@slotplayer 154076 wrote:
Could be but the US economy is in a major slowdown if not a recession. (a recession is defined as 2 or more quarters of negative GDP growth, last quarter it grew at .6% compared to the previous quarter of about 4.9%)
The Federal Reserve cut short term interest rates twice in 9 days which is hardly done if ever and the Congress passed that economic stimulus package last week so hopfully it will be short lived. That sub-prime loan mess didn’t help.
I have been following the housing and stock market for the past several months. With foreclosures on the rise and home values sinking, the lack of confidence is there. Gas prices continue to rise and that is driving up food, clothing, and other goods prices. This leaves many with little or no deposable income for entertainment. This coupled with payment processing problems is and will damper business for months to come. I believe the US is already in a recession that will be a long one. The housing market problems and high gas prices are not going away anytime soon.