…severe since World War II. In this forecast, the unemployment rate peaks at 9.4 percent in late 2009 and early 2010 and remains above 7.0 percent through the end of…

…growth. Compared to other cycles the drop in hours worked is approaching the lows seen in the 1974 and 1981 severe recessions. In addition we are starting to see the…

…per capita income at its prior peak. After the most severe banking crises around the world in the postwar period, the economy has taken an average of four years to…

…post WW II era. The index with 100= peak current ….90.1 1957-58…86.6 1974-75…87.0 1981-82…90.6 So only the 1958 and 1974 industrial production declines are more severe than the current downturn….

…course of action when the economic downturn appears like it will be unusually severe is to bring planned capital projects forward in time. Doing so allows them to be done…

…also a severe gap in economic theory, at least as remembered by Robert Barro. Wouldn’t one think that there must be some model in which correlations vary depending on the…

…peak industrial production has now fallen to 92.0, or roughly at the average trough level for the 10 post WW II recessions of 92.3%. Three recessions were more severe. In…

…two recessions and is approaching the depths experienced in the most severe recessions. In the fourth quarter hours worked fell at a 7.8% annual rate. Even assuming decent productivity growth…

…‘Our Long National Nightmare Of Peace And Prosperity Is Finally Over’ Boy Howdy. Key paras? During the 40-minute speech, Bush also promised to bring an end to the severe war…

…today a significant reduction of planned production for the first quarter of 2009 due to the ongoing and severe drop in industry sales, which were down 36 percent in November…