Recession Forecast

I thought this article in today's Fox News was significant and worth reading so we can have some idea of what to expect. When greed is the underlying motivation for the freedom of democracy, the system will fail. A bail out doesn't address the issue of accountability or responsibility.
Joyce

Friday, October 03, 2008
More Severe Recession Now Forecast By Goldman Sachs

WASHINGTON -- The U.S. recession will be "significantly deeper" than they previously thought, Goldman Sachs economists predicted Friday in a research note. The economy will probably show no growth at all between the middle of 2008 and the middle of 2009, with gross domestic product falling 2% this quarter and 1% next, they said. Two other quarters will show 0% GDP growth. The unemployment rate will likely rise to 8% by the end of next year from 6.1% currently. "We now also see at least another 100 basis points of monetary easing from the Federal Reserve, aggressive measures to stabilize the money markets, and a possible further easing of fiscal policy under a new administration," wrote Jan Hatzius and his team of economists.