Take it or leave it but more and more financiers and economic managers are talking a 2, 3, or 4 year recession. We see a repeating wave of news that is harsh and steady including layoffs, very weak corporate profit and viability, and foreclosures. We are learning that banks have a solid foundation in a pool of quicksand.
General Motors is re-approaching a point of whether or not to go into bankruptcy and re-organization. The repercussions from this in terms of layoffs and loss of work or reduction in work is massive, thousands and thousands are affected.
The stimulus package is a done deal. Tuesday Obama signs it into law and eventually it will hit the streets.
Reuters: White House dampens stimulus expectations
White House spokesman Robert Gibbs used similar language on CBS' "Face the Nation."
"I don't think there's any doubt that we've seen this economy has gotten worse just in the last few months. The acceleration in job loss probably means that this economy is going to get worse before it gets better," he said.
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