A few short articles from Reuters this morning touch upon the current health of the economy, and it's not great news.

• Buffett sees "long, deep" U.S. recession

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  BERLIN (Reuters) - The United States is already in a recession and it will be longer as well as deeper than many people expect, U.S. investor Warren Buffett said in an interview published in German magazine Der Spiegel on Saturday.

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  Buffet said that the US may not be in a recession according to the default definition of two consecutive quarters of negative growth, but the people are already feeling the effects.

  Side Note: Given this White House's propensity for changing the facts to fit the policy (and propaganda), it would be interesting to see what the ~actual~ growth and performance indicators are before saying we don't yet meet the formal definition of a recession.

• Tax rebate won't stem U.S. recession: Merrill
  

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  SINGAPORE (Reuters) - The U.S. economy is in a recession and stimulus from a government tax rebate later this quarter will only temporarily stem a fall in consumer spending, a Merrill Lynch economist said on Wednesday.

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• Tech execs plan for economic troubles
  

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  NEW YORK (Reuters) - Technology executives around the world are preparing for economic troubles to deepen.

  Many hope that their products will prove indispensable for customers and see emerging economies as sure-growth markets.

  But low- and middle-income U.S. consumers are struggling, and the relative strength of U.S. corporations may not last, executives said at the Reuters Global Technology, Media and Telecoms Summit in Tokyo, Paris and New York this week.

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The news isn't as cheery as some would like.

This is an Open Thread.

From the poster Becca in the Delphi Forum Pulling to the Left there's this bit of glum news:

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If you go to the Financial Forecast Center, you'll find the current 6-month T-bill yield from the US Treasury. There are links to other forecasts on the page, so you can see how truly spectacularly (yes, that's sarcasm) this economy is chugging along.

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What does the Financial Forecast Center show? A rather depressing graph:

It's a good thing that the GOP, the Bush Administration and George W. Bush himself are telling us we're not in a recession -- acknowledging it might actually mean they'd have to take some responsibility for doing something about it, instead of leaving it (and the myriad of other disasters they've spawned) for the next Administration to clean up.

No wonder the Republican brand is in trouble -- it's true value is now plainly evident, and it's worth far less than the junk bonds it is printed upon.

If you listen to George W. Bush, we're not in any kind of economic recession. We're in a slowdown. Rising oil prices, rising energy costs, the arrival of peak oil, the reality of global warming, the GOP denial of economic and social reality -- it's all in your head.

And, apparently, it's also on the minds of those silly folks who are in charge over at WalMart Stores' Sam's Club warehouses:

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UPDATE 3-Wal-Mart's Sam's Club limits rice purchases, By Nicole Maestri

NEW YORK, April 23 (Reuters) - Wal-Mart Stores Inc's (WMT.N: Quote, Profile, Research) Sam's Club warehouse division said on Wednesday it is limiting sales of several types of rice, the latest sign that fears of a rice shortage are rippling around the world.

[...snip...]

Food costs have soared worldwide, spurred by increased demand in emerging markets like China and India; competition with biofuels; high oil prices and market speculation.

The situation has sparked food riots in several African countries, Indonesia, and Haiti. United Nations Secretary-General Ban Ki-moon has warned that higher food prices could hurt global growth and security.
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People are beginning to get worried. Nobody wants a loved one or an entire family to go hungry; add to the rising costs of gasoline the increased cost of transporting food to market, and people are finding that their relatively stagnant incomes are no longer stretching as far or buying as much at the local store.

It might be a good idea to invest in a small greenhouse or community-run garden project, folks. Not only would that provide a unique and interesting hobby, it could help offset potential shortages in staples as both the costs to purchase and the cost to bring them to market rise.

More on the rising costs of food and ways to address it tomorrow.

M.Collins: The Money Party (5)

"Us versus Them"

Michael Collins
"Scoop" Independent News
Washington, D.C.

We have been warned again and again that seeing the world as an "us versus them" proposition is a fatal error. It's polarizing. It leads to "class warfare." It absolves "us" of the collective responsibility we all have in a democracy. Can't have it, not allowed.

promoted, cho--

OK let's review. Last Spring, Bush said their was no recession. This summer, 'a few bumps in the road' - this fall, "Stormy weather", now, well their might be a depression, but my tax break will fix it.
My opinion of these changes reflect that there is indeed a serious recession and possible depression occurring, but our news media doesn't cover the issues.
At least BBC has covered the newest element of our spiraling economy - Bush's own 'Hoovervilles' are here.

These signs have been "springing" up in our little town. This was a family's home, not a trick by a speculator "flipping" a mortgage to make a quick buck. And down the street from this one, is another "foreclosed" house. It's empty now, the driveway not even plowed out from the last two snow storms.

Today's (2-28-08) Wall Street Journal reports on the Bush Administration's attitude:

I am posting two recent posts by Robert Reich with his permission, on how the recession is effecting the lives of ordinary Americans. Whether Clinton or Obama win the primary, these arehe primary issues that must be addressed.

OhioNews Bureau

ONB COLUMBUS: After one year in office, Ohio Governor Ted Strickland used his State of the State speech Wednesday to readjust the state’s sails, hoping to generate enough wind power through a new jobs program, increased investment in infrastructure and the reorganization of primary and secondary education that will give high school seniors a leg up on college to steer the ship of state to calmer seas and more prosperous shores.

Nick Benton weighs in on current depression fears in his latest op ed, Reprinted with permission from Nicholas Benton, owner/editor of the Falls Church Press.

PANIC OVERTAKES RECESSION FEARS

Ohio Treasury Cordray Launches SaveNOW to Change Citizens’ Savings Habits

OhioNews Bureau

ONB COLUMBUS: With winter winds blowing a chill across Ohio, and the prospect by many reputable economists that the next recession is waiting in the wings to make its cameo appearance, bringing with it more financial heartache to a state that has yet to recover the last recession of 2001, the timely announcement by Ohio Treasurer Richard Cordray that he’ll plunk down $25 million in state investment dollars to help Ohioans save more and earn higher interests rates on their savings, is a warm breeze in an otherwise frosty environment.