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Date Posted: 07:10:51 08/31/09 Mon
Author: Shirley
Subject: More good news this morning
In reply to: Jeffman 's message, "Ive been optimistic all along" on 06:16:05 08/31/09 Mon

The NY Times is reporting a $4 billion profit for the government from banks that have repaid their bailout loans. http://www.nytimes.com/2009/08/31/business/economy/31taxpayer.html?_r=1&th&emc=th

As for the worst recession since the Great Depression, I'm inclined to think it possibly was. Certainly it's been worse than the one in the 80s in that banks weren't threatened then as they were in this one but a commonality is that in both recessions, the housing market were devastated and home foreclosures and personal bankruptcies were way up. People are losing homes as fast through inability to pay taxes as through bankruptcies. Economists now agree this one started in 2007.

There's no doubt there are still some hard times yet ahead and it's going to be slow going for awhile

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