Friday, August 1, 2008

Despite Data, Debate On Recession Goes On

It seems odd to me that anyone living in the U.S. today doesn't know there is a recession going on. Well, except for big oil's executives and stockholders. The so-called experts are debating the point because the economy only shrank at a 0.2 percent rate during the quarter. “Outside of housing and autos, it’s not all that bad,” said David Wyss, chief economist at Standard and Poor’s. What do you think, are we in a recession? Here's a look at today's headlines:

Stocks close down after gloomy reports

U.S. jobless rates hits a four year high

GM, Toyota, Ford's July U.S. sales tumble

Jobs cut to part-time

Home foreclosures up 125%

Gasoline falls to just under $4.00 a gallon

Heating oil to average $4.79 a gallon this coming winter

Big oil's biggest quarter ever: $51.5B in all

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