It's official. The United States is in recession. That's according to the National Bureau of Economic Research.
I found good comments
This is the end of a system. Where the heck do you guys gonna get 1Q (Quadrillion!) dollars to fill up the hole when the total currency of the planet is about 100T (Trillions, 10% of the hole)on planet Mars?
Get real. Sooner you wake up and face the facts sooner you MAYBE get a chance to do not spend the rest of your life in Hotel "Underthebridge"
The reality that the nation is indeed in recession and that the downturn may well be prolonged sent Wall Street plunging Monday, hurtling the Dow Jones industrials down nearly 700 points and wiping out more than half of last week's big gains.
Union Finance Minister P Chidambaram has claimed that India is nowhere close to recession and that the country has successfully weathered the global economic storm.
Chidambaram said that the only major impact of the ongoing global economic crisis has been on inflation, which will take some time to moderate. He, however, admitted that economic crisis will have a fallout on the growth rate this year.
"India is nowhere near a recession. The growth estimate for first quarter of 2008-09 is 7.9 per cent and it will be good for the second quarter as well. Nevertheless we must be prepared for a temporary slowdown in Indian economy. Our effort will be to minimise the impact of crisis in the economy and return to the growth trajectory of nine per cent," Chidambaram said after meeting a group of economic editors in New Delhi on Monday.
