Quotes from Bloomberg Economic News
``Since 1949 the unemployment rate has never risen by this magnitude without the economy being in recession,'' John Ryding, chief U.S. economist at Bear Stearns Cos. in New York, said in a note to clients. ``We now put ourselves on recession watch.''
Factories have already slowed. ISM's manufacturing index for last month fell to 47.7, the lowest since April 2003, the purchasers group said this week.
Factory payrolls decreased by 31,000 after falling 13,000 a month earlier. Economists had forecast a drop of 15,000 in manufacturing employment. Builders reduced payrolls by 49,000 after cutting 37,000 jobs in November.
Government payrolls increased by 31,000 during the month, indicating private payrolls declined by 13,000.
Jan. 4 (Bloomberg) -- The Federal Reserve will increase the size of two scheduled auctions of emergency loans by 50 percent to $30 billion as part of a global attempt by central bankers to restore faith in the money markets.
NYT
Of 1,000 owners surveyed nationwide, only 28 percent said they felt economic conditions for their businesses were improving, while 65 percent said conditions were getting worse.
After inching down in recent weeks, average gas prices across the nation rose by 7.3 cents last week to $3.053 per gallon, 71.9 cents higher than the same period last year, the Energy Information Administration reported Wednesday.
Business Week
"Staying at [the $100] level will mean inflation and economic hardship," says Fadel Gheit, senior energy analyst for Oppenheimer Holdings (OPY). "The price has nothing to do with fundamentals, but it has a broad impact."
Here's a question for you. How many books on economics has your candidate read? How many has he WRITTEN? The best economist in the world can't convince someone to whom he can't explain the problem. It looks very like we are headed for a recession or a depression. Before you cast your all-important primary vote, shouldn't you find out who has the most education on economics? This is not one of those times when you basically get bragging rights. This time, it may make the difference between you keeping your job and house or living on the streets. Remember, if we ALL sink there will be no one to give you welfare. Even people who OWN their house could be dispossessed by incredibly high real estate taxes. I know everyone says he is a long shot, but PLEASE do yourself (and me) a favor and research Dr. Ron Paul. The house you save may be your own.
The Candidates on Iraq
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In 2002, McCain voted in favor of the invasion of Iraq.
Ron Paul
Rep. Paul (R-TX) is one of the Republicans most critical of the Iraq war and one of only six House Republicans to vote against the 2002 resolution authorizing the war. Paul cosponsored the Iraq War De-Escalation Act of 2007, which, if passed, would have stopped the troop surge in Iraq and begun redeployment of U.S. troops by May 1, 2007. That act was never voted on.
Mitt Romney
In speeches through the spring of 2007, Romney said he supported efforts to include Iraq's neighbors in security negotiations. He has pressed Arab governments in the region to do more to "support Iraq's nascent government." He favors the president's surge strategy and opposes plans to pull out of Iraq in the near future or to carve up the country into three regions because, as he warns in Foreign Affairs, "Iran could seize the Shiite south, al-Qaeda could dominate the Sunni west, and Kurdish nationalism could destabilize the border with Turkey." In general, Romney views the Iraqi conflict as part of a larger campaign against radical Islam, whose "over-arching conflict and goal [is] replacing all modern Islamic states with a caliphate, destroying America, and conquering the world."
Tom Tancredo
Rep. Tancredo (R-CO) opposes the troop surge and calls for disengagement to "let regional powers and Iraqi factions cooperate to forge a new balance of power" by November 2007.
Tancredo cosponsored the 2002 House resolution authorizing the use of force in Iraq. During an exchange between Giuliani and Paul at the May 2007 Republican debate over whether U.S. foreign policy in Iraq might have caused 9/11, Tancredo interjected to say "they would be trying to kill us [even if we were not in Iraq], because it is a dictate of their religion, at least a part of it. And we have to defend ourselves."
Editor's note: Tancredo dropped out of the race for the Republican nomination on December 20, 2007.
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