Toxic/Legacy assets, tax hikes, NO job creation, increase burden on business(reducing likelihood of job creation or innovation), housing problem STILL unaddressed, health care bill 1.5 Trillion UNPAID price tag, state and local revenue crisis, commercial real estate bubble still unaddressed, and an administration that is slowly losing the faith of the American middle ground.... No recession end in near term... Remember this- as we reduce leverage on banks- that means there are fewer dollars to chase fewer goods/services less often- which means any increase to GDP(numerical sign of end recession) is going to be slower and less likely in near term...

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Hidden deep within the report was this little tidbit:

Exports slowed but not as much as imports which narrowed the trade gap adding 1.25% points to the GDP number.

The GDP report can bu fudged as much as a corporate earning report and is a very poor measure of the true economy. As we see in this report the previous quarters were revised downward. This one will as well.

The United States lifeblood is the consumer and the consumer relies on imported products. This shows how truly weak the economy is. Just like the major corporations who only reported profits through cost cutting, the US GDP number only ended up being better than estimates by huge cutbacks in imports. Essentially by cutting costs.

This is still contraction on top of a huge contraction. Even if we show 1% growth in the third quarter and the technical reccession ends, it will just be a figure to stick in the books. The real economy will still be in a very deep hole that will take over 10 years at 1% growth to crawl out of.

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The Wall Street bull crap, the government constantly spinning the story, the bottom line we are still contracting. The economy has lost 6,200,000 jobs. Unemployment is near 10% and if you take in underemployed persons and those that have simply given up the unemplyment is nearing 16%. In some state like Michigan, Nevada and even California unemployment is offically 12% or more. Wall Street continues to play the old game of pumping up the prices to get the small investor to suck into the game. The truth is that 65% to 70% of the GDP of this country is tied to consumer spending. The consumer is not spending. those that do have jobs are paying off their credit cards, saving at at 15 year high, 6.2%. the consumer has changed it direction. This will prevent the country from seeing real growth for years. We are entering a post depression type economy of the late 30's when people did not spend they saved all they could. By comparing numbers to last quarter it gives an artifical impression things are getting better. They are not. DO NOT BE SUCKED INTO THE WALL STREET GAME. KEEP YOU MONEY ON THE SIDE. THIS RECESSION IS NOT NEARLY OVER. WE MAY VERY WELL DOUBLE DIP.

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This ecomonic crisis is not likly to end anytime soon.
Our leaders in washington have made all the wrong moves.
They are spending money as fast as they can print it and
with little if any oversite. If history is any guide it may take seven years to even start to recover and that depends on how you define recovery. We can't spend our way out of this
it does not work like that .At times it would seem that joe lunch box has a better handel on the problem then the ivy league wizz kids in washington do.
If washington would treat this like you treat your home budget we would already be recovering.

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Well....Companies are making most of their money overseas these days. Looks good on paper, but doesn't do much for us at home.

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HOW'S THAT HOPE & CHANGE WORKIN OUT FOR YOU?? CHUMPS CHANGE--- SILLY CRACKERS ..WHITE GUILT MADE ALL YOU DUMMIES ELECT A BLACK, RACIST , SOCIALIST , MUSLIM LOVER - -AHHAHAHAHHAHAHAHA

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Why should i believe any thing our government has to say.
The government will always ry to make you think things are getting better so you will feel more comfortable and start spending money. all the independent data state the depression we are in has not hit bottom yet!!
The only thing that will fix this mess , control wall street , stop corporate greed , get Americans back to work , get all the illegal people out of this country. Until this happens all they are doing is putting a silk shirt on a pig.
Fire all the over paid CEO's and senior vice presidents and restructure corporate America starting from middle management at good but fair incomes. This would create capitol to rehire all the laid off employees . This is the right way to correct the economy. The working American people control the economy not wall street.

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do they think we are as stupid as they are, there is no easing,

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So we are still going backwards just not as fast. How is that a recovery?

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The story is the same as me trying to push my stalled car off the railroad tracks as the train comes barrelling down towards the car, and me. The train is trying to put the brakes on and seems to be slowing down as the brakes screech and sparks fly, but I know it is anybody's guess if the train can stop before hitting the car. I'm not placing any bets. Very, VERY soon I will stop pushing, turn and run with whatever I could take with me from the car because I can still see that train coming at me.

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The underlying problem -- loss of a consumer class -- has yet to manifest. The recent "beating the number" of firms' reports (which ensues in hollow jumps of the market) has actually been a series of announcements of doom, since nearly all profits have come from efficiency moves -- firing workers. This is the leader of leaders which will manifest in the next few months. Either indebtedness will begin anew (and another finance bust) or the mother of all contractions is upon us. Even in an international market firms dwell in nations (a fact that seems to be lost on economists' models) -- growth and a displaced workforce are nationally incongruent, perhaps even dangerous.

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I still want to know how many of these people have actually taken an economics course. It is obvious by everything that has been done, that none of them have. It is obvious by the articles I keep seeing, that none of the finance writers or correspondents have either. There are further problems looming on the horizon that very few are paying attention to. The Fed is know for causing false bubbles in the economy, if any of you writers would pay attention to history you would know that. Consumer confidence isn't just down. It has been blown out of the water by the actions of our overreaching government. I predict it will not rise to previous levels until things are done to encourage small business and a return of manufacturing to the US. At least it is that way with everyone I know.

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The way it looks now 2010 will be much harder to cope with than 2009 when it comes to jobs and tax revenue , unemployment and free healthcare for 45 million without insurance.Now lets see out of that 45 million some work we have 130million jobs unemployment is at 10 % lets say so that will be 13 million uninsured added to the list of 45 million without private insurance. Those with jobs not paying for private care will now be forced to pay for it out of their checks and wont be denied care. They can chose to participate in the program where they work or the government plan. If I had a pre existing illness that needed special care now forced to make a choice I would chose private care. SoOooo that will increase private ins costs forcing them to raise our costs or forcing private insurers out of business.

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too bad one of the choices on the 'poll' for when the recession will end, was "not while this idiot is in control" it's going to take a long time to reverse the crash dummies course.

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Most all these posts are bitch, whine, bitch, whine. I'd be willing to bet most are ones who have lost their jobs and become the "victims" of this downturn deemed the "worst since the great depression."

BS.

Hope you realize when employers have to cut, the whiners go first. Just as well, probably weren't producing anyway.

By reading these posts, it seems most everyone on here must have a masters in economics. Shouldn't be too hard to find a job with that expertise.

What a bunch of idiots.

No offense to the "true" victims.

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I can't help feeling....well, as a nurse for 20 years, there is a phenomenon in terminal patients where they "rally" showing some signs of improvement right before dying. This feels like the same thing. The "rally" before the big dive.

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The story right above this states:
Four more Banks Closed
These Morons are trying to sell us the fact that
because we are going slower (Stats Lying Again)
downhill then the bottom must be near
But you know what Morons WE HAVE A VERY VERY LONG SHALLOW DOWHILL COURSE IN FRONT OF US
Unemployment REAL Unemployment (Not BS Gov;t stats)
hasn't even come close to it's peak. Sure corp profits are up
but only because of massive layoffs. They are not going to rehire anytime soon

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