Worst over when it comes to economy?
FROM CNN's Jack Cafferty:
It's springtime, and if you look really hard you might see some little signs of recovery trying to burst forth along with the daffodils. Despite taking a tumble today, stocks have pretty much been on a tear lately.
After hitting 12 year lows, the major indexes have risen for four straight weeks, with the Dow jumping more than 21 percent for its best four week run since the 1930s. It looks like Wall Street is hopeful that the economy and the financial sector are closer to stabilizing.
A key jobs report out Friday showed unemployment soared to 8.5 percent last month; but markets seemed comforted that the numbers came in as expected.
Meanwhile, there have been other glimmers of positive news on the economic front. For starters, we don't seem to be hearing about more massive layoffs every week like we were a couple months back. And, when it comes to real estate, existing home sales rose 5.1 percent in February, the largest increase in nearly six years.
Mortgage applications are also way up, jumping 30 percent one week in March, with most of these applications for people refinancing their homes. Mortgage giant Fannie Mae says its refinancing volume nearly doubled last month; and expects that number to keep growing. One official there says the results were encouraging and that expanding refinancing options is "a critical part of preventing future foreclosures and hastening recovery."
Here’s my question to you: When it comes to the economy, do you believe the worst is over?
Interested to know which ones made it on air?
Jane writes:
I am feeling better about the economy. My husband and I have started, yet again, a company and things are starting to look up! More orders, slowly but surely. It's not easy out there, but I keep saying over and over in my head, "We will be successful, we will be successful." And so it goes! I'm sleeping just a little better most nights!
Kenneth writes:
Maybe for us. Not for our kid and grandkids. They're going to pay for the Obama spend and tax bills at higher rates than we have. And they'll pay and pay and pay.
Lou writes:
The worst will be over when the great and all knowing media tells us it is. You will know by the signs: Ratings begin to drop when people get sick of the non-stop coverage. Suddenly, the crisis will begin to wane, people will stop being so scared by the sky-is-falling media, and we'll all feel like going shopping again.
Michael from Cleveland writes:
Are you kidding? I don't think that we are going to hit bottom until late this year or early next year. Then, I think that we are going to flounder on the bottom for a while. There might be slight movement up, but nothing significant. I think that we won't see any real recovery until spring or early summer of 2010, IF we are lucky!
T. writes:
I'm not an economist by any means, but March has already shown us signs of improvement. I think (and pray) that we've already hit rock bottom. I truly believe that things will turn around dramatically sooner than we all anticipated. Wouldn't that get the GOP's panties in bunches?
AJ writes:
I have my fingers and eyes crossed, hoping that is true. Hey, Jack, you look better with my eyes crossed!
CH writes:
I think the worst is over. I look forward to Fox News explaining why.
@jackcafferty on Twitter
I'm afraid not. I think we are seeing the the end of the crash, but a real recovery is probably five years away. We have been a consumption and debt based economy for quite some time. Unless we actually invest in domestic industries and energy production we will never have a sustainable economy.
I am very confident that the worse is over when talking about the economy. People are still losing their jobs all over the country, but i am very confident that the steps taken by our president will soon have excelent results.
No, GM will declare bankrupcy so they can close plants and change contracts by blaming the court. Chrysler will likey fail unless an overseas company takes it over and moves the jobs out of the US. The fixed costs of american cars is outragous and has to be trimmed.
The worst isn't over, we've just delayed it. Once again we have not fixed anything.
No But I think we are beginning to see the end of the tunnel.
I wish it were so, but I think we could still see one more shocking disappointment after the full effect of what already happened takes its full measure. Even if the largest layoff's have already ocurred, more job losses (greater than any minor newly created jobs) are inevitable. Also, the probability that more mortgage balloon defaults mount as a result of teaser rates and ARMS and generall unemployment, it will probably still get a little worse before it gets better. Scariest yet is that this recession went deeper faster than the last several and should theoretically take longer to reverse direction than those of the past that all took 18 months, and were not as severe.
Jack
Our unemployment rate in North Carolina is way over the national average at 10.7 %, until we start getting these people back to work I dont think we have seen the worst yet.
Jack,
No way! I think we have a long way to go before the worst is over. It will take us many years to get half way back to what we used to consider normal. Each day brings a new meaning to what is normal in our economy. People are still losing their homes, cars, jobs and savings on a daily basis. We are still in crisis mode, the remedy does not seem to be working. Maybe it's time to begin a new treatment method the old one sure as heck does not seem to be working very well.
Judie
St. Augustine, Fl
Jack, the worst is not over, not by a long shot. There's too much politics & politicians involved for our economy to start moving forward – just too many hands in the cookie jar. I believe it's going to take years before we start to see any recovery. In fact, when Webster releases a new dictionary in the near future, bailout will have a totally new meaning.
Jack
I think we can be positive while we are working on fixing the mess
Wall Street made that still goes unpunished and not a dime has been recovered and Sen Dodd got 166 thousand dollars for making a loophole so the fat cats could escape with OUR money in their pocket.
However in spite of that,yes I think we are improving slowly and yes
I think the worst is over.This idea though that it will be fixed next year
is yet another smoke job.We will not be back to real normal for at least
5 more years.
David
Actually the worst is over, BUT not in unemployment which will still rise for the next two to thre months.
But, clearly, the market is telling us ithings are stabalizing and starting to move back up.
I believe the earthquake is over and we are just feeling the aftershocks. With CEOs taking $1/year paychecks and the Bear Sterns going bankrupt, the worst has to be over. Let me remind you that the Dow has been above 7,000 for the past week.
In my current steady, consistent, financial state of affairs it would be easy for me to say the worst is over. However if I asked someone who is still jobless and perhaps even homeless and/or penniless, he or she would probably disagree.
Regretably no, too many unemployed and under-employed, too many forclosures and tent cities, too many "new jobs" paying a wage which is akin to subsistance poverty, too many pensions destroyed and too many families in despair knowing that the American Dream doesn't include them. What a sad ending to a great American experiment in capitalism and democracy, I fear that we will not recognize the America which rises from these ashes.
I think it just might be Jack. This slump in the economy has been longer than resent ones and even the one after WW2 if you look back in history. Looking at history Madoff did in the late 90's and the 2000's just what Ponzi did in the 20's the man for which the sceam was named. How could we have let this happen I guess we just do not study enough history and math for that matter. But to me it seems the upturn has started and it most likely will not shoot up like it feel but things look better and I think the worst is over.
The worst is not over until jobs come back. Leading economists indicate that the worst is not over. I tend to believe them...almost!
Jack: No, the economy will not recover until the unemployment percentage starts to drop below 6%. The stock market is improving, sales of existing homes is up, but new home starts are flat. The manufacturing of durable goods will have to be up for 12 months to make a difference in the economy. President Obama's economic team is hoping there will be a meaningful improvement by December
2010.
John from Alabama
That all depends on where you work or if you are working at all. Collectively, it feels like we are stopped at the edge of a giant cliff teetering and we could fall off any second or slowly move into reverse. Your guess is as good as mine Jack.
No we have a ways to go yet. ask again next year.
Well...what I believe is the worst will be over sooner than many of the economists believed. I think we are on the road to recovery. There might be a few hiccups along the way but I am sleeping better now with some brains in the White House.
In my little corner of the world, the worst is over. Of course, it all hinges on good health. Since we can't afford health insurance we're one catastrophe away from living in a box on the street. I hope everyone saw "60 Minutes" last night. There but for the grace of God . . .
Perhaps the fiancial fiasco is dying down but there will be no end to economic problems unti we stop the loss of manufacturing industry and jobs to unfair cometition. WE can achieve this by FAIR renegotation of Trade Agreements which recognizxe that lack of health & safety stands and lack of enviromental contrls constitute UNFAIR competition. We also need to stop tolerating China's mannipu[ilation of currency and hampering US imports. The other way to accomplish fairness is increase taxes on non-US operations and/or to subsidize manufacturing.
Not really. With the auto industry still hanging on by a thread and no significant changes in the financial industry in terms of regulation or breaking up of the mega banks, I think the danger of a depression still lingers.
Jack: No--–the best is yet to come--GM will have to restructure either inside or oustide of bankruptcy--that is more job loss-–Ford has previewed their new electric car for 2010--170 miles per gallon-–with a price tag of 50-70 thousands dollars--so they will be eating crow soon--and Ford will be following in the footsteps of GM. Unemployment is at 8.5%--and that will start increasing once GM and Ford collapse---is the worse over---we are not even close.
I think the change of aministrations came at a crucial time in our country's history. A new administration provided the necessary change our markets needed to reform and turn around. While the republicans are crying that the sky is falling, the indicators now show an upswing. Our economy now needs a consistent policy to regain confidence and stability. Call me a Pollyanna, but I'm very optimistic. Leave the doomsayers to the the minority party.
I wish it were, but I think the president is right when he says you can't turn this ocean liner on a dime. The best I can hope for is this Autumn.
Are you kidding? I don't think that we are going to hit bottom until late this year or early next year. Then, I think that we are going to flounder on the bottom for a while. There might be slight movement up, but nothing significant. I think that we won't see any real recovery until spring or early summer of 2010, IF we are lucky!
But then again, I'm an optimist!
In Canada the economy appears to be improving but of course our economy is tied to the U.S. so if America doesn't continue with some modest improvement then Canada will soon follow.
The Conservative movement in the U.S. is undermining both the administration and the economy with all their inane rhetoric and posturing while the Conservatives in Canada have been smart enough to keep their mouths shut during these trying times.
Of course in Canada we do have an advantage as we don't have all the right wing nuts inciting hate and bigotry through the media like you have in the U.S. so this is likely to our advantage as well.
Dear Jack,
USA is writting the World History. God sent you Obama for this reason. America should help and support Him...
Mr. Jack, Obama needs all of you to bring the change he promised us around the planet...
Jurnalists, artists, have been at all times ahead of politicians and politics. They are the first to nose the wright and the wrong. Please be together and help Obama to succeed.
Sincerely
Possibly, unless Government spending and expansion does become so heavily shouldered on the taxpayer, Illegals are granted Amnesty and access to Social Security, and no one forces the banks who took our TARP money to re negotiate face value on homes, leaving millions homeless and un able to pay taxes , let alone get jobs. The solution is simple, however Politicians have vast talent for over complicating the obvious , and ignoring whats best for the AMERICAN people.
Jack, stability is different than recovery and with the employment effects growing and becoming real on people, I don’t think that no one can really say when the economy will recover. A sense of steadiness seems to be returning after a very high anxiety producing time.
I sure hope so. But I'm not holding my breath.
Is the question refering to "The Economy" as refering to Wall Street and the Dow numbers, or the Main Street economy as relating to the number of people who are unemployed, and living a bare existance ????? Are you refering this question to the CEO deciding wheither he should buy that new Rolls, or the guy trying to keep the old Chevy running, so he can keep looking for a job ? As long as there are people loosing their jobs and homes, "the worse" isn't over for them. No matter what the Wall Street numbers say..... The Dow may "recover", but a great number of Americans never will, they have lost too much.
Jack, we have not yet felt the worst, but the corner seems to have been turned. Employment is the real determinate of whether we are out of the woods. Unfortunately, it is also the last indicator to turn. By July or August, we should be getting news that is more like we want to hear.
Jack,
No, there will be more bad news to follow. With GM restructuring it will mean closing more plants. With the G-20 results, it is clear that stimulus spending in France and Germany is a non-starter. Regulatory reforms take time. That is what all the countries want.
Even with some good news on the housing front, there is over a 50% default rate on mortgage reworks. That means, that the folks who are barely keeping up and get the reworks are still defaulting (foreclosure) because they couldn't afford the house to begin with.
We have a long way to go before the economy will begin to rebound.
The worst will be over when the great and all knowing media tells us it is. You will know by the signs: ratings begin to drop when people get sick of the non stop coverage. Suddenly, the crisis will begin to wane, people will stop being so scared by the sky is falling media, and we'll all feel like going shopping again.
I'd like to believe that "the best is yet to come", but we probably have a lot of mistakes to rectify before "the good times roll" again.
No! I have seen nothing that inspires my confidence in an economic recovery. It will take a FDR and a congress that decides to work together if anything worthwhile is going to be accomplished.
nope it's just started our new president and the dem's have not done all their damage yet just wait
Who knows what 20 years of outsourcing and the worst Administration ever will still lead to. Nobody knows anything for sure, except that Bush was a complete failure.
No. There are many hurdles to still clear. Unemployment is expected to rise. What ultimately will happen with the auto industry and all the businesses connected to it? Foreclosures need to stop and banks need to forget bonuses and start to lend money. Health care is still a major issue. It's going to be a long time before our economy returns to profitability and normalcy.
When the telemarketers stop calling I will know we’ve hit rock bottom. Even if they are working solely on commission they have to be making something or they would leave me alone.
NO, their is at least one more downturn in the housing market that will occur later this year where people will not be able to pay their bills. Besides Wall Street is still in control along with the lobbyists in Washington. These along with greed and corruption in our society will become more evident causing another major downturn. Something to look forward too so get ready.
I believe that the speed of the decline has been slowed. But I can't help feeling that there are more shoes falling. Maybe we'll find out that all the major banks are insolvent. Maybe the GM and Chrysler bankruptcies won't go smoothly afterall. Is there another Enron out there? Maybe the Republicans will be successful at blocking any progress on healthcare, stimulus, tax reform, and all those other things that find them married to the status quo. We are only the mushrooms in this whole thing. Kept in the dark and fed sound-bites.
no
It takes time for the programs to do thier job and this economy is in a big mess and will take time to coreect.
It's too soon to tell. We still need to wait a bit longer to see how the Automakers will do. Any bankruptcy for GM or Chrysler will have an affect, hopefully it wouldn't be too great. Also, Heaven forbid, but if we were to have another domestic terrorist attack, that would throw in a monkey wrench. We just need to keep plugging along diligently and remain optimistic.
I am feeling better about the economy. My husband and I have started, YET AGAIN, a company and things are starting to look up! More orders – slowly but surely. It's not easy out there – but I keep saying over and over in my head, "We will be successful, We will be succesfull". And so it goes! I'm sleeping just a little better most nights!
No, the worst is yet to come. We still have a government laboring under the delusion that printing up trillions of dollars out of thin air and throwing it at Wallstreet is the way to go. We also have auto makers teetering on the brink and other companies moving more jobs offshore. Even immigrants are finding more hope and opportunity by moving back to Mexico and parts south of there.
Major newspapers are closing up, Jack. That's got to make the hair on your neck stand on end.
The worst was over when McHoover i mean mccain lost the election, president obama and his staff will do any/everything for future economic prosperity. The other way was tried before letting it spontaneously come back to life, HEY mabey thats why gangreench wanted to start a war with north korea...... the republican solution to an economic down turn. a goood old fashioned war..
If the stimulus takes hold, then we have probably seen the worst of it already. There are signs that we are starting to turn things around, but it will take time and progress will be slow. But barring anything of a catastophic nature, I thing we hit bottom and are on the way back up.
The economic ride is far from over. While we have seen moderate increases in the market, the overall plan by the current administration simply returns the economy to the state it was in prior to the current recession. I have seen NOTHING that indicates that long term stabalization is immenent, or even possible.
Brett E. Barker
Eureka, MO
Jack,
Yes, I do. Oh, sure, there are still some bumps ahead. The next few weeks will feature some rough quarterly earnings reports that may cost the DOW several hundred points. But I think most of the negative news has already been priced in and God knows we're all ready for a long upswing. I'm not hoping for a roaring Bull that will just eventually run out of steam and leave us vulnerable to the Bears again. I want a long modest uptrend, based on genuine positive news, that will convince employers and investors that America is back and ready to produce. Look out world! That light at the end of the tunnel is us and we're building a head of steam.
Jim
Reno, Nevada
Sure we've seen a few weeks of positive growth in the market but it's only temporary. As unemployment worsens and public spending decreases we will only see the stock market decline to all time lows. At this moment there is little confidence in our capitalist system and i believe the worst is yet to come.
I sure hope it is but we might only be in the eye of the storm. I have more hope and faith in our president than I did his predecessor. I think that plays an important part in what we're starting to see in the economy turning around. But if we do not pass strict laws governing our banks and Wall Street from this happening again, then we are in serious trouble.
No way. Our economy's on life support. We'll have at least 2 more years of record unemployment, followed by 10 years of slow growth just to get back on an even keel. Of course, if the Republicans regain control of Congress and the White House any time soon, we won't have to worry about the economy because we'll all be forced into "re-education camps" sponsored by Michelle "Nonsense" Bachman, a part-time intellectual, who thinks McCain should teach economics because he can count to 8.
No, the worst is not over Jack. The GOP is going to do everything in their power to make things worse just so they can blame it on the Obama Administration.
being raised as I was jack,
with a brother a year older than I who is the only child,and a younger sister who is a baby boomer, I doubt anything until I see it.
then I still doubt it for quite awhile after I see it.
Maybe temporarily. In the long term our current deficits will cause worse harm than if we did nothing now and just let the recession find it's natural end.
Jack, as President Obama stated 3 months ago, his true litmus test for a recovering economy, is job creation, and stability.....thatt's mine as well..... when this begins to happen, then the recession is coming to a stand still...
Are you serious? In all your years as a commentator, have you ever seen this country so close to bankruptcy and weakness? Socialism, here we come.
Tama, IA
No, the worst is not over. But President Obama has the country
started to much better days. What is imperitive right now is for
us all to pull in the same direction – with him. All the arguing
and bickering just slows the process to recovery.
Jack: There are still too many people out of work and the ones that caused this mess are not in jail!!!!
I want to believe, the worst is over, but I'm afraid, it isn't, bacause each day it seems more and more people lose their jobs, i wonder why we allow so many come into our country, and become citizens, when so many of the citizens we already have, are unemployed
If you think that the employment level is going to change, let me interest you in a patch of desert land. The unemployment numbers will exceed the ten percent that the economists are predicting and many more will lose their jobs because of it. The auto industry will be devastated, while the bankers will continue conning the American public into taking out risky loans. That industry will collapse again before the next year and a half and the bailout will be restored so that the bankers can bilk the American taxpayer again. Don't let a few weeks of growth in the markets fool you. The dismantling of America is far from over. We wil wish we were Zimbabwe before it is all over.
maybe,i hope so. i want everyone to have jobs, keep their homes, and have quality healthcare too..it will turn around and i hope that it will be for good.
One can only hope so but I give no credibility to the market results or any of the so called economists. Wall street traders remind me of the inmates of the asylum in "One Flew Over The Cuckoo's Nest". They react in a very irrational fashion to almost anything they hear and the stock market goes up and down like a yo-yo with no reason. Having a president with a functioning mind for a change will certainly help things enormously.
I'm not holding my breath yet, Jack. Probably there were people on the Titanic who were convinced it would only sink so far, too.
Maybe for us. Not for our kid and grandkids. They're going to pay for the Obama spend and tax bills at higher rates than we have. And they'll pay and pay and pay.
No not yet, after all it didn't happen in three months. It took the Republican's eight years to cause this black hole, so give the Democrats a few years to get it back on track. The economy is looking better since January 20th. though. Give them a chance and help out however you can, Jack.
Jack
Quien sabe? At least we know that whatever befalls us, we have a President who can tell spit from shine. That helps.
Pablo
Arlington Texas
No, Jack, the worst is yet to come.
Brownwood, Texas
Jack,with all the out of control spending,big bailouts,and creation of the Obama nanny state,I believe we've only begun to see what chaos this administration has created.I hope to God I'm wrong!!!
no these bail out has done nothing for jobs with out stoping immigration legal and illegal and work visas where will americans get jobs we need more manufacturing jobs and a level playing field in trade.
No cause Gm and Chrysler have not failed and lost the rest of the jobs and here in Tx people are going to spend their last dollar to look pretty in the new spring clothes instead of keeping last years and saving money.
Stupid statement Jack, printing money out of thin air causes inflation, and the US is in the exact position Germany was in the 1920's before they turned into a fascist state.
Jack
Home values will slip to 1996 levels along with wages as did the stock market. The stocks hit bottom at 6660 DOW ( strangely) and will slowly drift upwards to 8000 DOW. Unemployment will hit double digits and remain high until 2011. When wages and cost of living are aligned and the illeagles are gone the economy will return.
Jack,
In my opion, not even close yet. Until we start getting our jobs back that have been outsourced, and get illegal immigration under control, see that jobs go to American citizens, until then i feel we are still in for alot of hurt.
Carl in Illinois
I still am unsure, Jack, but I am hopeful that the worst is either currently happening or is really over. That would be fantastic news for the U.S. and the world economies.
Jack, not yet. The worst will hit when Obama comes back for the second round of deficeit spending that will most likely drive the country over the brink into socialism, due to enormous debt. If the 2010 budget gets through Congress unchanged, and Obama and company suceed in nationizing heath care, redistributing the nation's wealth through his taxes and welfare agenda, you will see the WORST as the national economy tanks from overloaded debt and the U.S. becomes just another bankrupt 3rd world nation.
Lance, Ridgecrest, Ca
No way! The reason, All the new taxes, and fees that the Federal, State and Local governments need to impliment have yet to kick in. Once they do and people have so little, if any left that there will be no spending things will get worse. Much worse.
Hi Jack,
it's all about confidence. How is your own confidence? For me, when I see all the steps taken so far and see more confidence in the Treasury Department's owns actions then we sart seeing Wall Street picking up confidence...which is good since we keep saying how the crisis on Wall Street affected Main Street.
I believe if people quit listening to the news media and all their negative ideas, especially from republicans, we are better off. Everyone wants to be an economist and the sore losers of the Republican party don't want the President to succeed. So yes, I will keep trying to help the economy in my small way: spend my $30 a paycheck on a breakfast out locally once a month and save the rest. Everyone can do there fair share.
Jack, The worst is not over with the economy. We havent even started to pay the stimulus package off yet. When its paid for then the worst of the economy will be over with.
Terence, Piscataway,NJ
I don't think so. there is a lot of literature out there that suggests the contrary; and in fact that our economy will get much much worse.
Since I am not an economist and not privy to fortune telling abilities I have no idea. Anyone who claims to know is pretending to have some ability to see into the future. There may be some trends but we will not be sure until things get one hell of a lot better.
Things are getting tighter at home Jack . After gas came down from $4 to $2 the higher food prices have stayed.My electricity has gone up about 20%. Now they have taxed my cigaretts so much i can`t afford to smoke, but i think that`s a pretty good trade for childrens health care. As close as i am to the poor house, these things hit pretty hard. The wealthy have nothing to complain about.
The worst is not over yet..
Economics 101, Jack! The past 4 weeks was a Bear Market rally...unemployment continues to rise...and we haven't even hit inflation yet!!! On top of the TRILLIONS of dollars the Obama Administration is dumping into the system...we are in for a rough time. Enjoy your spring time flowers, because things are going to get ugly.
It may well be so. But before we go off and have a party and buy a yacht and start spending again, we need to remember the lessons of all of this. We need to live within our means and be happy with enough. I'm guilty of a few excesses, but at least they're all paid for while I look for employment in a country that doesn't value experience over youth. I have a reasonable mortgage that's half paid off and a car loan that's 3/4 paid off. I don't have much saved for retirement, but when I hit the ranks of the employed again, I'll work on fixing that.
Sheryl Crow: "Its not getting what you want, its wanting what you got!"
I don't think that it's over. I do think we are at a leveling point in which a lot of us are at a "wait and see" mode. If things hold until the first of May, then I'd feel more comfortable in spending on items that I've held off on.
Don't buy that Rolls Royce just yet Jack. While there seems to be some impovement, it will take a broader and more firm evidence than the past few weeks to believe things are getting rosy.
I think it is too difficult to define what the "worst" actually is... but I believe the process of recovery has begun... and we will see setbacks... but on average we should start to see improvement...
No Jack, there are still some Republicans left in the Senate and House that we have to vote out in the next election.
Dear Jack,
Maybe the worst is over for now.
However, financial troubles are going to pop up again and again.
In the current financial chaotic framework, financial troubleshooting
is a perennial patchwork. Primarily because those in authority
don't know what they are doing.
GREG from WARREN, MI
Recently there have been signs that the economy is turning around. The "economist " claim that unemployment will continue to increase for some time after a "turn-around".
Those who lost their jobs as a result of the Bush-Wall Street economic disaster will only realize a "turnaround" when they regain employment.
Bob
Louisville, Ky
No we have a long way to go BUT thank goodness we have a President in the White House that is doing his best from DAY 1 to start getting this country back on the right track with the Stimulus package & his upcoming Budget. The MILLIONS of JOBLESS Americans are grateful that President Obama added an extra provision called the EB-EXTENDED BENEFITS in the Stimulus package thats addl 13 weeks for those high jobless states like mine. This President knows that mainstreet Americans got the shaft for 8 yrs. It took President Bush 8 yrs to drag this economy downhill culminating into a Recession and we know it will take some time to recover from this mess. JOBS JOBS JOBS!
You said it Jack, Spring is in the air, and I can smell the winds of change. I'm thankful that we now have a President who can travel world-wide, and not have the stinch of sulfur, nor have shoes thrown at him. President Obama is bringing change to America and the world.
I think we are close to the peak of disaster. Now we need to have the conservative NO group refill their glasses to half full instead of half empty. It is time to put politics aside and focus on what is best for ALL Americans. We need to stop the childish political; bickering in Washington. We can start by closing down K Street, just like Guantanamo. Jack..were you embarrassed to be an American after watching the Guantanamo prison story Sunday?? I was 🙁
If the job losses do not level off, I'm thinking we haven't seen the bottom yet.
No. In fact the worst is yet to come. This illusion that the economy is recovering is just that. An illusion. What the United States has done is pumped billions of dollars abroad to prop up other countries lending institutions through cash infusions to a few large poorly managed banking systems. Once those funds are exhausted then the whole deck of cards will fall. The American Tax payer and their children and grandchildren will be left paying for it. Had the United States government let those poorly managed banks fail like any other poorly managed company we would be in recovery mode now. Instead we have another 9 to 12 months before that can happen and that is if Congress doesn't meddle anymore. There is a good reason why lawyers are not bankers. Unfortunately those congressional lawyers don't understand that.
No. I think it will continue to slide in some areas and gain in others, It certainly won't get better if the Republicans have their way. Their budget is a joke, and they don't want things to get any better. That way, they can say "I told you so!" I do have confidence that everything will eventually get better..........as long as the country continues to support President Obama and blame who is really the culprit here......George Bush!
Of coarse it is Jack. This should be a time for reflection on how we reacted to the news you reported over the last few months. We have become a generation cry babies that are so greedy and self involved we only see what we don't have and nothing else matters. 8.5% unemployment means 91.5% employed. Any glass 91.5% full isn't doing to bad and sure as hell doesn't deserve the doom and gloom implied by most CNN shows.
Not until I begin to feel like it's over in my pocket.
Unfortunately, no! Gas prices are going up along with most other necessities...wages (if you have a job) are not. On top of that...how much worse will it get when we have to payback all this bailout money and paydown an unbelievable deficit? That takes money out of your pocket and very few people have any money left in their pockets. In fact, most of us could change our name to M T Pockets or Ima Broke and the names would fit!
The worst is over! I could hardly drive by the mall this weekend with all the traffic!
Jeff in New Britain, CT
Jack,
Not hardly, even though people may be trying to refinance their home loans, there are still job losses out there. Until the job losses slows up, people who just refinance, might find themselves losing their job in the future and where does that put them. I'll tell you, right back in the possibility of losing their home because unemployment doesn't pay enough to pay all of your bills.
Jack, I believe that the worst is almost over. First, the stock market has been doing fine because one day it is postive 56.67 and the next day is negative 14.3. Next, the housing sector is getting to be stable in a couple of months. Lastly, the economy is going to get better in the year of Januray 1, 2010.
North East, PA
No Jack we have to stop the job loss. When we put people back to work then the worst will be over. Is CNN hireing?
The economy is no longer an American economy. We are so intertwined with the world, "Global Economy" that what we do here in the US of A may not revive our economy. It's going to be interesting to see how this plays out. That's why I watch CNN!
I don’t think Wall Street is the measure of the economy for the average person. From 2002 to 2007 the stock market did quite well but it was an illusion pumped up by the real estate bubble. The employment figures do not reflect all the people who have taken lower paid jobs, work part time or have stopped looking entirely. I’d love to be optimistic but from I do not see any reason to be for the time being.
Endicott, NY
The worst is yet to come. Nothing has been put in place for creation of jobs either in the near or distant future. We will never recover until people are working and making a wage they can live on and meet their needs for shelter, food, education, medical and old-age. These are not being addressed by our Congress, Corporate America and as of now, the White House. Do whatever you want but if we cannot make a decent living wage, nothing will be accomplished. Want the economic disaster to improve or stabilize? Put Americans to work!
Thom
Negaunee, MI
The only way the worst will be over is when Obama, Ried and Plosi are sent home and they take the rest of the crooks with them. I'll buy Obam a train ticket!
No. There are too many people who are unemployed, homeless, without health insurance, or having their homes foreclosed. There are too many commercial properties with "For Sale" or "For Rent" signs in my town.
I don't believe the worst is over. There are too many people unemployed and we have not seen enough of a change in the business community to suggest that they are willing to do what it takes to change the way they do things so that they can profit at our benefit as opposed to our expense; in other words, they need to be reminded that without customers they fail and paying peopel too little and laying off just icreases their chance for failure since it eliminates customers to by their products; Big business must be willing to find other ways to cut costs and if cutting costs any way besides laying people off isn't possible then they will have to find ways of generating more revenue to offset their costs and make profits.
The worst is not over yet. If you look a the records back in the 1930's
the market went up and then went back down. The depression got worse. We are in the beginning of a depression now and it's going to get worse. It's too early to tell. We should revisit this question in December of 2009.
Your comment is awaiting moderation.
While there have been some signs of improvement, I think we have a long row to hoe before we can truly say that the worst is behind us. There still is not a resolution on the automotive front, and there is still very little credit floating out to help small businesses. I think we need to wait and see what it looks like in two to three more months.
No amount of punditry or genius experts commentary is going to change how this economy is straighten out. What is important is what safeguard and laws are put in place to rein-in the unbridled greed which got us to this place. It ain't over until it's over - thank you Yogi
Sorry Jack,
I don't think the worst is over yet but I believe we are on the right track.
It won't be over until the banks are lending again, Health care has been reformed and America is no longer dependent on oil and have an alternate source of energy. Those categories along cause us to remain in debt.
Jack, that song isn't playing here in Hart County GA. We just hit an unemployment rate of 13.9 percent. The rich might be getting richer again, but the middle class are still bailing water.
Now way in hell, Jack. Put a fork in this country, it's done.
I fear the worst isn't over yet.....our company had a second round (since January) of layoffs today, all salaries have been frozen and no year-end bonuses will be awarded until further notice.
The economy has never been "that" bad, our issue was and always has been a credit crisis. Frankly if Obama hadn't cried wolf and beat the drum about a bad economy it's likely 92% of the population would of never noticed. And lets not forget the eight percent who are the home builders that sold homes using shady real estate people that found people who would lie on their loans from dishonest mortgage brokers that were discounted to capital syndicators that used a credit derivative shell game to hoodwink honest taxpayng investors to purchase them.
No the worst is not over..... see any vacant car dealerships or big box retail stores ...... there next ... then it is over...
I guess it depends if you're out of work or about to be. Yeah, we're probably coming close to the bottom. Unfortunately, unemployment is a lagging indicator so there will still be plenty of pain out there for awhile. But hope coupled with good leading indicator numbers is a good thing.
I love the picture of the flowers you are showing. I don't think things are quite that pretty yet. There are some signs of things getting better. If we are being honest and realistic, too many people are getting laid off(still) food prices are still through the roof, gas prices seems to be inching back up, so I think it is still an uphill battle. Your question is the worst over, NO, some of the worst is still with us and probably will be for a while. I think a few baby steps have been taken to the positive side and that is something anyway!!!
I don't care for his smooth talking political issues. I feel he is false, since he announced that his home county is "IRAQ & IRAN". Then why be AMERICA'S president if you don't appreciate and claim this Great Nation to be your HOME. I feel America needs to pull together and "IMPEACH" him. He is on a spending spree by traveling to all these countries. How about staying home and fixing our Nation and what's wrong within it.
Until our jobs stop going out of the country for cheap labor we won't see much of a recovery. This is not just a slow down like in the 90's and 80's. Our jobs have gone, and they are not coming back.
I'm naturally both cautious and optimistic, so, yes, I believe the worst may be over. But then again, I grew up knowing that "need" and "want" are light years apart. Way too many Americans weren't taught - or didn't learn - that lesson and are now suffering the consequences.
On economy, I say the worst is yet to come. Our home town just raised gas prices by twenty cents just over the past weekend. This is just a small issue that shows things are still going down hill.
Worst over when it comes to economy?
No, as long as American jobs are continued to be ALLOWED to be outsourced, foreign workers allowed to enter the U.S. and take American jobs, and the unemployment rolls continue to climb I can't see how the worst is over.
Well, SecDef just announced that they wouldn't be procuring any more Raptors...
Thats good for about 10,000 lost jobs from Lockheed.
The business aviation sector is still crippled from Congress' remarks about the "evil of business aircraft," and will be for years
As an aerospace engineer: where is this sunrise you speak of?
Typically with a Democrat President, I would seek a job with the civilian corporations, as they cut military spending. This administration has managed to crush both, and maybe permanently cripple a vital American industry, one of the few that actually exports more products than it imports!
Thanks a lot.
For you and others like you Jack I'm sure the economy is looking up now that the stock market seems to be going up again. For the unemployed and those yet to be unemployed, since those jobs aren't coming back, the worst is yet to come. For them, the recession is likely to last a very long time, much longer than unemployment benefits will last. Get real Jack.
Jack–
The national media is painting a positive picture, and I believe some good things are happening economically. However, when I talk to people in the grocery store or in the thrift shop where I volunteer, many are saying that things are worse for them than they've ever been. I don't think we're out of the woods yet.
Until we get the housing industry and banks fix, and invbestigate what really happened, we'll be spinning our wheels for years to come.
Is the Worst Over Jack How can any of us novices Predict that. When The Pros did not see it coming , I can Not Say It Is over But I can Say like many In washing ton and wall street I hope It is .But then again I was hoping that this new administration had enough balls to Hold the last administration to account. And I was wrong about that .
Ron Holst
San Antonio , TX.
The worst for the economy was over when G.W. Bush was out of office and no longer able to break anything else.
No, I do NOT believe the worst is over.
If the worst was over there would have been no foreclosures advertised in my Sunday paper.
If the worst was over job fairs would be slowing down.
If the worst was over unemployment rolls would be going DOWN.
If the worst was over maybe some of those companies that tgot our tax money in bailouts would be asking for a repayment schedule, and we would be getting our money back.
If the worst was over our people would be home from Iraq, we would have found bin Laden, and we would be pulling out of Afghanistan too.
And, Jack, if the worst was over my husband would be back at work!
When he gets a job (when there are some jobs to get), then the worst will be over!
The key word is 'believe'. It will take time for all of the so called indicators to catch up with what is really happening. If we believe that the worst is over, then it is. Now. The sooner we feel confident, the sooner we will start spending and the sooner the economy will recover. Until consumers spend, the economy will need government stimulus.
Chris
Lathrup Village, MI
Jack, Stock prices often reflect expectations of how the economy will be fairing six months or so into the future. I believe the recent rise in stock prices reflects that the market has bottomed out and is starting a bull run. That would point to a turnaround for the economy by late summer or early fall.
Question is "is the worst over" Not a chance. Thers is going to be
much more grief and thieveriy before this gets sorted out. Just look at
the U.K. Big power moves by government to take away public watchdog groups.. maybe same here.. all that will accomplish is
more angry people.. which will make more gov. control, which makes more etc,etc,etc. It's going to get more ugly than you think!
We can only HOPE.
I don't believe there was a crisis....that wouldn't have resolved itself on its' own. Survival of the strongest. All this Pork, Pay for Play...Special Interest... Social Programs.
Jack I will believe the worst is over when I start to see some of the workers of indiana are being called back to work and adds in the paper asking for applicants resumes
Jack, it won't be over until the rich stop losing money. Isn't funny how there is only problem when they are going broke.We may not been in the "Great Depression" but we do seem to be in the "Great Ajustment". Americans are being asked to work harder for less, losing benefits, homes, jobs and our standard of living. When we can get used to that it will Be over! Jack From Nice, Ca.
The economy is probably bottoming out, though certain sectors will level off sooner than others. For example, unemployment will lag the financial sector, as usual. We can count on those for whom a well-fed middle class is anathema to complain, despite being at the head of the line when it comes to bailouts, and we can count on the heads-in-the-sand party to act as a megaphone for the fat cats in their complaining.
I honestly can't see why we're allowing those who drove us into the ditch to ever get their hands on the steering wheel again, so the health of the economy will remain an inverse proportion to Republican power over the recovery.
Bob
The worst was over Jan 20, when two-gun Bush rode off into the sunset towards Crawford, Texas and his trusty sidekick went wherever he went t count the millions of Halliburton residuals he realized through the war in Iraq.
Jack, the worst is not over yet. There are still some Republicans left in the Senate and House that we have to vote out in the next election.
NO, Obama is going to keep printing and spending dollars until they are "Worthless". Then we will see an inflation tsunami that will destroy the dollar. Thanks, President Obama.
I wish I could believe the news Jack. Yes, our economy has taken a turn for the better, but what of the world economy? It's still very much in the tank, at least in certain Eastern and Central European countries, not to mention the rest of the globe. Countries such as Ukraine are on the verge of collapse and Russia's currency is as unstable as ever, and unrest is sure to follow. Something tells me that although we as a nation may be coming out of this mess, the world that is still very much immersed in it will be left to pick up the pieces. Such economic downturns are always bound to cause geopolitical differences on the globe and America's standing as a superpower is diminished, if not gone completely. Other regional powers such as China, Russia (once it has stabilized), and India are beginning to take the helm and a greater role in the functions of today's world. The days of America being unchallenged are numbered. Some could even argue that they are already gone. So though our economy may be looking up, it is becoming increasingly apparent that we will have to deal with the consequences later.
Absolutely not. There are well over $500 trillion in unregulated, undisclosed, unstable derivatives of which only a percentage has tagged our banksters. As William Black has indicated with Bill Moyers, these rescuers that Obama has surrounded himself with were actually the perpetrators; The reason for the crisis is not so much regulation or accidents, or interest rates, but pure unmitigated fraud, deliberate greed and fraud, with zero concern for the much anticipated crash.
I was permanently laid off and my job was offshored to China on Feb 26,2009. I'll believe the worst is over when I find another job making as much as (if not more than) I did.... and if I don't lose my house or my good credit rating in the meantime. And Jack, don't get too excited when 'markets seemed comforted that the numbers came in as expected'. That is just Wall Street's way of patting themselves on the back for 'guessing' correctly. If any number veers far from their best guess-timate, they make us all suffer by driving stock prices down further. It doesn't matter how bad things actually are, what really matters to Wall Streeters is that they guessed correctly.
Teri K
Palm Coast, FL
We're all suffering the pain of a collective headache, perhaps a sign that we've hit the bottom – hard.
I'm not an economist by any means, but March has already shown us signs of improvement. I think (and pray) that we've already hit rock bottom. I truly believe that things will turn around dramatically sooner than we all anticipated. Wouldn't that get the GOP's panties in bunches?
Jack,
Of course the worst is over! Bush is gone and Cheney is on the way out!
That's got to mean there's only one way to go...UP!
The economy is like a diet, you try, you hope and you wish but the scale tells you, you gotta long way to go. But, you gotta stick to the diet and over time you'll lose the weight and win your goal.
How am I supposed to know Jack? This crisis is unlike anything we have ever seen, even the best economists are clueless.
Dan
St. Louis, MO
If having my house and property appraised at HALF it real value means the worse is over. Than sure. For those of us in the real world my answer is ah NO!
I just looked at my Stock Value Jack, and i'm down 70%. That should answer your question.
Not even close, Jack. All of those statistics are meaningless compared to the one that really matters - six hundred thousand jobs lost every month. These jobs are never coming back. What we are going through is nothing less than a complete restructuring, even dismantling of the American economy. America without jobs is America in poverty, homelessness, sickness, and violence. Look around, Jack. We are already there.
Ted
Rockaway, NJ
The worst is not over. Our government is too busy giving our money to illegal aliens and other countries........it will get better when we start taking care of America and Americans. We must come first, you cant help others if you cant help yourself.
As a Realtor in Spokane WA. I am seeing a gradual but definite change in the market...the phone is ringing again and buyers are taking the time and energy to do the research necessary to make good choices about buying homes. Interest rates and the $8000 tax credit are on their minds and in many cases the reasons they are ready to go.
I definitely believe the worst is over. You can't tell things are getting better until it is significant enough to notice. With the bull market, presidential social programs, and businesses thinking twice about how they spend government money, things have to eventually get better. I've heard time & time again that unemployment doesn't get better before American consumption does. And we're somewhere between those two steps.
No, the economy will be getting worse, with unemployment going to 15%, by 2012. The American consumer over spent and is maxed out. Around 1992 we were saving 8%, by last year, we were negative. We now have a 3.6% savings rate, as this number increases to 8% or 10%, the economy will slow further. And as bank increase interest rates, like BOA, it will take more out of people's pockets, and force them to re-evaluate thier needs and wants.
We all have our hopes up that Obama can produce miracles, but it will take decades to clean up the mess the Bush Administration has made of this country. But, he did what he was supposed to do and that was to make some people filthy rich, and the rest of us–forget about it.
Sherry Connery
Grand Rapids, MI
It would be nice to think the worst is over but lets not forget the auto industry is still hanging by a thread and the unemployment repercussions of failiure of any of the big three are staggering. So we should hope for the best...and prepare for the worst.
Not even close. With mounting job layoffs, rapidly declining home values and a global recession, it is like putting a band aid on a severed vein. Most people in distress cannot qualify for stimulus programs and the rate of modified loans that are going bad is on the rise. (Over 50%). Most foreclosures in our area of Fairfield CA have lost over 60% of equity value and are so upside down that there is no way to stop them. Instead of saving these homes, we should liquidate and start over. Until then we cannot believe we are in a recovery.
Yes the Bush administration is over. That was the worst of the financial picture in the world. His gang of outlaws are still yelling deregulate.
What I believe SPRING always adds stimulus and I hope it's enough to even out some of the bumps we'll see as the economy begins to grow. So that when summers through and fall is leading to winter our country is stable enough to have a great 2010. Winter is always the most costly to municipalities/ to individuals and to every mercantile.
Your report on the recession referenced several indicators of an improving economy. Does this imply that Rush Limbaugh’s worst nightmare might become a reality? Clem Hampton Bays, NY
i guess the worst will be over if only the GOP keep their mouthes shut and let the President fix the mess they instigated in the first place!!
No. Many think think this economic downturn is like a bad storm with lightning, thunder and heavy rain and think now the sun is about to shine through. It is more like a blizzard in which the worst may be over but there is still many hours of snow left. After which there is the bitter cold and wind to face when we have to start digging out. With a long winter still ahead.
We trust the democrat,he is crafty,the same God who put him there will be the same God giving him inspirations and forsights to turn the battered economy around,no fear Jack
It's not clear, Jack. I think the economy may fall again, but in the long run, this may be the end.
Rohan,
Bethesda, MD
Jack, you have to be kidding. After what the stockmarket pulled on the people, now you think its going back to normal. whats suppose to bring it back, retail shot, no manufacturing left in the us, and a abudance of homes now vacant. I don't see a rebound in my eyes. i think the country is running a big ponzi sceam. I'm bracing for the worst yet to come. signed unemployed.
Jack, after the last four weeks in the market I'm sure feeling a lot better about the economy. The worst of the market is over for a bit, but the worst of the economy won't be here for another several months.
The start of this economic mess came with George W. Shrub (he's not a big enough man to be called a Bush!) and his emphasis on the 'ownership economy' which led to subprime mortages,, greedy corporate types who embraced MBO (Management By Objective) management techniques and bonus-based obscene compensation and the financial house of cards (see Bear Sterns, Lehman Bros, AIG) that came from a largely deregulated investment business. We won't have a real end to it until some real oversight is in place.
I think it's the beginning of the end. I believe that most Americans will know in their hearts that Obama was the right choice during these times; it will probably take another 12 to 18 months to crystalize.
Bill – Cocoa FL
That is the best news we have heard in some time, and it looks like things are slowly turning around. Once the money is there for the Loan Institutions to help the people Refinance there way out of the mess left by the last administration things will be back on track. Every one will feel confident to spend and buy the things they have been holding back on. I think the Obama administration is on the right path, but it will take a little while to get things rolling full speed ahead.
The worst part is the surprise and shock that come from the news that things are getting rough. Then we adjust and get used to the new situation and do our best to make sure we're not going to be on the street. Once a lot of people do that we start to turn around. We're in that third stage now. What we have to watch out for is stagnation not decline.
Aledo, TX
Is it over yet, no way in hell. With banks still holding on to toxic assets, rising unemployment, deficits soaring ; it will be years before the economy recovers. Wait a few more days and you will see grim 1st quarterly reports. Its funny to hear the media how this 4 week stretch and 20 % rise in the market somehow has turned the market around. May I remind you all how the stock market was once above 14,000.
Dear Jack, I am not sure if the worst is over. I think we may be a few unpredictable natural disasters away from shifting financial need in some states. I live in California and I wonder if we have the resources to fight our upcoming fire season and an earthquake is another matter all together. However, I do believe perceptions have changed. This recession has been a rude awakening to our greed and need for instant gratification. I hope that those of us who have been living beyond our means have awakened to the reality of the changes we need to make in order to create a new consciousness of the destruction of materialism. I think their is a surrender of sorts to a new paradigm. I do know that my friends who didn't like their jobs are now extremely grateful to have them.
No, the worst has yet to come. I do a lot of stock market analysis and charting for personal investing and my research suggests that the "bottom" will be around the end of 2009 or early 2010, at which point we'll see the Dow down at around 5600 or less, the S&P down at 570 or less, and the NASDAQ at 1100 or less. Moreover, I believe that by the middle of next year we can expect oil at above $150 per barrel. I'm positioning myself short on many stocks until the end of the year, including on financials and commodities.
Is the worst is over? Quite honestly the economy isn't all that bad. Look at history. Times of true famine where people ate there chilren or wifes because were so starving when first pioneering the country. Is it as bad right now as the holocaust? In fact I think it is possible that the reason so many people complain is because we realize it could get a whole lot worse. With that said I agree with Wolf, I hope it gets better.
Realizing almost everyone has been diverted to thinking the economic crisis is the most important crisis, we should reflect on others such a Iraq, Afghanistan, Iran, Pakistan, India, North Korea, China, Venezuala etc. The economic crisis is a monetary manifestation of a war on decency and social values.
I love capitalists, I am one...but greed leads to unscrupulous behaviour and when it grows throughout the entire economic system worldwide, you have a culture of corruption.
The question isn't, "Have we reached the bottom?" It is: "What are we learning from our behaviour?"
Yes...for Geitner's Wall Street buddies and the folks that work for AIG. But the rest of us will just have to wait until jobs come back and people regain confidence in their futures.
The worst is over? Are you kidding? With over 5 million unemployed and 8.5% of the workforce likewise? The poohbahs in Washington are only too eager to use the faintist glimmer of a boom to say the bust is over. We taxpayers are being taken for a ride as usual with the current bank bailout plan. When will the worst be over? When millions of Americans are back to work , paying off their mortgages, spending according to their needs, and businesses are moving inventories. Until then and I have no idea when that will happen the worst will not be over.
No. A rise in the stock market has given us a false sense of security. It has taken us since 1981 (Reaganomics) to get into this mess and it will take us a while to get out. We haven't yet seen the repercussions of the likely bankruptcy of GM and the subsequent unemployment that will result. But, with Obama and company, we are on the right track. Besides, the market is like a teenager – fickle and unpredictable. If it sees anything it doesn't like it could tank again.
the only way to stable the economy is to get back power from the federal reserve ,washington has been hijacked by wallstreet,obama promised no lobbist in his watch yet his treasury cheif is a wallstreet executive as are most of his staff all playing to the big bilderberg group plans
The indicators look that way. It's a slow process and remember it didn't happen overnight and it won't get better overnight either. At least the bleeding has stopped and now it's time for plastic surgery to fix the scares. Don't let any "Doctor No" political surgons in the O.R. and we will be just fine.
Yes Jack the worst is over. And as soon as we all start believing in that the sooner we all get back to the task at hand.....rebuilding this great country to stand as a beacon to the world with the message that the greatest motivator is the belief in one's self and one's ideals. And I for one believe in myself and this nation's foundation that our forefathers set forth many moons ago. Perseverance is my motto!!
The economy is on the up and up because hope is in the air for everyone to succeed. We are no longer reserving our resources for those businesses already founded and successful. We are opening up opportunities for those anxious to make their run for it.
Please i want to get off this ride! Oh have you seen the stimulus money anywhere it was billions right?
Pawling N.Y.
I bet those 8.5% unemployed don't think so. The stock market is happy because everyone is still getting their bonuses for doing the worst jobs ever except for the car companies and the financial institutions still have the politician's peckers in their pockets. Business as usual. No changes we can believe in. The American people still don't know the extent of the toxic losses and zombie banks or what the recovery money has gone for. You have Geitner lieing to Congress and Summers who helped make this mess. The stock market went up and down right before and during the Great Depression. It's not over till the fat lady sings and she is part of the 8.5% unemployed. Grapes of wrath all over again. Check out Bill Moyer's Journal from 4/3/09 to get the real picture and the truth or look up William Black who was on his show.
As long as the American & World economies are based on over consumption (i.e. people buying things they don't need with money they don't have), a long and deep depression might be the best thing that has ever happened to our collective consciousness.
No Jack nothing has changed. The #'s coming out of Washington are just more B/S, but spoken by a President that can actually complete a full sentence. . Goldman Sachs, J P Morgan and Pres. Obama all giving us the party line. America is in deep stuff and we don't have more than a handful of honest representatives to represent us citizens anymore. Shame on Washington and it'scorruption, but you can't make these guys accountable, there to busy counting the $$ they have stashed under there mattress or in their refrigerators.
Jack, you have to be kidding. After what the stockmarket pulled on the people, now you think its going back to normal. whats suppose to bring it back, retail shot, no manufacturing left in the us, and a abudance of homes now vacant. I don’t see a rebound in my eyes. i think the country is running a big ponzi sceam. I’m bracing for the worst yet to come. signed unemployed.
I think the worst is yet to come when the stimulus money runs out. The money is not is taking care of short term not the long term lost industry.
I can not hear the "Fat Lady Singing" because of all the screaming coming from all those who have lost their homes and jobs .
No way! The worst is certainly not over. We have made a good beginning, but despite some positive indicators, we have a long way to go. Remember McCain ranting on the campaign trail on earmarks. He would "out" them all, " you will know their name" . So where is the great "outer"? He current silent behavior says "since I was not elected, the american people can't count on my help in this critical economic issue". Some statesman! Despite the party of "no's" best effort to promote failure, the economy will recover soon after it gets worse. Remember how most of the Dems gave the Bush Administration the benefit of a lot of doubt on Iraq. They were wrong, but the responsibly backed the president.
steve blesofsky
sun city center, fl
Well Jack, the economy would see better results if companies like mine would stop laying off good quality workers just for the hell of it.The company I work for is making good money and is cutting back on overtime and hours(i.e. 40hrs down to 30hrs.) while spending money on unnecessary cosmetic repairs that could be put off.Obama and his staff is doing a great job so far but until the rich stop being so greedy(which is the root cause of this massive problem) this will continue be be a rollercoaster ride.People who think that this is Obama's fault are just stupid.The rich and their "on the take" politicians are to blame(see Ted Stevens). The critics are coming out of the woodwork now on Obama because he is offering to change the USA into an energy power yet again that uses alternate means of manufacturing it and the people on the take are upset that they won;t be getting that little yellow envelope from the oil pigs any longer.
Jack,
The worse maybe yet to come but with a new American President and a new "blue" majority in the Congress, lets just say, it feels better.
Now all they have to do is, regulate industries that need regulating, change the tax laws to prevent "outsourcing", put a cap on executives wages and bonuses, and change trade agreements such as the NAFTA.
We know what the worst is. It began to disappear when the Republicans were no longer in charge.
With Obama at the helm, The only way to go from now on is better.