Krugman...... A grim morning

[RedEarth]

Double plus ungood news on multiple fronts this morning. The credit crunch is getting worse: LIBOR jumped again, the TED spread is at a new record. Bad news on employment: payrolls down 159,000, average work week down, official unemployment rate flat at 6.1 percent but broad measure (U6) up from 10.7 to 11.

We are going over the edge.

http://krugman.blogs.nytimes.com/2008/10/03/a-grim-morning/

......also from Krugman a chart showing the broadest measure of unemployment and underemployment from the Bureau of Labor Statistics.



You can still argue that presidents really don’t have that much influence on the economy. But remember, Bush supporters eagerly claimed that downward stretch from 2003 to 2006 — coinciding with the worst excesses of the housing bubble — as proof that tax cuts work. Live by the business cycle, die by the business cycle.

http://krugman.blogs.nytimes.com/2008/10/03/the-track-record/

[willing dwarf]

1. Same wave length

I just posted the same on my journal. Scarey stuff!

This week we're anticipating the first economic refugee from Ireland at our house, my brother in law. If the US looks like a land of opportunity to the Irish again, I'd say we know the world economy is fecked!

[Kolesar]

2. Krugman is still advocating for the bailout-loan program as of this morning

I recall your sig line quote from the "Rage on the Radio" episode. Words to live by.