Forecasters: Economy worse in '09, better in '10
By JEANNINE AVERSA, AP Economics Writer Jeannine Aversa, Ap Economics Writer Mon Feb 23, 7:19 am ET
WASHINGTON " Brace yourself: The recession is projected to worsen this year. The country stands to lose a sizable chunk of economic activity in 2009 as consumers at home and abroad retrench in the face of persistent economic troubles. And the U.S. unemployment rate " now at 7.6 percent, the highest in more than 16 years " is expected hit a peak of 9 percent this year.
My crystal ball fell on the floor and broke. I wonder who manufactured the one these people are using.
Although the government has said it doesn't want to nationalize banks, many investors are clearly still concerned that this could be a possibility as banks continue to suffer severe losses because of the recession.