The original content of Democracy Now! Headlines appears under the Creative
Commons BY-NC-ND 3.0 License (United States). For more, including their other
shows and media, visit www.democracynow.org.
March 2, 2009

GDP Shrinks 6.2 Percent; Housing Prices Plummet 10 Percent
----------------------------------------------------------



In other economic news, more signs have emerged that the financial
crisis is worsening. The Commerce Department has announced gross
domestic product shrank at a 6.2 percent annual pace from October
through December, the most since 1982. The Census Bureau is reporting
that the median price of new homes fell by a staggering ten percent
between December and January. The FDIC says 250 banks are now on the
agency’s list of banks that could fail. Sixteen banks have already
failed this year compared with twenty-five in all of 2008. In
California, the unemployment rate has topped ten percent for the first
time in a quarter century.



.