Economy Contracts

As expected, GDP falls 0.3% in the 3rd quarter, but that's a little better than what was forecast, a 0.5% contraction.

GDP has risen 0.8% in the past year.
Economists expect the economy to contract in the final three months of this year and the first three months of 2009, with the nation's unemployment rate pegged to rise near the 8% mark. It would be the longest contraction since 1975.

What is more subtle, the focus is on consumer confidence and spending, in the headlines and analysts. Once again, not on production, which is on life-support.

It's fairly obvious the debt cycle and expecting people to spend money they simply do not have is not being addressed.

You can't buy your way on credit cards out of this one.

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