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Posts Tagged ‘financial crisis

The NBER announces that the US is officially in a recession. “In case somebody hasn’t noticed.”

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John Smith, from Los Pobres, California, said he had no idea the US was in a recession. "I'm glad somebody informed me, I would never have known otherwise."

John Smith, from Los Pobres, California, said he had no idea the US was in a recession. "I'm glad somebody informed me, I would never have known otherwise."

Cambridge, MA, December 2nd, 2008, (Reuters).- The National Bureau of Economic Research declared today that the US is in a recession and has been in it since December 2007.

NBER’s president Harry Potterba explained to the press: “We got all of our researchers, scholars, academic and economists together to discuss the possibility of a recession. After many hours of debates, we concluded that the US was indeed in a recession when all of us couldn’t get enough money to pay for the pizza when it arrived.”

“Then we tracked the recession back and decided that it started in December 2007, because none of us were able to buy any presents for our children back then, but we nevertheless had turkey for Thanksgiving that year,” Potterba explained.

He also declared that he was glad the word was out, “I want people to know that they might have a bit of problems in getting a job, keeping the one they have or getting enough money to pay for food and rent. I would hate if this situation caught anyone by surprise.”

White House spokeslad Tony Frapucchino commented that the White House didn’t agree with the term “recession.” “I think there might be a slow economic turndown, or a deceleration of the economy, or an economic slowdown, or just a loss of hundreds of thousands of jobs, but not necessarily a recession,” explained Tony.

“It’s not important who or what or when caused it, as it clearly is nobody’s fault. What’s important is what is being done about it. And the most important thing we can do right now is bail out all the institutions where Cheney is a board member, in order to restore confidence… to Dick Cheney,” said the White House spokeslad.

National Debt Clock runs out of digits.

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New York, NY, October 9th, 2008, (Reuters).- In a sign of the fundamentals

The dollar currency symbol was replaced with a "1" in order to reflect the 10 trillion debt. By the way, you and your family owe $90,000 dollars.

The dollar currency symbol was replaced with a "1". By the way, you and your family owe $90,000.

of the American economy not being as strong as one’d think, the National Debt Clock in New York City has run out of digits to record the growing figure.

As a short-term fix, the digital dollar sign on the billboard-style clock near Times Square has been switched to a figure — the “1” in $10 trillion. It’s marking the federal government’s current debt at about $10.2 trillion. In case of doubt, the average American can aslo see how much his or her family owes.

The Durst Organization says it plans to update the sign next year by adding two digits. That will make it capable of tracking debt up to a quadrillion dollars, which is not that unrealistic. They will add two digits to the family share figure as well, just to keep up for the first half of 2009.