The International Monetary Fund in its semiannual forecast yesterday
said what your WHITE HOUSE WAR CRIMINAL will never have the guts to
say: The U.S. is in a recession and it will put a damper on national
and international growth for at least two years.
The IMF says that there is a 25 percent chance that worldwide growth
will be 3 percent or lower, which would amount to a global recession.
So next time your hear your Nincompoop-In-Chief say the U.S. economy
"is in good shape," or some other typical Bush lie, consider the
source, and try to think of some way to get Bu****e and his outlaws
"indicted" and "arrested" by some world body for their crimes against
humanity.
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"IMF Forecasts Rough Economic Weather"
By Neil Irwin and Michael A. Fletcher
Wa****ngton Post Staff Writers
Thursday, April 10, 2008; D03
The United States is entering a recession that will slow the entire
world economy, and weak growth will persist through 2009, the
International Monetary Fund said yesterday.
In its semiannual forecast, the IMF offered a dour look at how a
crisis in financial markets and the U.S. housing sector will spread to
the pocketbooks of people worldwide. It characterizes the U.S.
recession as mild, and projects that the U.S. economy will grow 0.5
percent in 2008.
However, the fund also expects the economic fallout of the crises to
stick around for a while, with growth of only 0.6 percent in 2009.
Those figures contrast with 2.2 percent growth in 2007. And that
weakness will spread broadly, the IMF predicted, with slower growth in
every major economy around the world except in the Middle East, which
benefits from high oil prices. The total value of goods and services
produced in the world will rise 3.7 percent in 2008, down from an
estimated 4.9 percent in 2007, according to the World Economic
Outlook.
There is a 25 percent chance that worldwide growth will be 3 percent
or lower, the fund said, which would amount to a global recession.
Given those risks, the IMF re****t suggested that more elaborate
government intervention in the housing and mortgage markets may be
necessary. "Room may need to be found for some additional public
sup****t for the housing and financial markets."
That approach has been played down by the Bush administration,
including by Treasury Undersecretary David McCormick in a briefing
with re****ters yesterday.
McCormick called the IMF's projections "unduly pessimistic," while
acknowledging that "the U.S. is suffering through a significant
downturn in its growth."
The IMF, along with the World Bank and finance ministers of the Group
of Seven industrialized nations, will hold their semiannual meetings
in Wa****ngton this weekend. A hot topic on the agenda will be how to
adjust regulation of the world's financial infrastructure to try to
prevent such crises from recurring.
The G-7 ministers will be considering a re****t from the Financial
Stability Forum that examines ways that banks and others in the
financial system can improve their understanding of risk and how they
account for complicated investments.
"The financial head winds and other adjustments underway really do
pose significant challenges to the outlook for 2008," McCormick said.
However, he said that coordinated efforts among major nations to buy
up mortgage securities or take other coordinated intervention in the
markets is not being considered.
http://www.wa****ngtonpost.com/wp-dyn/content/article/2008/04/09/AR2008040904056.html
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