Two pieces of dispiriting information on the economy hit the big wire services today: The Associated Press -- The economy contracted at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century, as consumers and businesses ratcheted back spending, plunging the country deeper into recession. The Commerce Department report released Friday showed the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated last month. It also was considerably weaker than the 5.4 percent annualized decline economists expected. Reuters -- U.S. consumer confidence fell to a three-month low …

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The bearish global economic environment just keeps adding pressure to technology stocks. As gross domestic product (GDP) drops in bourses around the globe, tech traders are nervous, at least for the short term. Take Japan. The Land of the Rising Sun is seeing a decline in GDP, falling to the lowest rate since 1974. If you take Japan, the globe’s biggest economy after the U.S. and China, and its tens of millions of consumers down a few economic notches, that’s going to continue to hurt global demand for products that Sony, Nintendo, Canon, Fujitsu, and Oki make, among other major …

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There’s a light trading load on Wall Street this week, with trader’s thoughts turning to visions of sugarplum martinis dancing in their heads. Anything to help forget 2008, right? Although 2009 looks like it won’t be any better. This, from Subir Gokarn, chief economist at Standard & Poor’s, Asia Pacific. “The U.S. won’t recover from a recession until 2010,” he says. Gokarn says it won’t be like the last few recessions, when the U.S. could climb out of a financial hole by itself. This time, he says, China and India will help lead the way. Other than tomorrow’s Q3 GDP …

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Technology workers are nervous enough without worrying about the health and safety of their investment deposits. While I think what I'm bringing to you now is nine parts hyperbole and one part reality, it makes for an interesting and even frightening discussion. Specifically, are your bank and investment deposits safe? Today's Tech Ticker has an economist who thinks there might be justified cause for concern. Before I get into that, note that the Federal Deposit Insurance Commission (FDIC) insures individual bank accounts for up to $100,000, although if you have more money than that in the bank and your bank …

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First, the not-so-good news, then on to some encouraging revenue numbers for Motorola. Below I’ve condensed today’s big economic news as reported by the Associated Press, with the second quarter gross domestic product numbers coming in less than expected . . . -- Economic growth clocked in at a 1.9 percent pace in the second quarter. That was better than a 0.9 percent pace logged in the first quarter, but was still considered a subpar performance and fell short of economists' forecasts. -- Consumers boosted spending at a 1.5 percent growth rate in the second quarter, helped by the government's …

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I had to shake my head when I read about the latest GDP numbers today. The news is good, maybe even great for the economy – a 3.8% upward spike in gross domestic product for the second quarter (the numbers were revised from the original GDP estimates, and were light years ahead of the 0.6% GDP rate in Q1, 2007). So . . . good news, right? Not if you’re rooting for a recession, as the mainstream media appears to be. I’m not sure if it’s the media’s intense hatred of President Bush or what, but the wire service report …

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The End.