T.E.N. Financial Pages, aka-Tam's Article Review (I Call BS pt 2)

So, on yesterday, this following announcement was made:

WASHINGTON — The United States economy officially sank into a recession last December, which means that the downturn is already longer than the average for all recessions since World War II, according to the committee of economists responsible for dating the nation’s business cycles.

In declaring that the economy has been in a downturn for almost 12 months, the National Bureau of Economic Research confirmed what many Americans had already been feeling in their bones.

So when they say "what many Americans had already been feeling in their bones, that wasn't The Arthur setting up in them bones???

Just wondering.

Basically, somebody finally decided to tell the truth about how it takes damn near two incomes for people to stay afloat! Here's more from that article...*mumbles incoherently*

But private forecasters warned that this downturn was likely to set a new postwar record for length and likely to be more painful than any recession since 1980 and 1981. “We will rewrite the record book on length for this recession,” said Allen Sinai, president of Decision Economics in Lexington, Mass. “It’s still arguable whether it will set a new record on depth. I hope not, but we don’t know.”

As if adding a grim punctuation mark to what could become the worst holiday shopping season in decades, the Dow Jones industrial average plunged nearly 680 points, or 7.7 percent, to 8,149.09. Part of the drop may have reflected profit-taking after last week’s surge in stock prices, but it also came in response to new data showing that manufacturing activity dropped to its lowest point in 26 years.

Both the chairman of the Federal Reserve, Ben S. Bernanke, and the Treasury secretary, Henry M. Paulson Jr., vowed to use all the tools at their disposal to restore a measure of normalcy to the economy.

Okay. Using all the tooks at their disposal doesn't really mean a damn thing. That means that they keep on sitting in an office with calculator, an abacus, a glass of merlot and a stogie while you and I figure out the minimum to pay on our MLGW bills..hell, if we pay ANY damn thing. Bitches.

READ!

President Bush, increasingly the odd man out in the last weeks of his term, said his administration would do whatever was necessary to safeguard the system. “I’m sorry it’s happening, of course,” Mr. Bush said in an interview with ABC’s “World News” on Monday. “Obviously, I don’t like the idea of Americans losing their jobs or being worried about their 401(k)s. On the other hand, the American people got to know that we will safeguard the system.”

Yall ain't safeguarded a damn thing, you possum-faced motherfucker....

READ!

But many analysts said they saw no signs yet that the economy was nearing a bottom. American consumers, who for decades have been the country’s tireless source of growth when all else failed, have cut back on their spending more sharply than at any time since the early 1980s.

Consumer spending plunged in the third quarter of this year, and the evidence so far suggests they may pull back even more in the fourth quarter. Consumers account for about 71 percent of American economic activity, and their most recent retreat is occurring even though gasoline prices have dropped by almost half in the last month and left people with more money in their pockets.

Allow The Tams to explain why we pulling back on spending...because MILK IS DAMN NEAR $23 a GALLON! I remember a time when an afternoon bowl of Frosted Flakes didn't cost as much as a Porterhouse Steak! Niggas back on Ramen noodles, which means that our blood pressure shoots up higher than it did when gas was $4 a gallon!

READ!

Mr. Sinai of Decision Economics said it was hard to imagine that this downturn would have hit bottom within the next four months, which would make it all but certain to set a new record.

Mr. Paulson, who teamed up with the Fed last week to begin a new $200 billion program to buy up consumer debt and small-business loans, said he had committed all but about $20 billion of the first $350 billion Congress authorized for the bailout fund. “We are actively engaged in developing additional programs to strengthen our financial system so that lending flows to our economy,” Mr. Paulson said in his speech. “We are continuing to examine potential foreclosure mitigation ideas that may be an appropriate” use of the funds.

Democratic lawmakers have sharply criticized Mr. Paulson for refusing to use any of the money yet for reducing foreclosures. Sheila C. Bair, chairwoman of the Federal Deposit Insurance Corporation, warned last month that as many as 4.5 million people were likely to lose their homes through foreclosure. Ms. Bair proposed a plan that she said could prevent about one-third of those foreclosures.

Okay, now these hoes are fighting. Well let them hoes fight!

Just give me my money!

*Tamara is now mad that nobody wanted to admit that fokes are catching hell around these parts. These seersucker suit in the summertime wearing sapsuckers taking cruises and flights on private jets and The Tams is rolling around in the Cobalt with this gas that is cheap but full of more water than Pamela Anderson's titties*

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