US Economy Shrinks as IMF Warns of Great Depression

Agence France-Presse: "The US economy shrank in the third quarter, official data confirmed Tuesday, as the IMF's top economist warned of a second Great Depression offering no respite from relentless gloom ahead of Christmas. The abrupt 0.5 percent contraction of gross domestic product (GDP) in the world's largest economy was seen as marking the start of a steep downturn for the United States after GDP growth of 2.8 percent in the second quarter."

//www.truthout.org/122408R

--------

IMF economist warns of "Great Depression"

The top economist at the International Monetary Fund, Olivier Blanchard, warned earlier this week that continued declines in consumer spending would set off a global depression. "Consumer and business confidence indexes have never fallen so far since they began. The coming months will be very bad," he told the French newspaper Le Monde, as reported by Agence France-Presse.

//wsws.org/articles/2008/dec2008/econ-d27.shtml



Holiday Sales Drop to Force Bankruptcies, Closing

U.S. retailers face a wave of store closings, bankruptcies and takeovers starting next month as holiday sales are shaping up to be the worst in 40 years.

//tinyurl.com/8yqfom



Cash-strapped states cut juvenile justice programs

State budget cuts are forcing some of the nation's youngest criminals out of counseling programs and group homes and into juvenile prisons in what critics contend is a shortsighted move that will eventually lead to more crime and higher costs.

//tinyurl.com/7pamt3



Cash-strapped states weigh selling roads, parks

Minnesota is deep in the hole financially, but the state still owns a premier golf resort, a sprawling amateur sports complex, a big airport, a major zoo and land holdings the size of the Central American country of Belize.

//tinyurl.com/9hffmz


From Information Clearing House



//freepage.twoday.net/search?q=economy+shrink
//freepage.twoday.net/search?q=GDP
//freepage.twoday.net/search?q=IMF
//freepage.twoday.net/search?q=Great+Depression
//freepage.twoday.net/search?q=consumer+spending
//freepage.twoday.net/search?q=retailer
//freepage.twoday.net/search?q=bankruptcies

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