Why should we care that these emergency economies are on the verge of collapse? Because …European Banks Loaned These Countries A Staggering $3.5 Trillion. When They Go Down, So Will Europe's Largest Banks! http://www.marketoracle.co.uk/Article7550.html
DECEMBER FREEZE...
Data signal deep global downturn...
Manufacturing hits 26-year low...
Schwarzenegger declares fiscal emergency in CA...
Bush: 'I'm sorry' crisis is occurring...
Oil plunges below $50...
Treasury Yields Plunge to Lowest on Record...
Bernanke: 'No comparison' to Great Depression...
Bank stocks suffer biggest one-day decline since crisis began...
The National Bureau of Economic Research today announced that its Business Cycle Dating Committee had officially determined a peak in economic activity at December 2007, which signals the start of the recession. I am a member of the committee. Though I speak only for myself, not the committee, I offer my views on two questions of possible interest:
(1) Who needs the NBER Business Cycle Dating Committee (BCDC) anyway?
(2) Why did we pick December 2007 as the starting month of the recession? The National Bureau of Economic Research today announced that its Business Cycle Dating Committee had officially determined a peak in economic activity at December 2007, which signals the start of the recession. I am a member of the committee. Though I speak only for myself, not the committee, I offer my views on two questions of possible interest:
(1) Who needs the NBER Business Cycle Dating Committee (BCDC) anyway?
(2) Why did we pick December 2007 as the starting month of the recession?
Paul Krugman: Deficits and the Future
Deficit hawks who are complaining about the stimulus package have it all wrong:
Deficits and the Future, by Paul Krugman, Commentary, NY Times: Right now there's intense debate about how aggressive the United States government should be in its attempts to turn the economy around. Many economists, myself included, are calling for a very large fiscal expansion to keep the economy from going into free fall. Others, however, worry about the burden that large budget deficits will place on future generations.
http://economistsview.typepad.com/economistsview/2008/12/paul-krugman-de.html
