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Context of 'February 27, 2009: US Economy Significantly Shrinks in 4th Quarter 2008'

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RaptureReady logo.RaptureReady logo. [Source: RaptureReady (.com)]In the days after the 9/11 attacks, RaptureReady.com, a web site devoted to the study and predictions of Biblical “end times,” hits a new high of 182 on its “Rapture Index.” The site calls this measure the “Dow Jones Industrial Average of end time activity.” A score of 145 is labeled “Fasten Your Seat Belts.” [Unger, 2007, pp. 218]

Entity Tags: RaptureReady (.com)

Timeline Tags: Complete 911 Timeline

Global recession fears deepen as uncertainty regarding bank bailout plans drives negative investor sentiment on Wall Street. The Dow Jones index closes down 196.01 points, or 2.7% at 7169.66, the lowest since October 1997. The S&P 500 index loses 2.9% to 747.94, below its lowest close since April 1997. Investors initially welcomed reports that the Feds would convert an earlier investment in Citigroup into a large common stock holding, but enthusiasm faded as long-standing uncertainty about the government’s ultimate plan for banks resurfaced to pull indexes lower. European stocks also retreat, sending the Dow Jones Stoxx 600 Index to a new six-year low. It slides 0.9% to 175.29, dropping for a second straight day and closing at its lowest level since March 13, 2008. National benchmark indexes dropped in 15 of the 18 western European markets. [National Business Review, 2/23/2009]

Timeline Tags: Global Economic Crises

Official numbers released today show that the US economy fell by 6.2 percent during the fourth quarter of 2008. The decline was much worse than analysts initially predicted, sending US stocks spiraling lower. “Plunging exports and the biggest fall in consumer spending in 28 years dragged the annualized figure down from the preliminary estimate of 3.8 percent,” the BBC reports. As a whole, in 2008, the economy grew at its slowest pace since 2001, posting a mere 1.1 percent growth. The blue-chip Dow Jones industrial average dropped 119.15 points, or 1.66 percent, to 7,062.93. The broader Standard & Poor’s 500 Index fell 2.36 percent to 735.09, a 12-year low. US consumer spending accounts for nearly two-thirds of domestic economic activity, but fell by a rate of 4.3 percent in the final quarter—the biggest fall since the second quarter of 1980. This was a revision of the earlier figure of 3.5 percent. Rising unemployment, sliding home values, increasing numbers of repossessions, and the slumping value of investments indicate that many US consumers are hanging on to disposable cash. US exports fell at the sharpest rate since 1970 at an annual rate of 23.6 percent, down from 19.7 percent. Prior to the current economic crunch, exports supported the economy. “It shows the weak state of the world’s largest economy,” says Matt Esteve, a currency trader at Tempus Consulting. “Latest GDP figures are just awful and illustrates the weak state of the world’s largest economy.” Boris Schlossberg, director of currency research at GFT Forex, adds, “There is doom all over,” but predicts that the dollar would not weaken too much against the euro since “there’s no good news on the other side of the Atlantic, either.” [BBC, 2/27/2009]

Entity Tags: GFT Forex, Dow Jones Industrial Average, Matt Esteve, Standard & Poor’s, Tempus Consulting, Boris Schlossberg

Timeline Tags: Global Economic Crises

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