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The Economy: Why It’s Worse Than You Think

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For months, economic Pollyannas have looked beyond the dismal headlines and promised a quick recovery in the second half. They're dead wrong.

Sheila Bair, food, Layoffs, Dow 30, food prices, car purchases, North Carolina, New York, New Mexico, Congress, HSBC Holdings PLC, USD, Times Square, Conference Board, Mark Zandi, Ben Bernanke, Lazard Ltd, bank failure, gas prices, energy, FDIC, Business, technology sector, China, Department of Labor, oil, David Rosenberg, Costco Wholesale Corporation, US Federal Reserve, Wachovia Corporation, higher food, steel, John McCain, Hua Sheng Holdings Pte Ltd, investment bank, bank, San Diego, Calif...

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consumer credit economic economy federal financial higher housing oil percent prices rate rates while world

Content Summary

The second is a global phenomenon that has comparatively little to do with American behavior: ram... These trends have conspired to inflict genuine economic pain and deflate consumer confidence. The Conference Board's Consumer Confidence Index in May slumped to a 16-year low. While the treatment of the current malaise has been essentially identical to the reaction to the ... In 2001, an implosion in the technology sector and a slump in business investment pushed the econ... Even though some 3 million jobs were shed between 2001 and 2003, consumers soldiered on through t... This time, it's the opposite. The fall has also removed an important source of support for consumer spending, as Americans who ... Banks are extricating themselves from the home-equity-line-... business in the same way college s... Judi Froning, a second-grade teacher in San Diego, was surprised last week when she received a le... Despite repeated claims that the damage has been contained, the banks that recklessly financed th... But it turns out (surprise!) the same sort of clouded judgment led banks to excesses in commercia... The battered financial system, which has raised tens of billions of dollars on onerous terms from... The latest victim: Wachovia CEO G. Worse, some of those benefiting the most from the new tilt on the Risk board are hostile to the U... In a recent study, Mary Egan, a partner at the Boston Consulting Group, found that 71 percent of ... Such surveys measure sentiment, and any analyst worth his weight in PowerPoint presentations will... But there's one marketplace where sentiment?and especially consumer confidence?matters greatly: p... The last time consumer confidence was this low was in October 1992?the month before incumbent Geo... Bush won 37 percent of the popular vote, the worst performance of any incumbent in history. "The ... Yale economist Ray Fair has developed a formula in which particular economic factors can foreshad...

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