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...seem to be starting to rediscover thrift. Debt levels are falling. Consumer spending is down. The savings rate is on the rise. Great, right? Not exactly. The sudden sobering up of the American consumer happens to be the No. 1 force driving the U.S. and global economies downward. We're saving more, yet we're all getting poorer...
...eating their heads last. 9. I can't grow hair on my arms. 10. Two of my best friends are under five feet tall and I have an intense fear of midgets. 11. I think yoga is incredibly spiritual. I know the Lord is with me in my downward dog. (See pictures of facial yoga.) 12. I was born with jaundice. 13. I was born pigeon-toed. 14. I was born with an extra kidney. I wish I could have sold it on the black market and made some money, but it was underdeveloped and did nothing but cause...
...this current downturn as well, Walker's dim views, which at first seemed on the fringe, now appear less farfetched. The International Monetary Fund (IMF) in late January revised its forecasts for 2009 sharply downward, predicting the slowest global growth rate since World War II, at only 0.5%. IMF chief economist Olivier Blanchard said he expects "the global economy to come to a virtual halt." Even China would record only 6.75% GDP growth in 2009, according...
...Jobs and consumer confidence are Siamese twins. Retail sales in the last two months of 2008 have already confirmed that. Consumer consumption likely raced downward after the holiday. Store closings and retail industry lay-offs are signs that the shoppers who did not show up in the fourth quarter are staying away...
These findings have policy implications. Keltner has noticed that so far, government and media types have portrayed the prospect of a Greater Depression as "something to be enormously fearful of." He says, "If you listen to these messages, this problem is framed as an abyss, a downward spiral...