It is (semi) official: We are in a recession. FED Chairman is the bad-news bearer belatedly as published by The Washington Post on page A3,April 3, 2008:
Greenspan: "The most wrenching since the end of the Second World War."
Feldstein: "Substantially more severe downturn than usual" "The situation is bad, it is getting worse."
Six weeks ago, Chairman Bernanke said "sluggish growth." Cf. My blogs in the past.
My comment: Since there have been twin deficits i.e. trade and federal deficits,the logical effect would not be favorable. We are witnessing the consequences now. Stagflation has been noted and we hope for the best in 2009 as FED Chair stated. In the meantime,grin and bear with the situations re faith and hope with charity toward the less fortunate folks in USA. China's economy has problems as well but I do envision the joint efforts of two nations with strategic economic conference in June in Washington for possible favorable outcome hopefully in terms of globalization of resources for proper utilization to obtain economic utility of peoples."Yi ren wei ben" is the guidelines for USA and China. The readers can detect the semantics in denotation and connotation in your own musing with serious thoughts.
Francis Shieh on Friday,April 4th. It used to be a day for children in China when I was a kid after 1926. My memory still works as an octogenarian with positive scenario as a guy living in the high-tech age with plenty of gadgets!!! I admit I don't know enough about economics et al. but there are those who don't know they don't know as Professor John K. Galbraith so aptly stated decades ago. Hehehahahoho all the way and we shall live to be centenarians.
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