Recession fear for half the globe, says Goldman Sachs

[Dover]

Source: Telegraph

By Chris Irvine

Half the world economy, including the UK, is in recession or on the brink, according to research from Goldman Sachs.

The investment bank has warned that the world's major economies, including the US, Japan, the eurozone and the UK, are "either in recession or face significant recession in the months ahead".

It also raised fears that the slump could have a profound knock-on effect for China, whose thirst for raw materials and consumer products has been propping up many economies.

The bank's international economist Binit Patel warned: "Given its importance to world growth in recent years, a world recession would in all likelihood involve a hard landing in China."
America, the world's largest economy, has so far avoided recession - news that has helped the dollar's recent recovery. However, Goldman warned that the country is now facing a major downturn as the effect of the credit crisis takes its toll, having been delayed for some months by a series of tax cuts and interest rate reductions....>




Read more: http://www.telegraph.co.uk/global/main.jhtml?view=DETAILS&grid=&xml=/global/2008/08/22/noindex/cnrecession122.xml&DCMP=EMC-tra_22082008

[BrklynLiberal]

1. This can all be laid at the feet of BushCo and the Neocons.

They have seemingly set out to destroy the US, and the entire world is going down the toilet with us.
But it is ok..They are all going to be pulled out of their clothes and taken up to heaven..RAPTURED!!!

The Effect of the Rapture on United States Politics

BEFORE THE RAPTURE

AFTER THE RAPTURE

[RedLetterRev]

2. Kick!

[depakid]

4. Sorry, but most Democrats willingly went along with the financial deregulation

that's been the immediate cause of current problems. And they were warned.

http://www.smirkingchimp.com/thread/13858

http://www.progressivehistorians.com/2008/05/bill-clinton-glass-steagall-and-current_30.html

[LiberalFighter]

3. Goldman Sachs isn't part of the problem?

[bluesmail]

5. You know Investment Banks don't get HELP. But in opposite world

They do.

[Terry in Austin]

6. and for the other half, more poverty

:-(