Wednesday, January 18, 2012

World Bank warns of downturn worse than '08

I've been making the argument for some time that the Wall St. bailout only delayed the inevitable. Economic ruin is coming. Maybe this year.

World Bank warns of downturn worse than '08 - Stocks & economy

The World Bank warned Wednesday of a possible slump in global economic growth and urged developing countries to prepare for shocks that could be more severe than the 2008 crisis.

For the United States, the bank cut this year's growth forecast to 2.2 percent from 2.9 percent and for 2013 to 2.4 percent from 2.7 percent.

As reasons, it cited the anticipated global slowdown and the on-going fight in Washington over spending and taxes.

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