Good god, the numbers are gaudy. Its the quality of the numbers that we are talking about.
Numbers like 1980, 1975, 1971, these are the numbers that our eroding economy is starting to resemble.
Reuters: U.S. economy plummets
- ...deepest contraction since early 1982 in the fourth quarter...
- ...hammered U.S. stocks to 12-year lows.
- ...consumer spending...dropped at a 4.3 percent rate in the fourth quarter, the biggest decline since the second quarter of 1980.
- Exports...tumbled at a 23.6 percent annual rate, the steepest plunge since 1971.
- ...business investment fell at a 21.1 percent rate, the largest drop since 1975...
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