Is this a sign that we are headed for a major recession?

Question

...and remember...it's not Clinton's fault!

Lenders’ Belt-Tightening Stifles Growth in Economy
By PETER S. GOODMAN
Credit flowing to American companies is drying up at a pace not seen in decades, intensifying worries that a recession is near.

http://www.nytimes.com/2007/11/29/business/29lend.html?th&emc=th

Answer 1

Everything's Clinton's fault and if it's not Clinton's it's Carter's. LOL

Our current president has managed to bankrupt this country just all around, he's ruined our once good and proud reputation globally, he has ruined our economy (Just where are all those great jobs?). He's bankrupt our military which is stretched way to thin, the dollar is falling and the Euro is on the rise. It's a train wreck.

Answer 2

The falling housing market is playing a big part. Not many new homes being built, existing homes are decreasing in value, and more and more people are losing their homes to forclosure. Add to that the cost of fuel, it has driven the prices up not just for home heating, but airline costs, truckers etc. Have you noticed the prices in the grocery store? $50 for ham, and half a ham at that. Red meat is an outrageous price. People are paying extremely high prices for health insurance.$600+ for a single person, as high as $2000+ for a family plan/mo. The credit flow for businesses is drying up. This does not make for a strong economy. Say what you want about Clinton, but when he left office the country was in better economic shape than it had ever been. The dollar was strong, 1 1/2 that of the Canadian dollar, now is is less than the Canadian dollar. Bush and the republicans have destroyed the economy. We are definately near recession.

Answer 3

Even more significant sign of looming disaster is combination of dollar falling against other currencies, resulting in foreign companies and even foreign governments buying up more and more American companies and banks. Add to that the trillions in debt we owe to China, Japan, Korea and other nations, our shredded reputation around the world, global warming and etc. and I don't know what else to call the Bush administration but the biggest disaster ever to strike this nation and possibly the world!

Answer 4

Watch out. The sky is falling also. Those preaching doom and gloom always get ink in the media.