EconomicCrisis.US

It’s shaping up to be another lousy year for workers, with more companies expecting to cut payrolls in the months ahead.

That’s part of the latest outlook from forecasters in a survey to be released Monday by the National Association for Business Economics that depicts the worst business conditions in the U.S. since the report’s inception in 1982.

Thirty-nine percent predicted job reductions through attrition or “significant” layoffs over the next six months, up from 32 percent in the previous survey in October. Around 45 percent in the current survey anticipated no change in hiring plans, while roughly 17 percent thought hiring would increase.
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The House of Representatives will consider next week the $825 billion stimulus package sought by President Barack Obama to help the struggling economy, House Speaker Nancy Pelosi said on Thursday, as Republicans sought to turn its emphasis to tax cuts.

Republicans criticizing the package say the $550 billion devoted to government spending would add too much to the deficit and that greater emphasis should be given to tax cuts than the $275 billion now planned. Tax cuts, they argue, would more quickly jolt the economy out of a yearlong recession.
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Worries over the recession’s toll on the Feb. 1 Super Bowl now have a number: $30-million.

That’s how much less corporations and visitors will spend in the Tampa Bay area than they would in normal economic times, says PricewaterhouseCoopers, the big audit and consulting firm.

The game and its associated hoopla will bring the area a financial windfall of $150-million, not the $180-million it would have if the country wasn’t in a deep recession, according to the annual Super Bowl economic impact forecast released Wednesday.
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THE Holy Roman Empire currency crisis of 1622; the tulips Mania of 1636; the South Sea Bubble of 1720; northern Europe in 1763; the east India Company 1772; emerging markets 1809-1838; railways 1847-1873; commodities 1890-1920; Great Crash of 1929; Bretton Woods collapse of 1973; savings and loan collapse 1980;

Third World debt 1982; Black Monday 1987; junk bonds 1988; Japanese bubble 1990s; US bond crash 1994; Mexican debt crisis 1995; Asian crisis 1997; Russian crisis 1998; long-term capital management crisis 1998; dotcom crash in 2000; the Argentinian crisis of 2002 and now the credit crunch that began in August. No surprise then that each of these events was followed by tightened regulation so it wouldn’t happen again,
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