LOTTOMIKE's Blog

how far have we fallen with televsion and music since the 50's?

since the 50's up until the 2000's i think music and television shape a big part in kids thinking growing up.all throughout this city i live in you see kids wearing tacky stuff and saying the things they say because of what they are influenced by in music and television.when people imitate trash they become trashy.like someone said it might drive up ratings for advertisers but at the cost of gullible kids being influenced by questionable subject matter and repeating the things they see or hear thinking its cool.i might've had long hair from being influenced by hard rock music back in the 80's but i'd hate to have been growing up these days influenced by all this gang stuff infesting the airwaves.

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congrats to our memphis tigers!!

congrats to the team for getting us to the national championship game.now we take on the kansas jayhawks in what will be a very exciting contest for the 2008 NCAA mens championship.

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more than 80 percent of americans think we are on the wrong track

NEW YORK (April 4) - More than 80 percent of Americans believe the country is headed in the wrong direction, the highest such number since the early 1990s, according to a new survey.

The CBS News-New York Times poll released Thursday showed 81 percent of respondents said they believed "things have pretty seriously gotten off on the wrong track." That was up from 69 percent a year ago, and 35 percent in early 2002.

The survey comes as housing turmoil has rocked Wall Street amid an economic downturn. The economy has surpassed the war in Iraq as the dominating issue of the U.S. presidential race, and there is now nearly a national consensus that the United States faces significant problems, the poll found.

A majority of Democrats and Republicans, men and women, residents of cities and rural areas, college graduates and those who finished only high school say the United States is headed in the wrong direction, according to the survey, which was published on The New York Times' Web site.

Seventy-eight percent of respondents said the country was worse off than five years ago; just 4 percent said it was doing better.

The newspaper said Americans are more dissatisfied with the country's direction than at any time since the poll's inception in the early 1990s. Only 21 percent of respondents said the overall economy was in good condition, the lowest such number since late 1992. Two in three people said they believed the economy was already in recession.

Still, the approval rating of President George W. Bush did not change since last summer, with 28 percent of respondents saying they approved of the job he was doing.

The poll also found that Americans blame government officials for the housing crisis more than banks or home buyers and other borrowers. Forty percent of respondents said regulators were mostly to blame, while 28 percent named lenders and 14 percent named borrowers.

Americans favored help for people but not for financial institutions in assessing possible responses to the mortgage crisis. A clear majority said they did not want the government to lend a hand to banks, even if the measures would help limit the depth of a recession.

Respondents were considerably more open to government help for homeowners at risk of foreclosure. Fifty-three percent said they believed the government should help those whose interest rates were rising, while 41 percent said they opposed such a move.

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Gore in the mix in '08?

some are saying the democratic party could ask al gore to run and make either obama or hillary VP if things get to the point where no resolution can be reached,i'd like this but can they do this?

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question

can you see this pic?   just wondering if its there or the red x.....

 

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Huge Antarctic ice chunk collapses

WASHINGTON (AP) -- A chunk of Antarctic ice nine times the size of Manhattan has suddenly collapsed, putting an even larger glacial area at risk.

Satellite images show the runaway disintegration of a 220-square-mile chunk in western Antarctica.

British scientist David Vaughan says it's the result of global warming.

The rest of the Connecticut-sized ice shelf is holding on by a narrow beam of thin ice and scientists worry that it too may collapse. Larger, more dramatic ice collapses occurred in 2002 and 1995.

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anyone here have lupus?

does anyone here have lupus?  my mother has had it for a while and i was wondering how others deal and cope with it.

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US Economy Called Worst Since WWII

NEW YORK (March 17) -- Today's economic condition could likely be seen as "the most wrenching since the end of the second world war," wrote former Federal Reserve chairman Alan Greenspan in the Financial Times on Monday.

The U.S. financial crisis won't end until housing prices stabilize, but that won't happen for months, wrote Greenspan.

The models used by the finance industry to determine risk and measure economic strength are too simple to fully account for human responses, he said. "We cannot hope to anticipate the specifics of future crises with any degree of confidence," he wrote.

However, Greenspan said that he hoped the fallout would not take away the finance industry's ability to regulate itself. Market flexibility and free competition are the most reliable safeguards against economic trouble, he said; the system which is supposed to guard against unanticipated losses will need to be overhauled.

CNN MONEY
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taxes and marriage

a question about taxes and marriage...

 

i have two children and a girlfriend i've been with 11 years.i claim the two children and get about 5 or 6 grand each year during tax refund time.if i end up marrying my girlfriend will i get more or way less on my tax refund each year?  yes or no....

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Dollar's Power Sinks Worldwide

SAO PAULO, Brazil (AP) - Antique store owners in lower Manhattan, ticket vendors at India's Taj Mahal and Brazilian business executives heading to China all have one thing in common these days: They don't want U.S. dollars.

Hit by a free fall with no end in sight, the once mighty U.S. dollar is no longer just crashing on currency markets and making life more expensive for American tourists and business people abroad; its clout is evaporating worldwide as foreign businesses and individuals turn to other currencies.

Experts say the bleak U.S. economic forecast means it will take years for the greenback tosentiment is growing in nations where the dollar was historically accepted as equal or better than local currency - and dollar aversion is even extending to some quarters in the United States.

At the Taj Mahal, dollars were always legal tender, alongside rupees, for entry into the palace. But because of the falling value of the dollar, the government implemented a rupees-only policy a month ago. Indian merchants catering to tourists have also turned bearish on the dollar.

"Gone are the days when we used to run after dollars, holding onto them for rainy days," said Vijay Narain, a tour operator in the city of Agra where the Taj Mahal is located. "Now we prefer the euro. It gives us more riches."

In Bolivia, billboards feature George Washington's image on a $1 bill alongside a bright pink 500 euro note, encouraging savers to turn to the euro to tuck away money earned abroad or sent home in remittances.

"If the dollar's going down ... save it in Euros!!!" say the signs popping up around La Paz for Bolivia's Banco Bisa.

And in neighboring Brazil, the Confidence Cambio money-changing service was the first to start offering yuan so travelers to China no longer have to change the money into dollars first. The service is already a hit because Brazil does big business with China, and lots of Brazilians are heading to the Olympics this summer.

"Now we tell people not to take dollars when they go abroad, it's better to change it directly to the local currency," said Fabio Agostinho, one of the firm's managing partners. "If people leave here with dollars and go abroad, they lose when they exchange them. It's the same thing whether they're heading to China, Europe or even Argentina."

In Manhattan's Bowery district, Billy LeRoy, the owner of Billy's Antiques & Props, prefers payment in euros so he can stockpile the currency for his annual antique buying trip to Paris.

"Whip out dollars at the French flea market now, and they'll shoo you away," he said at his store near apartment buildings where Europeans are snapping up units because they've become dirt cheap. "Before it was like the second coming of Christ, but now they don't want it or if they do take dollars, they're going to take their pound of flesh."

The dollar has steadily eroded in value against the euro and other currencies since 2002 as U.S. budget and trade deficits ballooned, but fears of an American recession and credit crisis have sent the dollar to stunning lows amid predictions the slump will continue for a long time.

The euro traded for a record $1.5625 before declining to $1.5586 Thursday while the dollar dropped below 100 Japanese yen for the first time since November 1995. It traded as low as 99.75 yen before recovering some ground to 101.68 yen. The dollar also recently hit a 10-year low against the Chilean peso, and fell to its lowest level against Brazil's real since the nation floated its currency in 1999.

While low dollar cycles have come and gone for decades, experts caution that it's now much more difficult to predict when this one will end because the euro didn't exist as competition for the dollar before.

During previous U.S. economic downturns, big foreign funds typically snapped up U.S. treasuries, helping to shore up the dollar to a certain degree. But the euro and currencies from other nations are now seen as legitimate options, and interest rates are higher outside the United States - meaning the funds can get better returns on investments elsewhere.

"You have the U.S. still holding this trade deficit, but now you have the possibility of a U.S. led recession, and you have a weakening currency. So it's a very dark outlook for the dollar," said Gareth Sylvester, senior currency strategist with the British firm HIFX Inc., which executed $40 billion in currency trades last year.

Nations that were once seen as incredibly risky for investments - such as Brazil - are now seen as good long-term bets. And countries such as China and Russia, with burgeoning coffers of money to invest abroad, are thought to be shifting some of their reserves or diversifying fresh income to destinations and currencies outside the United States.

It used to be important for most countries "to accumulate dollars as a precautionary element against rainy days, but the accumulation of reserves has become so large in most emerging market countries that the balance is way beyond what's needed for precautionary reasons," said Eliot Kalter, a fellow at Tufts University's Fletcher School of Law and Diplomacy and a former International Monetary Fund official.

While most experts believe the dollar will eventually regain strength, no one is willing to predict when that will happen.

"I think the factors that are affecting the weakness of the dollar will be reversed, but no time soon," Kalter said.

The problem right now, is that "people just don't want to be holding U.S dollars and U.S.-based equities," Sylvester added. "If you are an investor with a million dollars to invest, you look for the highest yield - you're looking at South Africa, Australia, New Zealand."

And it's not only the big time investors that are looking for other options.

In Peru, where savings in U.S. dollars were long a popular hedge against inflation, many citizens are closing dollar accounts in favor of Peruvian soles.

At the same time, businesses like supermarkets, movie theaters and cable TV companies that used to accept dollars are now demanding soles.

Edwin Figueroa, a 29-year-old systems engineer, switched his checking account from dollars to soles seven months ago as the dollar's decline started worrying him. He doesn't think he'll be going back anytime soon.

The Peruvian sol "is stable now," he said. "And maybe in a year, the dollar will even go lower."

Associated Press Writers Biswajeet Banerjee and Leslie Josephs contributed from Lucknow, India, and Lima, Peru.

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U.S. Gas Prices Near Record High

CBS/AP) Gasoline prices were poised Monday to set a new record at the pump, having surged to within half a cent of their record high of $3.227 a gallon. Oil prices, meanwhile, surged above $108 to a new inflation-adjusted record and their fifth new high in the last six sessions on an upbeat report on wholesale inventories.

The national average price of a gallon of gas rose 0.7 cent overnight to $3.222 a gallon, 69 cents higher than one year ago, according to AAA and the Oil Price Information Service. Last May, prices peaked at $3.227 as surging demand and a string of refinery outages raised concerns about supplies.

That record will likely be left in the dust soon as gas prices accelerate toward levels that could approach $4 a gallon, though most analysts believe prices will peak below that psychologically significant mark. In its last forecast, released last month, the Energy Department said prices will likely peak around $3.40 a gallon this spring; a new forecast is due Tuesday.

The high prices are affecting transportation habits. New numbers out Monday show Americans took more than 10 billion trips on public transportation last year - the most in 50 years, reports CBS News correspondent Ben Tracy. Even in car-centric Los Angeles, subway ridership is up.

Economists say the economic slowdown and the rude awakening that high gas prices are here to stay are finally changing behavior, Tracy adds.

"We're seeing an increase in public transportation nationwide, SUV sales are down, hybrid sales are up. This is a national trend," says Christopher Knittel, an economist at the University of California at Davis.

Retail gas prices are following crude oil, which has jumped 25 percent in a month. On Monday, crude prices surged to yet another record after the Commerce Department said wholesale sales jumped by 2.7 percent in January, their biggest increase in four years, according to Dow Jones Newswires.

The strong sales report suggested to oil traders that the struggling economy may be doing better than thought.

Light, sweet crude for April delivery rose $2.75 to settle at a record $107.90 on the New York Mercantile Exchange after earlier setting a new trading record of $108.21.

Energy investors shrugged off a relative stabilization of the dollar and a cooling in tensions between Venezuela and its neighbors Colombia and Ecuador.

Many analysts believe speculative investing attracted by the weak dollar is the primary reason oil has risen so far so fast in recent months. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is falling.

"We've got a Fed(eral Reserve) meeting on the 18th that could see a sizeable rate cut," said Brad Samples, an analyst with Summit Energy Services Inc., in Louisville, Ky. "So, it's not over."

Indeed, while the dollar rose against the euro on Monday, many investors believe the greenback is likely to keep falling as the Fed continues to cut rates. Many analysts believe the rise in crude prices is not supported by the market's underlying fundamentals, noting that supplies are generally rising while demand is falling.

"By gobbling up everything in sight, (investors) are pushing food and fuel prices to ruinously high levels," said Peter Beutel, president of the energy risk management firm Cameron Hanover, in a research note.

Investors shrugged off a weekend cooling of tensions in South America, where Venezuela said Sunday it was restoring full diplomatic ties with Colombia after they were broken off following a cross-border Colombian attack on a leftist rebel camp in Ecuador.

Last week, rebels shut down a Colombian oil pipeline in retaliation for the Colombian raid into Ecuador. Venezuela threatened to slash trade and nationalize Colombian-owned businesses, and Venezuela and Ecuador briefly sent troops to their borders with Colombia.

The potential for conflict involving Venezuela, an OPEC member and major U.S. oil supplier, helped push oil higher last week.

"The Venezuelan production was at risk there," Samples said.

Other energy futures also rose Monday. April heating oil futures rose 2.64 cents to settle at $2.9734 a gallon while April gasoline futures rose 2.06 cents to settle at $2.7149 a gallon.

April natural gas futures jumped 25.5 cents to $10.024 per 1,000 cubic feet, the first time a natural gas contract has closed above $10 since January 2006. Natural gas was following oil higher, but also rising in anticipation of cooler temperatures across the Midwest and Northeast, analysts said.

In London, Brent crude futures rose $1.78 to $104.16 a barrel on the ICE Futures exchange.

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Clinton Sees New Race; Obama Talks Tough

WASHINGTON (AP) - Hillary Rodham Clinton declared Wednesday that her primary victories in Ohio, Texas and Rhode Island had reordered the Democratic presidential race in her favor. A resilient Barack Obama countered with fresh pledges of support from superdelegates and said his lead remained intact.

One day after his worst showing in a month, Obama blamed negative attacks by the former first lady for his defeats and quickly made good on a promise to sharpen his criticism of her.

But there was no disputing he had missed a chance to drive her from the race. Or that in contrast to the Republicans, who have settled on Arizona Sen. John McCain as their nominee, the Democrats face the prospect of a potentially divisive campaign lasting deep into spring.

"I'm concerned about unity. That's the major reason I've stayed out of this," said Sen. Bob Casey of Pennsylvania, who is neutral. "The longer this campaign goes on, the more difficult it will be to unify and heal."

Returns from Texas caucuses showed Obama reclaiming some of the ground in the delegate competition that he lost Tuesday night as Clinton's victories piled up. Overall, she showed a gain of 12 delegates for the contests on the ballot, according to The Associated Press count, with another dozen to be awarded. In all 370 were at stake. Texas Democrats were still counting ballots from the Tuesday night caucuses.

In addition, Obama gained endorsements from superdelegates in Georgia, Vermont, Ohio, the District of Columbia and Puerto Rico.

Clinton picked up two superdelegates during the day but lost one, for a gain of one.

Obama's overall delegate lead stood at 1,567 to 1,462 as the rivals looked ahead to the final dozen contests on the calendar. It takes 2,025 to win the nomination.

That left weeks for public campaigning, millions more to be spent on television ads, probably one more debate and plenty of private cajoling of party leaders, the superdelegates who attend the convention but are not chosen in primaries or caucuses.

About 350 of them remain uncommitted, enough to swing the nomination in the unlikely event they decide to line up behind one candidate or the other.

"We are vigorously talking to the uncommitted automatic delegates. The Obama campaign is doing the same thing," Harold Ickes, a Clinton adviser, told reporters.

There also was talk of arranging for makeup primaries or caucuses in Michigan and Florida, two states that were stripped of delegates by the Democratic National Committee for holding elections early in defiance of party rules.

The two states' governors, Republican Charlie Crist in Florida and Democrat Jennifer Granholm in Michigan, issued a joint statement calling on party officials "to resolve this matter and to ensure that the voters ... are full participants in the formal selection of their parties' nominees."

While the Democratic Party stripped the two states of their delegates, Republicans cut the two delegations in half.

Of more immediate concern for Clinton and Obama are the Wyoming caucuses, scheduled for Saturday, with 12 delegates at stake, and the Mississippi primary next Tuesday, with 33 more.

Obama has plans to campaign in both states, but it appeared Clinton would focus her energy on the Pennsylvania primary on April 22. It boasts 158 delegates, the largest prize remaining on the calendar.

Both Clinton and Obama made a round of morning interview programs as their campaign entered a new phase.

The former first lady said McCain's ascension meant Democratic primary voters were looking at the race through a new lens. "It is now about who is strongest against the Republican nominee, John McCain," she said on CNN. "You know, people who voted a month ago didn't know who the Republican nominee was going to be.

"They didn't perhaps factor in that it will be about national security," she said of the fall campaign.

McCain is a former Vietnam War prisoner, a veteran of more than two decades in the Senate, with long experience on the Armed Services Committee. One of the hallmarks of his campaign has been his support for the Iraq War, and he frequently tells audiences he supported an increase in troop strength before President Bush announced one a little over a year ago.

Clinton forcefully injected national security issues into the Democratic campaign in Texas with a television ad that did not mention Obama, yet questioned whether he was prepared to handle a crisis if the phone rang in the White House at 3 a.m.

Obama, on a long flight home to Chicago from Texas, told reporters he believed criticism like that helped send him to defeat.

"What exactly is this foreign policy experience," he asked mockingly. "Was she negotiating treaties? Was she handling crises? The answer is no."

Obama also attributed his defeats in part to more skeptical news coverage. "Many of you in the press corps had been persuaded that you had been too hard on her and too soft on me," he said.

His aides signaled a more aggressive tone ahead when they distributed a memo saying Clinton was trying to avoid answering potentially embarrassing questions by keeping her and her husband's tax returns for the past several years private.

Clinton's communications director, Howard Wolfson, rebutted quickly, saying returns for the years since the Clintons left the White House would be released around April 15.

"Instead of making false attacks, we urge Senator Obama to release all relevant financial and other information related to indicted political fixer Tony Rezko," Wolfson added, referring to a former fundraiser for the Illinois senator who is on trial for corruption.

By DAVID ESPO,
Associated Press
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Movements To Lower Drinking Age Gaining Momentum

MONTPELIER, Vt. (AP) - More than two decades after the country established a uniform drinking age of 21, a nascent movement is afoot to allow 18- to 20-year-olds to legally buy alcohol under some circumstances.

Proponents say the higher age hasn't kept young people from consuming alcohol and has instead driven underage consumption underground, particularly on college campuses.

"Our laws aren't working. They're not preventing underage drinking. What they're doing is putting it outside the public eye," Vermont state Sen. Hinda Miller said. "So you have a lot of kids binge drinking. They get sick, they get scared and they get into trouble and they can't call because they know it's illegal."

On Thursday, a committee of the Vermont Senate approved Miller's bill to have a task force weigh the pros and cons of rolling back the drinking age and make a recommendation to the Legislature early next year.

Organizations and lawmakers in other states are toying with similar ideas.

In South Dakota, Flandreau lawyer N. Bob Pesall has drafted an initiative petition to allow 19- and 20-year-olds to legally buy beer no stronger than 3.2 percent alcohol.

In Missouri, a group is using the Internet social networking sites Facebook and Meetup to try to collect more than 100,000 signatures to get a measure on the ballot to lower the drinking age to 18.

In South Carolina and Wisconsin, lawmakers have proposed allowing active duty military personnel younger than 21 to buy alcohol. A similar proposal was rejected last year in New Hampshire.

And last year, former Middlebury College president John McCardell started Choose Responsibility, a nonprofit that favors allowing 18- to 20-year-olds to legally buy booze once they've completed an alcohol education program.

"We don't simply advocate the lower age, but believe mandatory alcohol education and licensing with very strict enforcement for violations of the state's alcohol laws might work," McCardell said.

Mothers Against Drunk Driving and others call this folly to even consider, saying the higher age limit has saved thousands of lives since the 1984 enactment of the National Minimum Drinking Age Act. The act required states to raise the age to 21 or lose federal transportation money. South Dakota was the last state to comply, in 1988.

Vermont voted to raise the age in 1985, and in the ensuing 20 years, alcohol-related traffic fatalities dropped by 40 percent, according to Vermont State Police.

"Is there any significant support in the U.S. Congress for changing the law? We don't see that," said Chuck Hurley, CEO of MADD.

Typically, when states flirt with the idea, they quickly abandon it for fear of losing the highway funding, he said.

Vermont stands to lose about $17 million a year if it were to flout the federal government and lower the drinking age.

McCardell said an effort is under way to persuade Congress to grant waivers exempting states from financial penalty if they lower the age.

"If Congress would grant a waiver, the states would be willing to try something, and at least then we could get some evidence and see whether things are better or worse," he said Thursday.

Politically, it's a hard sell, in part because there are other public health hazards associated with excessive alcohol consumption, not just highway fatalities.

But proponents of a younger drinking age say alcohol-related highway fatalities were dropping before the legal drinking age was lowered, and argue underground drinking presents its own risks.

In 2006, 28.3 percent of youngsters aged 12 to 20 said they'd had a drink in the past month and 19 percent were defined as binge drinkers, according to the U.S. Department of Health and Human Services' National Survey on Drug Use and Health. The survey defined a binge drinker as someone who, in the past month, had drunk five or more alcoholic beverages within several hours.

Miller, a Democrat, says she isn't sure that lowering the drinking age is the answer, but calls the idea worth exploring.

Her bill, which calls for a report to the Legislature by Jan. 15, does not propose a specific drinking age, only sets up a five-member task force to study the implications of lowering the age from 21. The bill now goes to the full Senate.

State Sen. Vincent Illuzzi, chairman of the committee that approved the bill, said he would vote against lowering the age if he had to decide now.

But he said it's nonetheless worth looking into.

"I sense the Senate will buy into our rationale, that a law on the books for 20 years should have a look-see, to see if it's having its intended effect or should be modified," said Illuzzi, a Republican.

But critics are leery.

"I think it is irresponsible legislation, to be quite honest," said William Goggins, director of education and enforcement for the state Liquor Control Board.

"The facts speak for themselves," he said. "Once the drinking age was raised, the number of alcohol-related fatalities decreased. To me, saving lives is the grandest argument of them all."

By JOHN CURRAN,
Associated Press
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Economy Slows to Near Crawl

WASHINGTON (AP) - The economy skidded to a near halt in the final quarter of last year, clobbered by dual slumps in housing and credit that caused people and businesses to spend and invest more sparingly.

The Commerce Department reported Thursday that the gross domestic product increased at a scant 0.6 percent pace in the October-to-December quarter. The reading - unchanged from an initial estimate a month ago - underscored just how much momentum the economy has lost. In the prior quarter, the economy clocked in at a brisk 4.9 percent pace.

Gross domestic product measures the value of all goods and services produced in the United States and is the best barometer of the country's economic health.

Economists had thought the newly released fourth-quarter GDP would have been bumped up to a 0.8 percent growth rate.

The housing picture looked even more bleak in the new report.

Builders slashed spending on housing projects by a whopping 25.2 percent on an annualized basis in the fourth quarter, the biggest cut in 26 years.

And, even though economic growth slowed, inflation picked up - an ominous mix that could spell further trouble for the economy.

As if the newly confirmed fourth-quarter GDP figure of 0.6 percent wasn't chilling enough, the Labor Department reported Thursday that new applications for unemployment insurance benefits rose by 19,000 to 373,000 last week, more evidence that the general economic sluggishness is spilling over into the job market.

Fears have grown that the country is heading for a recession or is already in one.

The National Association for Business Economics expects economic growth in the current January-to-March quarter to slow to a meager 0.4 percent pace. Some analysts believe the economy's performance could be even worse and actually shrink during this period. Under one rough rule, the economy would have to contract for six months in a row for the country to be viewed as in a recession.

With risks lurking that the problems could intensify and further hurt the economy, Federal Reserve Chairman Ben Bernanke made clear he stands ready to lower a key interest rate again. The Fed, which started cutting interest rates to bolster the economy in September, has turned much more aggressively recently. In eight days in January, the Fed slashed rates by 1.25 percentage points - the biggest one-month reduction in a quarter-century. Rates are expected to move lower at the Fed's next meeting on March 18.

Bernanke, however, is hopeful that previous rate reductions and the $168 billion economic aid plan of tax rebates for people and tax breaks for business will energize the economy in the second half of 2008.

A gauge of inflation linked to the GDP report showed that "core" prices - excluding food and energy - grew at a rate of 2.7 percent in the fourth quarter. The inflation reading - although unchanged from the government's initial estimate - showed that inflation had picked up sharply from the third quarter's 2 percent pace.

The inflation figure is above the Fed's comfort zone - the upper bound of which is a 2 percent inflation rate.

With inflation rising as the economy slows, fears are increasing that the country may be headed for a bout of stagflation. That's a scenario the country hasn't experienced since the 1970s.

Even though Bernanke has made clear the Fed's top priority - for now - is trying to get the economy back on track, he also says he remains mindful of inflation risks, especially from high energy prices.

Oil prices have reach new record highs, galloping past $100 a barrel in recent days. High energy prices can spread inflation by boosting the costs of a wide variety of other goods and services and can put a further damper on overall economic growth by crimping consumer spending.

Consumers boosted their spending at just a 1.9 percent pace in the fourth quarter. That was down slightly from the government's previous estimate and marked a pullback from the third quarter's 2.8 percent growth rate. Consumer spending accounts for a big share of overall economic activity and thus is a major factor in how the economy fares.

Business spending on equipment and software grew at a 3.3 percent pace in the final quarter of last year. That was lower than the government's initial estimate and marked a deceleration from the third quarter's 6.2 percent growth rate.

There was a bright spot in the report, however. Sales of U.S. goods and services to other countries grew at a 4.8 percent pace in the fourth quarter, better than previously estimated. U.S. exports have been helped by the declining value of the U.S. dollar, which makes U.S. goods less expensive on foreign markets. The U.S dollar dipped to another record low on Thursday in Europe.

For all of 2007, the economy grew by 2.2 percent, the weakest showing in five years. That estimate also was not changed from an earlier reading.

The Labor Department reported Thursday that new applications for unemployment benefits rose by 19,000 to 373,000 last week. The increase was larger than many economists were expecting. They were forecasting claims to rise to around 350,000 last week.

Fallout from a housing bust and credit crunch is sapping the economy's strength. The economy barely grew - at 0.6 percent - in the final quarter of last year and is expected to be even weaker in the current January-to-March period. With the economy slowing, companies have been reluctant to hire and want to keep their existing work forces lean.

By JEANNINE AVERSA,
Associated Press
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