Economic Abyss could deepen again

A deepening pessimism is taking root in the American economy as joblessness rises inexorably toward 9 percent, businesses are failing, U.S. exports have tanked and Wall Street is in a depression.

Obama: Playing not to lose

Billionaire investor Warren Buffet declares the economy has “fallen off a cliff,” and sees recovery further off than ever. Economists talk gloomily of a long recession followed by years of anemic growth as the once-mighty global economy shrinks for the first time since World War II.

Donald Lambro
The Washington Times

The administration’s plans to bail out failing banks, buy worthless toxic assets and “jump start” a listless economy now seem tame in the face of a dawning realization that the fierce financial infection is far more systemic than they had first imagined.

Global economic analysts here now talk of bank failures in the trillions of dollars, dwarfing the rapidly depleting $350 billion in TARP rescue funds that the Treasury has at its disposal. The Federal Deposit Insurance Corp. is raising its premiums on the nation’s banks to replenish its shrinking fund at a time when many banks are too weak to pony up more money.

President Obama‘s honeymoon, if he ever really had one, is being cut short by new criticism from Wall Street, Republicans and Democrats in Congress and, increasingly, the business community.

Read the rest:
http://www.washingtontimes.com/ne
ws/2009/mar/12/abyss-could-deepen-again/

Related:
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Obama’s three-pronged economic strategy: delay, delay and delay

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Pelosi’s Stimulus II? Lawmakers Propose No Cost, High Employment Energy Package

China Buying Oil, Uranium, Gold, Other Products At Bargain Prices

Russia, “Desperate For Cash,” Sells Oil to China In “Very Bad Deal”
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Even Democrats Showing Signs Of Economic Despair, Worry at White House Inertia

Pelosi: Congress Needs to ‘Keep the Door Open’ to Second Stimulus Package

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One Response to “Economic Abyss could deepen again”

  1. jobseeker Says:

    The article references an unemployment rate approaching 9%. The “U6” rate, which includes those out of work for over a year, is already over 13%.

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