A New Era of Unwinding
February 27, 2009 at 09:57 AM EST
No one expected good news, and the expectations were met. Today’s update on 2008’s fourth-quarter GDP was ugly, the ugliest in 25 years, in fact. The economy contracted by 6.2% at a real, annualized seasonally adjusted pace in the last three months of 2008. That’s much deeper than the 3.8% decline originally estimated by the government. Painful, [...]
