Wednesday, February 18, 2009

Economic Forecast And The People Really To Blame For The Financial Crisis

The Federal Reserve today sharply downgraded its projections for country's economy. They are saying that this year the economy will shrink and unemployment will rise higher. They are predicting that the unemployment rate for the nation will be somewhere between 8.5 and 8.8%, instead of the earlier projections at 7.1 and 7.6%. They are also projecting that the economy will contract between .5 and 1.3%, instead of the slight contraction that predicted in November of .2%. The last time the economy registered a full contraction was in 1991 at about .2%. This year would mark the weakest showing since a 1.9% drop in 1982. There was also a severe recession at that time. What is even worse is the growing toll of housing, credit and financial crisis that is as bad as it has been since the great depression of the 1930's.

Time Magazine this week complied a list of 25 people that they thought were blame worthy for the financial crisis. They let you vote on a scale of 1-10 about there blameworthiness. According to Oregonian blogger Brent Hunsberger, the most jarring was John Devaney. He is a hedge-fund manager that bought into risky loans. In 2007 he was quoted in Money Magazine saying that "the consumer has to be an idiot to take on one of these loans, but it has been one of our best-perfomring investments." So Portland, who do you think is to blame?

Also today, the Better Business Bureau also known as the BBB warns people in the Oregon and Washington areas of a texting scam that is going on. Consumer complaints have been coming in and saying that they are recieving text messages about their accounts being suspended and to contact a phone number to resolve the issue. Just be carfeul on who you give your information to Portland!

With today's news looking bleak, the Employment Guide is here to help. If the economic crisis is effecting you, we are having a Job Fair next Wednesday, February 25th at the Hilton in downtown Portland. If you have any comments or concerns please feel free to leave a comment below.

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