DOOMFEST: Crikey

bloomberg.com/apps/news?pid=20601087&sid=ajvGYTNcoqr8&refer=home

Read the quotes: Christ,

:open_mouth: :open_mouth: :open_mouth:

That is an absolutely terrible number

It will be in excess of 2million jobs lost in the US this year when we have the December figures. Plus the revised figures are revising downward. Irish based US Multinationals will be retrenching here as well next year.

I just don’t get it.

That’s an awful lot of money, value and promises down the swanny… :unamused:

The problem is everyone is retrenching everywhere much faster that I ever thought possible.
The world governments have done just about as much as they can but I’m not sure it is making much of a difference. I’m starting to get very very worried that this will be the longest and deepest recession since the depression.

Holy happy slap batman :open_mouth:

But hey, the bottom must be in now, right? Unemployment always lags the recovery, right? The stock market has already discounted this, right? CNBC is not populated by holidaying village idiots, right?
Brought to you by the “there’s never been a better time” corporation.

This thing is only starting in the public view now. And, the reaction to this by the people is going to exerbate the problems. Hold onto your hat.

Damn right they will. I was talking to a guy from Citibank last night.He seemed blissfully unaware of the danger to his job. In fact he reckoned the job losses in Citibank would not happen in Ireland. I changed the subject. :angry:

You can add this (not news for pinsters):

rte.ie/business/2008/1205/budget.html

Yes. they will.

I think that’s a given. Whether it will become a depression is another matter and will depend, in my view, on protectionism/competitive devaluation etc. How deep the depression becomes (if that is what is going to happen) is going to depend on how quickly it bottoms out - how soon a framework is put in place to stop the beggar-thy-neighbours policies and to rebalance the world economy.

What is a depression?

a sustained recession.

From wikipedia:

I don’t know if there is any standard measurement of a depression over a recession, though.

the thing that i don’t understand is how it will affect the day to day stuff. in the previous depressions subsistence living wasn’t greatly affected whereas now we are a complete cash society.

While on the subject of great crashes and subsequent depressions:
robertreich.blogspot.com/2008/12 … -2008.html

And in the first of the comments, obamaramlog said:

Oh and this interview with Paul Krugman (courtesy of Naked Capitalism):
cnbc.com/id/15840232?video=946519750&play=1

Bearing this in mind, doesn’t it seem odd that the US$ is up across the board today?

Worst recession since Grandad’s time, you say? Time to lay a big ol’ bet on Uncle Sam, then. :unamused:

And a HSBC analysis of the US jobs report:
acrossthecurve.com/?p=2243

Info on previous cycles in US:

nber.org/cycles.html

I had a figure of 8 consecutive quarters of contraction in my head, but the interweb tells me I’ve made that up. At least someone/something is keeping me in check.