Zuckerman Says U.S. Economy May Face `Perfect Storm'

[Donkeykick]

What do you folks think? Will we experience something as bad as the Great Depression? IMO: this doesn't look good.

March 12 (Bloomberg) -- Mortimer Zuckerman, co-founder of Boston Properties Inc., the largest U.S. office real estate investment trust, said the U.S. economy is in a recession and there's no sign of a recovery.

``We are looking at the worst set of macroeconomic conditions since the Great Depression,'' Zuckerman said in an interview with Bloomberg Television. ``I don't know where the bottom is. The federal government's going to have to do a lot more to contain what I think is the potential of a perfect storm.''

Employers are cutting jobs and demand for housing is tumbling. On March 7, the Labor Department said payrolls fell by 63,000 in February, the most in five years, after a revised decline of 22,000 in January.

U.S. economic growth slowed to a 0.6 percent pace in the fourth quarter of 2007 from a 4.4 percent rate in the prior six months, according to the U.S. Commerce Department's Bureau of Economic Analysis. The share of economists in a monthly Bloomberg News survey predicting a recession rose to 50 percent in February from 40 percent in January.

http://www.bloomberg.com/apps/news?pid=20601087&sid=anevAV5cN_hU&refer=home

[global1]

1. Thank You George W. Bush........nt

[Donkeykick]

3. Yes.

Just like Dubya has said before: "have more faith in the economy".

(Thinking: he can't even see the writing on the wall--for the love of Pete!) :eyes:

[aquart]

2. Shit hits the fan in November? Or January?

They know they can't hold it off forever. It WILL get the Dem elected (and it really helps if the Dem has some believable plans for it).

I think they're just trying to steal everything they can before they're out of power for the next twenty years.

[Homer12]

4. It will take a democrat, a person who has compassion....

....for the common good, rather than a selfish rethug with a "free market" wet dream to clean up the Republicans mess.

[Joe Chi Minh]

5. You've got that right. I don't think the American people would take too kindly

a second Great Depression, after Roosevelt's New Deal had served the country so well, for so long.

[Narkos]

6. Wow, even neocons like Zuckerman admit we're in trouble!