our jobs overseas, bring in foreigners to do the ones left here and expect America's economy to improve. Sooner or later, the people who've always been purchasing the goods are gonna run out of money. For the last 10 years we've (the consumers) been living on credit. You can't do that forever, sooner or later you have to pay the bills.
     
  6. dilloduck
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    dilloduck Diamond Member

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    I love the way they put this
     
  7. Paulie
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    Paulie Platinum Member

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    "the worst is yet to come".

    Only the idiots haven't already known this.
     
  8. Paulie
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    Paulie Platinum Member

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    I think those are the Blue Dogs.
     
  9. Toro
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    Toro Diamond Member

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    18 months ago, the IMF had no idea a recession was coming, let alone a full blown credit crisis, so you'll excuse me if I'm not exactly going down into the bunker.
     
  10. dilloduck
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    dilloduck Diamond Member

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    oh cmon---everyone and his brother knew that the housing bubble was gonna blow and it wasn't going to happen in a vacuum.
     

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