Shiller comparing current situation to Great...

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... Depression prelude! 1/29/2008 ___________________________________ Housing Bust Recovery in 1930s http://www.youtube.com/watch?v=KlkOPAa4Mao ___________________________________ http://www.ft.com/cms/s/0/3a6ad6d0-d014-11dc-9309-0000779fd2ac.html US consumers in cautious mood By James Politi in Washington Published: January 31 2008 16:12 | Last updated: January 31 2008 16:12 The sharp slowdown in the US economy was highlighted on Thursday as fresh data showed that consumer spending rose a meagre 0.2 per cent in December and jobless claims moved unexpectedly higher last week. The data on consumer spending from the commerce department, though slightly above expectations, was the weakest since September 2006, and contrasted with a 1.1 per cent gain in November. It confirmed that even as retailers tried to attract customers with heavy discounts during the holiday season, US consumers spent cautiously. Personal income rose 0.5 per cent in December, also slightly above expectations. The personal consumption expenditure price index, excluding food and energy, rose 2.2 per cent, providing evidence that inflation could remain a concern for US policymakers. Recession fears came sharply into focus this week after it emerged that the US economy grew by 0.6 per cent in the fourth quarter. The Federal Reserve on Wednesday cut interest rates by 50 basis points - on top of its 75 basis point emergency easing of monetary policy last week -- in an effort to tackle the slowdown. Among economic indicators, one relatively bright spot recently was the weekly jobless claims data. But on Thursday, it emerged that the number of workers who filed for unemployment benefits last week rose sharply, by 71,000 jobs, to 375,000, or the most since Hurricane Katrina hit in September 2005. "After a series of low-side readings this increase clearly raises fresh questions about the health of the labour market," said JPMorgan's economics research team. On Friday, the US government will release its monthly jobs report, which could provide economists with a better reading of employment trends. ___________________________________ Housing Meltdown Why home prices could drop 25% more on average before the market finally hits bottom http://www.businessweek.com/magazine/content/08_06/b4070040767516.htm ___________________________________

Category: Education
Uploaded: January 31st, 2008 @ 5:33 pm
Author: RemiG2006

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