Beige Book, Tan Book, Nightmare Journal
The Federal Reserve has issued its latest Beige Book ahead of the next FOMC meeting. It shows more pain and more suffering ahed, just like the rest of the economic data we have seen. The report puts the likelihood of…
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Consumer spending remains slow and there is an exceptionally sluggish auto market. Housing price decreases have not slowed with many markets continuing to see double-digit drops. Mortgage demand is depressed and consumer lending is down while unemployment is up and wage pressure is muted. The weakness is being seen even in health care now. Spending is lower in restaurants, entertainment, travel and retail businesses. There is more data we could lump in here, but we will spare you the blow by blow recession. It is becoming too easy to see depression in this recession.
There is one way to think of this positively. You have to print out your charts and turn them upside down. It will look like a huge move up that way.
Jon C. Ogg
March 4, 2009
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
