Shrinking output and substantial unemployment rate until 2011

[katty]

more: http://www.msnbc.msn.com/id/29260434/

Fed sees deepening economic pain this year
Shrinking output and substantial unemployment rate until 2011

Obama unveils mortgage rescue plan
Feb. 18: President Obama announces his foreclosure plan which will help 7-9 million distressed families stay in their homes by making it easier to refinance and adjusting mortgage payments.


updated 18 minutes ago
WASHINGTON - The Federal Reserve on Wednesday sharply downgraded its projections for the country’s economic performance this year, predicting the economy will actually shrink and unemployment will rise higher.

Under the new projections, the unemployment rate will rise to between 8.5 and 8.8 percent this year. The old forecasts, issued in mid-November, predicted the jobless rate would rise to between 7.1 and 7.6 percent.

The Fed also believes the economy will contract this year between 0.5 and 1.3 percent. The old forecast said the economy could shrink by 0.2 percent or expand by 1.1 percent.

[madrchsod]

1. under that scenario obama could lose the senate and the house

if there is`t any improvement by next spring all bets are off on the next election

[Christa]

2. Never mind that he inherited the mess we are in

memories are so short ...

[madrchsod]

3. the american people have a short memory

especially when the news media is against these plans to save our ass. :hi:

[Why Syzygy]

4. Well, I DO remember

something about shutting down Iraq. If we've still got at least two wars, quadruple your odds that he's in trouble.