{"id":192249,"date":"2009-04-24T17:25:00","date_gmt":"2009-04-24T22:25:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/04\/24\/economics-update-235\/"},"modified":"2009-04-24T17:25:00","modified_gmt":"2009-04-24T22:25:00","slug":"economics-update-235","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/04\/24\/economics-update-235\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<div style=\"border: 1px solid black; margin: 0px 10px; width: 410px; float: right; text-align: center;\"><img decoding=\"async\" src=\"http:\/\/img135.imageshack.us\/img135\/9311\/perilsofoptimism8006055.jpg\" bordercolor=\"white\" border=\"0\" \/><br \/><span style=\"font-style: italic;\"><a href=\"http:\/\/www.economist.com\/\">The Economist Nails It<\/a><\/span><\/div>\n<p> The British economy just <a href=\"http:\/\/www.cnbc.com\/\/id\/30363347\">posted its largest quarterly loss since 1979<\/a>, 1.9 % for the quarter, and 4.1% year over year.<\/p>\n<p>We had <a href=\"http:\/\/www.cnbc.com\/id\/30388038\">Moody&#8217;s downgrade American Express debt from A2 to A3<\/a>, because of lower earnings from fewer purchases made with its cards, and more bad loans.<\/p>\n<p>Unsurprisingly, the same thing is happening with the stress tested banks, where PNC Financial  says that <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=aKY.d2KL6KkE&amp;refer=home\">bad assets are expected to triple<\/a>.<\/p>\n<p>We do have some good news with <a href=\"http:\/\/www.cnbc.com\/id\/30370037\">Ford Motors beating expectations<\/a>, though the numbers are still awful, and <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601110&amp;sid=a1kk54KXmWR8\">corporate borrowing costs falling below last October&#8217;s numbers<\/a>.<\/p>\n<p>In currency, <a href=\"http:\/\/money.cnn.com\/2009\/04\/24\/markets\/dollar.reut\/index.htm\">the dollar weakened again<\/a>, and this <a href=\"http:\/\/money.cnn.com\/2009\/04\/24\/markets\/oil\/\">had traders bidding up the price of oil<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Economist Nails It The British economy just posted its largest quarterly loss since 1979, 1.9 % for the quarter, and 4.1% year over year. We had Moody&#8217;s downgrade American Express debt from A2 to A3, because of lower earnings from fewer purchases made with its cards, and more bad loans. Unsurprisingly, the same thing &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1108,1080,973,1135,984,1004,1089],"tags":[],"class_list":["post-192249","post","type-post","status-publish","format-standard","hentry","category-auto-industry","category-currency","category-economy","category-energy","category-europe","category-finance","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192249"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=192249"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192249\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=192249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=192249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=192249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}