Harshing My Mellow

I have to h/t the headline to poster madmirth but today’s release of 4th Quarter GDP showing a decline of 6.2% is stunning (here)
I think it’s safe to say that any of my posts on economics for a while will ‘harsh your mellow’. The economic numbers look truly bleak; I’m curious to see how this plays out locally as the unemployment, public budgets and other numbers come in.

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4 Responses

  1. madmirth says:

    Ah, well, that is to be expected. Just to let you know, it won’t stop me from dropping in. It is better to be informed, especially in times like these.

  2. w murphy says:

    GE is $6 per share. Citigroup .99c. GM is $1.80, Ford $1.75, Bank of America is $3.75. Bear Stearns, Lehman, and Merrill Lynch are gone. We’re now talking about our largest manufacturers and financial firms as penny stocks or simply gone.
    Anyone still want to try to compare this to recent recessions? This isn’t even close, and it bodes particularly poorly for the NYC metro area and of course the state as a whole. I do have some theories about a shift toward areas like ours upstate at a time like this, but I’m just too blown away by how ominous this slow motion wreck is unfolding to complete any theory w/a silver lining.

  3. w murphy says:

    correction: Merrill Lynch was thrown a lifleine from BofA and now they’re both going down together.

  4. madmirth says:

    Blockbuster stock is frozen (code=bankruptcy imminent), The stock market is less than half its peak from just over a year ago 14000+/-, now 6500+/- (lost over 12 years of growth), GM even closer to bankruptcy.
    Read a Time Pictoral article on the great recession of 1954, unemployment was 7%.
    Currently we sit at 7.9%
    Citibank ATM fee costs more than to buy their stock.
    Yes, harsh. Very harsh.

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