Tough Times

Possibly the "most severe" downturn since the end of WWII?
This New York Times article talks about how it will take at least 6 more months of hard times before the economy stabilizes again, noting that "a similar pattern occurred in the other great postwar recession, in 1974..."

A smidgen from the article:

"Some economists predict that the economy could lose as many jobs in the first six months of 2009 as the entirety of 2008. Nearly two million jobs have been lost since the start of the recession last year, two-thirds of them since September. Still, some forecasters say the pessimistic talk may be overblown, and possibly a problem in itself."

Chris Varvares, president of Macroeconomic Advisors, comments in the article, “The numbers are giving us a darker view than is actually the case." He continues, “There is such a thing as self-fulfilling prophecy."

A government stimulus package, which many assume will be helpful because it may create jobs and stimulate spending, is expected to be announced in the first or second month of 2009 after Obama takes office.