| Europe's Economies Headed for Recession |
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| by Tom McGregor | Wed, Sep 10, 2008, 03:57 PM |
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The BBC News reports that, “ The commission also downgraded its outlook for Euro-zone growth again, in its latest economic forecast. It claimed the 15-nation euro bloc would now grow by 1.3% this year, against previous projections of 1.7%. The region’s economy shrank by 0.2% between April and June, according to data reported earlier this month, which was the bloc’s first decline since its creation in 1999. A slowdown in exports and consumer spending had been driving the contraction. “But,” as reported by the BBC, “high inflation in the region – led policy makers at the European Central Bank to keep interest rates at 4.25% at its latest meeting, allowing no relief for the Euro-zone’s slowing economies.” In its most recent report, the commission believed that inflation was now likely to creep up to 3.6% in the Euro-zone, which is above its previous predictions of 3.2% and far exceeding the government’s target of 2%. To read the entire article from the BBC News, link here:
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Comments (4)
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written by ElHombre , September 10, 2008 Speaking of economic news, any posts coming along about the Fannie Mae & Freddie Mac bailout? It should be interesting to watch the conservatives twist themselves into their usual knots coming to grips with the news. Here's a start: John McCain supports the action even in voilation of his own party's platform.
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written by Antonio , September 11, 2008 Hombre, I'm a Republican, and if you're so concerned about our opinion re: Fannie/Freddie, be it known that this GOPer believes they should both be sold off. We all do, actually, as do most economists. The only problem is that we can't say that, because then you Demo-crats/gogues would somehow twist THAT into some kind of screw-the-middle-class move on our part. Thus the equivocation on the parts of McCain and congressional Republicans. So congrats! But instead of changing the topic, let's go back to discussion of the Eurozone recession and ponder why the US has actually seen a substantial INCREASE in growth (3.3 percent last Q). Surely, Bush is undeserving of any credit, right? You certainly believe so; That's why you so blatantly changed the subject.
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written by ElHombre , September 12, 2008 "The only problem is that we can't say that, because then you Demo-crats/gogues would somehow twist THAT into some kind of screw-the-middle-class move on our part." Now why would anyone try attempt to portray conservative policies as working against anyone except rich families? Oh, that's right. It's because the facts show that they do! If conservatives want to argue in an arena of ideas, they might want to start getting their beliefs arranged around facts for a change.
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written by ElHombre , September 12, 2008 Almost forgot... "...ponder why the US has actually seen a substantial INCREASE in growth (3.3 percent last Q)." Take a monent and ponder this little story from the AP... "One problem: A vocal group of analysts and economists isn't buying it. "Quite frankly, we do not think the report passes the economic commonsense sniff test," wrote economists John Ryding and Conrad DeQuadros at RDQ Economics." link: http://www.iht.com/articles/ap...lenged.php Anyone who keeps automatically believing ANYTHING the Bush admin says deserves to lose everything they own. Write comment
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