U.S. Economic Crisis: GDP Shrinks 6.2 Percent; Housing Prices Plummet 10 Percent

GDP Shrinks 6.2 Percent; Housing Prices Plummet 10 Percent

[M]ore signs have emerged that the financial crisis is worsening. The Commerce Department has announced gross domestic product shrank at a 6.2 percent annual pace from October through December, the most since 1982. The Census Bureau is reporting that the median price of new homes fell by a staggering ten percent between December and January. The FDIC says 250 banks are now on the agency’s list of banks that could fail. Sixteen banks have already failed this year compared with twenty-five in all of 2008. In California, the unemployment rate has topped ten percent for the first time in a quarter century.

March 02, 2009

for complete article:

GDP Shrinks 6.2 Percent; Housing Prices Plummet 10 Percent
http://www.democracynow.org/2009/3/2/headlines#1


see also:

Dow closes below 6,800 for the first time since '97
March 02, 2009

http://www.iht.com/articles/2009/03/02/business/03marketsD.php