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Majority of States Now in Recession
SCOTT MAYEROWITZ
ABC NEWS
Tuesday, October 21, 2008
What started out as a housing problem in a few states has now exploded into a full-fledged recession with a majority of states now in or dangerously close to recession.
Just this weekend, President Bush’s top economic advisor used the much-avoided word “recession” to describe the economies in some states.
“We are seeing what I think anyone would characterize as a recession in certain parts of the country,” Edward P. Lazear, chairman of the Council of Economic Advisers, said on CNN’s “Late Edition.”
How Is the Economy Treating You? Tell ABC News
Back in March, Mark Zandi, chief economist and co-founder of Moody’s Economy.com, said that only five states were in recession: Arizona, California, Florida, Michigan and Nevada.
(ARTICLE CONTINUES BELOW)
Now, he said that 27 states are in recession and another 14 are near recession.
“There’s no way around the map. It says the nation is in recession. The recession is coast to coast,” Zandi said. “Just a handful of states are expanding at this point. One of the unique features of this downturn is how broad-based it is, regionally.”
What happened between March and today?
“The job market has eroded measurably and industrial production has weakened sharply in the last couple of months. Those are the two key things. The other thing is that retail sales have also sharply weakened,” Zandi said.
The one bright side is part of the middle of the country. Agriculture and energy are still strong and providing jobs.
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10 Responses to “Majority of States Now in Recession”
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October 21st, 2008 at 11:58 am
Even within a state it can vary a lot, with higher unemployment in some towns and cities than others. What this article (and the media in general) doesn’t address is increased gentrification, lots of properties being bought up for pennies on the dollar and converted into condos/investment properties. Esp. in the cities. We see a lot of this in the northeast, and people would be very surprised to see how many foreigners own US properties.
October 21st, 2008 at 11:59 am
we are so screwed
October 21st, 2008 at 2:22 pm
bye bye america pie
finally we see the credits roll by
as the nightmare movie of america
comes to an end
you americans are idiots
voting BUSH in twice
lazy couch dwelling american slobs
death to the empire
October 21st, 2008 at 2:31 pm
finally the end of america draws near
you americans are idiots
voting BUSH in twice
lazy couch dwelling american slobs
death to the empire
October 21st, 2008 at 3:02 pm
While amerika the ignorant wastes millions at Camp Eagle Wonju Korea…do you fools even know where Korea is on a map?
October 21st, 2008 at 4:19 pm
axxes, thank you for participating in “The Alex Jones” experiment provided by the Department of Homeland Security.
Your IP address has been registered in our Database.
We will dispatch two of our Representatives to your address with a few questions we would like you to answer.
Please do not be alarmed.
Regards
October 21st, 2008 at 5:06 pm
For those of you talking crap about America, I understand you frustration.
But you have to understand something else. America, from about 1776 – 1901 we created the American System of economy. In this time span of mostly protectionist measures, we created 9,000+ new TYPES of jobs.
We created the idea of a government by the People, for the People.
We were not under the thumb of the fascist oligarchs who took over Europe and created WWI and WWII.
Unfortunately, ever since the death of FDR, America has become heinously corrupt, and under the control of the “money-changers” of world finance.
FDR wanted to develop the third-world after WWII, but never got the chance. Ever since then we have had a corrupted system with some brief good policy.
The Congress for Cultural Freedom launched the “68er” generation and everything in our culture went downhill from there.
There is no more sense of identity like we had.
Despite all of this, we STILL have the Constitution which is FAR superior to the Fascist Maastricht treaty of Europe. The Constitution allows us to create CREDIT. Other governments of the world do not have a similar system, they are forbidden by the Oligarchs of generating their own wealth.
Also, don’t forget, if America goes down, YOU go down too. The currencies of the world are all tied to the dollar in some way, shape or form.
Join us supporting the REAL America and what it really stands for. Don’t cut off the head because it has cancer. Cut out the cancer. The REAL America wants to help YOU build your country and trade with you in peace.
http://www.larouchepac.com/
October 22nd, 2008 at 6:59 am
..all 50 states are in this mess..and so is the rest of the world..
..DO WE SEE THAT THEY ARE GETTING THINGS DONE?
..martial law is coming! are WE READY? TIC..TIC..TIC.. the clock of history is running OUT!
October 22nd, 2008 at 7:44 am
yippee, just in time for the North American Union and new fresh currency, the Amero. Time to start packing for camp……………………………………………..check out stevequayle.com and whatdoesitmean.com in grace, Pam