Message #4563

[kentay]

Oh jeez, these claimed Eastwood was an embarrassment.  Kentay makes scooby doo and shaggy look like certified geniuses.  Kentay, we were not losing 800,000 a month.  The month Obama took office was particularly bad.  Obama is still a net down a couple million.  GDP growth is next to nothing.  Income is down, resulting in lower tax revenue.  Businesses large and small are afraid to risk expansion because of the incredible tax increases and fees scheduled for Jan 1st.  Even the almighty CBO says that will more than likely lead to a deep recession.  the Iraq war?  Sure, credit him for following the bush plan.  As far as bin laden all Obama did was make the only decision he had.  Not really that difficult dude.  The public would have figuratively stung him up if he choose not to. 


Kentay was part of the LSD time period.  He must have some left over.

According to the National Bureau of Economic Research (NBER), the U.S. economy was in a
recession for 18 months from December 2007 to June 2009. It was the longest and deepest
recession of the post-World War II era. The recession can be separated into two distinct phases.
During the first phase, which lasted for the first half of 2008, the recession was not deep as
measured by the decline in gross domestic product (GDP) or the rise in unemployment. It then
deepened from the third quarter of 2008 to the first quarter of 2009. The economy continued to
contract slightly in the second quarter of 2009, before returning to expansion in the third quarter.
The recent recession features the largest decline in output, consumption, and investment, and the
largest increase in unemployment, of any post-war recession.


2008-2009 Recession
On October 9, 2007, the Dow closed at 14,164.43, an all-time high. However, fourth quarter GDP growth was -1%, announcing the start of the recession.(It was later re-estimated at 2.9%) The Dow started declining gradually. After the failure of Bear Stearns in April 2008, and a negative GDP report in Q2 2008, the Dow dropped to 11,000. Many analysts felt that this 20% decline was the market bottom.
However, on Monday, September 15, 2008, Lehman Brothers declared bankruptcy. On Wednesday, panicky bankers withdrew $144 billion from money market funds, nearly causing a collapse. In response, the Dow plummeted 13% in October. By November 20, 2008, it fell to 7,552.29, a new low. This was not yet the true market bottom. The Dow climbed to 9,034.69 on January 2, 2009 before screeching down to 6,594.44 on March 5, 2009. Between its peak and its bottom, the Dow dropped over 50% in just 17 months.