It's Called A Recession Dumbass

U.S. Economy: Growth Rate Falls Short of Forecasts

The U.S. economy shrank at the end of 2007 and grew less than forecast in this year's second quarter, signaling that the country is in worse shape than investors had anticipated.

``We're in a recession,'' Allen Sinai, chief economist at Decision Economics Inc. in New York, said in a Bloomberg Television interview. ``It's going to widen, it's going to deepen.''

The economy may weaken further as the temporary boost from tax rebates, which aided a pick-up in gross domestic product last quarter from the previous three months, fades. Stocks and the dollar dropped, Treasuries rallied, and traders reduced bets that the Federal Reserve will raise interest rates this year.

``This confirms the general picture of weakness, but it is surprising that GDP declined,'' said Martin Feldstein, who headed the National Bureau of Economic Research until June and serves on the group's recession-dating panel. He added that today's figures underscored his estimate that a downturn began in December or January. The last time the economy contracted was in 2001.

Source

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Another genius states the obvious.

Is there anyone working in this economy who didn't know this?

We the unwashed masses buy gas, buy food, buy goods...we don't have people to do it for us and no one else pays our way.

Welcome to Detroit