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United States: Crisis ...and Big
The only thing that George W. Bush is doing about the economic crisis knocking on the doors of the US is trying to gain time. The responsibility for the financial bombshell falls on his government, without a doubt. Now the problem will fall on the next occupant of the White House too.
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The only thing that George W. Bush is doing about the economic crisis knocking on the doors of the US is trying to gain time. The responsibility for the financial bombshell falls on his government, without a doubt. Now the problem will fall on the next occupant of the White House too.
That is why Bush keeps repeating that everyone must remain calm and that the useless 700 billion dollar injection of US taxpayer's money for the crumbling banking system requires time to feel the effects...as simple as that.
However, for other sectors in the US, the issue is presented in a very different way. For example, according to two thirds of the members of the National Association for Business Economics, the country is "currently suffering or will soon fall into recession."
The 48 experts in economic predictions, consulted by their association, say that "if the financial conditions do not improve quickly...and thecredit markets do not recover their normal functions, there will be a recession between the months of October and March."
The analysts of the Association predict that unemployment will rise a tenth, to 6.2 percent in the fourth quarter and might reach a maximum of 6.4 percent in 2009.
For their part, the Conference Board business association calculates that unemployment could reach 7 percent in the second half of next year.
There are few that are confident in Washington's measures and harsh restrictions by Capitol Hill in their attempt to ease the debacle of the local financial entities.
One of the gauges in the issue is the price of oil, from over 147 dollars a barrel last July, fell to some 78 dollars on Friday October 10th despite the government plan. And with oil, the reduction of the stock exchange has extended to almost all of the raw materials, including gold, traditional refuge for buyers and stock holders when other markets are poised to fall.
Bruce Dunn, Vice President of the Auramet Trading Firm pointed out, "There is total panic. The people are so scared that they are trying to sell everything that has a cash value and remain on the margin."
That is why Bush keeps repeating that everyone must remain calm and that the useless 700 billion dollar injection of US taxpayer's money for the crumbling banking system requires time to feel the effects...as simple as that.
However, for other sectors in the US, the issue is presented in a very different way. For example, according to two thirds of the members of the National Association for Business Economics, the country is "currently suffering or will soon fall into recession."
The 48 experts in economic predictions, consulted by their association, say that "if the financial conditions do not improve quickly...and thecredit markets do not recover their normal functions, there will be a recession between the months of October and March."
The analysts of the Association predict that unemployment will rise a tenth, to 6.2 percent in the fourth quarter and might reach a maximum of 6.4 percent in 2009.
For their part, the Conference Board business association calculates that unemployment could reach 7 percent in the second half of next year.
There are few that are confident in Washington's measures and harsh restrictions by Capitol Hill in their attempt to ease the debacle of the local financial entities.
One of the gauges in the issue is the price of oil, from over 147 dollars a barrel last July, fell to some 78 dollars on Friday October 10th despite the government plan. And with oil, the reduction of the stock exchange has extended to almost all of the raw materials, including gold, traditional refuge for buyers and stock holders when other markets are poised to fall.
Bruce Dunn, Vice President of the Auramet Trading Firm pointed out, "There is total panic. The people are so scared that they are trying to sell everything that has a cash value and remain on the margin."