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SF Reserve Bank Says: We're Still Screwed

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Depressing. Sobering. Soul-crushing. None seem adequate enough a description for the state of the U.S. economy which, according to the president of San Francisco's Federal Reserve Bank, isn't expected to grow at all (or not very much, at least) in the first quarter of 2008. Join us as we plunge even deeper into Hell: In March, the rate of new home construction drooped the furthest in 17 years, while housing construction in general dropped much further than originally forecast by economists. Southern Californian's homes lost 24% of their value, while the general market downturn may cause business to cut spending. Expected recovery date: 2009, minimum. [Forbes]