| Topic: |
Politics > Politics-USA |
| User: |
"kangarooistan" |
| Date: |
08 Jan 2008 08:57:52 AM |
| Object: |
WALL Street banking giant Merrill Lynch claimed ,USA in recession NOW |
Banking giant warns US economy in recession
WALL Street banking giant Merrill Lynch claimed today that the United
States, the world's biggest economy, was in recession for the first
time in 16 years.
The bank's chief American economist David Rosenberg - who is widely
respected on Wall Street - said a batch of economic data pointed to
recession.
Merrill's point of view may be some way off being confirmed, with the
country's National Bureau of Economic Research possibly waiting for
around a year to draw any firm conclusions from the latest data.
President George Bush insisted that the US economy had a "strong
foundation". But he warned that continued growth cannot be taken for
granted.
Mr Rosenberg said figures on retail sales, manufacturing, personal
income and employment backed up Merrill's claim.
He said that these four main barometers used to gauge the health of
the economy "seem to have peaked around the November to December
period, strongly suggesting that we are actually into the first month
of a recession".
Normally, a recession is declared after two quarters of decline.
"According to our analysis, this (recession] isn't even a forecast any
more, but is a present-day reality," he said.
http://business.scotsman.com/economics/Banking-giant-warns-US-economy...
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| User: "English-Elephant" |
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| Title: Re: WALL Street banking giant Merrill Lynch claimed ,USA in recessionNOW |
08 Jan 2008 11:19:58 AM |
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Hi,
What is strange is how this is being reported in foreign press, the
BBC or Scottish newspapers but its not turning up on USA news even
though the sources quotes are big American institutions.
Its almost like they dont want anyone to realise, its probably me just
being paranoid.
Thanks
.
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| User: "kangarooistan" |
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| Title: Re: WALL Street banking giant Merrill Lynch claimed ,USA in recessionNOW |
08 Jan 2008 10:46:49 PM |
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On Jan 9, 3:19 am, English-Elephant <mancm...@googlemail.com> wrote:
Hi,
What is strange is how this is being reported in foreign press, the
BBC or Scottish newspapers but its not turning up on USA news even
though the sources quotes are big American institutions.
Its almost like they dont want anyone to realise, its probably me just
being paranoid.
Thanks
Yanks only report good new about USA
Some yanks still think they rule the world , its sad that some still
dont know they lost the war in Iraq and Afghanistan years ago
kanga
=3D=3D=3D=3D=3D
Bear Stearns CEO Cayne steps down
James Cayne - file photo
James Cayne has been chief executive since 1993
The CEO of US investment bank Bear Stearns, James Cayne, has said he
will resign his position amid huge losses over the sub-prime mortgage
crisis.
Mr Cayne will stay on as chairman of the fifth-largest US investment
bank.
The bank had to write down $1.9bn (=A30.96bn) worth of investments
during the fourth quarter - its first loss since it was founded in
1923.
Alan Schwartz, Bear Stearns's president, is to take over as CEO with
Mr Cayne acting as his adviser.
Bear Stearns has been at the centre of the mortgage debt crisis, which
emerged after two of its hedge funds collapsed.
James Cayne joined the bank in 1969 and was its chief executive from
1993.
Last year, the chief executives of Citigroup and Merrill Lynch were
dismissed after the Wall Street firms reported huge losses from sub-
prime lending.
Sub-prime loans are offered to those with poor credit records or
unpredictable incomes.
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