U.S. defies the doom-mongers - GDP grows in Q1.

[freedomlover]

Contrary to all the hype from doom-mongers here and elsewhere (one well-known P.ie poster called the U.S. recession for November 2007), figures just out showed the U.S. economy continued to grow in the first quarter of 2008, at the same rate as it did in the fourth quarter of 2007. In other words, the U.S. was NOT in recession in the first quarter. Let's hope he was equally wrong when he called the Irish recession for October 2007. Only time will tell.

[youngdan]

Ya things are booming here, home sales are at the level they were in 1970 while the fed cuts rates and bails out all and everyone. General Motors have reported a 3.3 billion loss today and Freddy and Fannie are broke. If we had a few flappers it would be just like The Roaring Twenties

[seabhcan]

In euro terms the US economy is 10% smaller than it was in January. That size devaluation should have generated a little more "growth" than <1%

[Squire Allworthy]

In euro terms the US economy is 10% smaller than it was in January. That size devaluation should have generated a little more "growth" than <1%

It will but it takes time.

[Gimpanzee]

stop talking down the recession.

[seabhcan]

stop talking down the recession.

[Anorakphobia]

Contrary to all the hype from doom-mongers here and elsewhere (one well-known P.ie poster called the U.S. recession for November 2007), figures just out showed the U.S. economy continued to grow in the first quarter of 2008, at the same rate as it did in the fourth quarter of 2007. In other words, the U.S. was NOT in recession in the first quarter. Let's hope he was equally wrong when he called the Irish recession for October 2007. Only time will tell.

Proportionately there is no one on this site that talks down prospects as much as you ramp them.
If you want to cling to the comfort blanket of a puny 1% reading as confirmation that things are fine, fire away.
I'd side more with Warren Buffet who yesterday shrugged off this 1% and said "I know a recession when I see one and this sure feels like a recession".

Apaprently Irish House prices are very strong as well.
source: Irish Times

[Dillinger]

I think ill stick with Warren on this one, thanks.

[Squire Allworthy]

Fed cuts interest rates to 2 percent from 2.25 percent.

[zachler]

I have to say, i dislike the glee that some people express when bad economic news emerges but this thread is like stating that the Titanic hasn't sunk yet.