US faces worst recession in 26 years

Financial Times by Krishna Guha | Oct. 20, 2008 (News Report)

The US economy appears to be plunging into what many experts believe will be its worst recession since 1982.

Senior officials at the Treasury and Federal Reserve are confident that the rescue plan for US banks will succeed in preventing a financial system meltdown and ensure there will not be a repeat of the Great Depression. But they know that a sharp economic downturn is already baked in the cake. They do not,however, know how deep or protracted ... Full Story »

Posted by Kaizar Campwala

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3.4

by Fabrice Florin - Oct. 20, 2008

Informative report about the impact of the anticipated recession in the U.S. While this article seems factual and well-researched, I am concerned that the sourcing is a bit weak, with only a few experts consulted and copious references to unnamed sources (e.g.: "many economists think"). That said, the article offers valuable information from an international perspective about an important topic that affects us all.

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4.5

by Marsha Iverson - Oct. 20, 2008

Guha's article places the current economic situation in context, comparing current details with previous crises, connecting rising unemployment, collapsing consumer confidence, falling industrial production, and slumping retail sales. Alas, though the problems are many, effective solutions remain elusive.

This piece leads me to wonder about the sustainability of an economy based on perpetual growth and consumer spending. We're looking at an economy based on credit and speculation. Growth is the magic formula--consumer growth. Financial markets rely on consumers to spend money they don't have, and the financial institutions trade in--and profit from--consumer debt and escalating future interest rates. Inevitably, this cycle of escalating economic "feedback" collapses because it is ... More »

Consumers, who account for 72 per cent of the US economy, are pulling back amid a brutal tightening of credit conditions on everything from car loans to credit cards and ... More »

In depth - Confidence plunges among US consumers - See Review »

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3.8

by Kaizar Campwala - Oct. 20, 2008

“The actual deterioration in the data in the last few weeks has been much more severe than anyone was expecting,” said Frederic Mishkin, a professor at Columbia ... More »

Kaizar posted this story.

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3.5

by Derek Hawkins - Oct. 20, 2008

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3.5

by Chris Gabriel - Oct. 20, 2008

Somewhat. They reported on the issue at hand well. They interspersed quotes from credible sources thus giving the reader expert opinion. The writers' opinion was added toward the end which is not good journalism as far as I'm concerned.

I don't know if it is the european way of saying percent but they repeatedly said per cent in this story which was a little confusing. A little opinion was added toward the end which is not quality journalism as far as I'm concerned. I have never heard of FT.com Financial Times thus resulting in me giving it a low trust rating.

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3.7

Good

from 5 reviews (50% confidence)

Quality

3.8

Facts

3.8

Fairness

3.8

Information

4.0

Sourcing

4.3

Style

4.0

Context

3.7

Depth

3.0

Enterprise

3.0

Popularity

3.5

Recommendation

4.0

Credibility

3.4

# Reviews

2.5

# Views

5.0

# Likes

1.0

# Emails

1.0

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U.S. | Business | U.S. Economy

In depth - Confidence plunges among US consumers

Financial Times by Krishna Guha, Anuj Gangahar, Saskia Scholtes, Jonathan Birchall, Daniel Pimlott | Oct. 17, 2008 (News Analysis)

() US consumer confidence has fallen more sharply this month than in any month since records began in 1978, a widely followed survey showed on Friday, raising fresh fears about ...

Posted by Marsha Iverson

4.3

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