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Veteran of Foreign Peace - Returned Peace Corps Volunteer
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Deep recession feared in U.S.

Read ArticleArticle Source: FinancialPost.com
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Economists are no longer talking about a U.S. recession but a deep recession after figures yesterday showed business sentiment continued to plummet in early February.

Forecasts for a more severe retreat came as CIBC World Markets forecast U.S. house prices would end up sliding 20% before the dust has settled on the American housing meltdown. CIBC estimated 50% of U.S. homeowners who took out below-prime mortgages in 2006 will end up in a negative-equity position -- owing more than their house is worth.

"There seems to be a sense of a very deep-seated collapse in the economy," said Michael Englund, chief economist at Action Economics.

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{"commentId":1509973,"authorDomain":"michaelsautter"}

Wholesale prices up sharply - not a good sign too.

{"commentId":1509973,"threadId":"225346","contentId":"1326298","authorDomain":"michaelsautter"}
  • 1 vote
Reply#1 - Tue Feb 26, 2008 10:29 AM EST
{"commentId":1510618,"authorDomain":"winsomecowboy"}

160 billion bank baleout, another bad sign. The avoidance of the word 'depression' is understandable. Why face reality in an election year.

{"commentId":1510618,"threadId":"225346","contentId":"1326298","authorDomain":"winsomecowboy"}
  • 2 votes
Reply#2 - Tue Feb 26, 2008 1:07 PM EST
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