We're in a recession. How long will it take for them to admit we're actually in a depression? I'm guessing another year.
http://money.cnn.com/2008/12/01/news/eco...
The WH did have some words of encouragement:
"In a statement, White House Deputy Press Secretary Tony Fratto said that even though the recession is now official, it is more important to focus on the steps being taken to fix the economy.
"The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that's where we'll continue to focus," he said. "Addressing these areas will do the most right now to return the economy to growth and job creation."
I must say these folks are really sharp, there's no getting anything past them. Here's their insightful read on how this unfortunate turn of economic events came about:
"The NBER did not give any reasons or causes of the recession. But it is widely accepted that the housing downturn, which started in 2006, is a primary cause of the broader economic malaise."
Malaise. Isn't that a dish better eaten cold?
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CR called it
"That means all my charts (with the recession starting in Dec '07) are correct. "
Dirty Fucking Hippies. They're everywhere. Couldn't we just shoot the NBER?
"First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi
I'm glad to see that someone got it right. Crickets from Obama.
Although I can't blame the guy, I don't think anyone envies his job right now. I guess we'll have to wait another two months or precious time to see what He will do. Poor bastard.
Democrats do mention that this reinforces the need for an economic stimulus package. Even though the credit markets are frozen, consumer credit is to be cut by 45% and the housing market is in the toilet, the Democrats think that handing out more money that we don't have will turn things around. Wasn't the number 700B? IIRC, only 40% (or was it 20%) of the stimulus packages are actually spent by consumers.
I love this job!
Keynesian economics: look it up
"the Democrats think that handing out more money that we don't have will turn things around."
It's called fiscal stimulus and yes, Democrats, Republicans... financially literate people of all stripes believe this is an important tool if we are to avoid a second great depression.
But just think how much more bitching you'd get to do if that happened on Obama's watch!
Fiscal stimulus
IIRC correctly, the primary fiscal stimulus was the tax cut, and indeed people did save it, rather than spend it.
"First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi
In a way, it's more a relief than not
I've thought things really sucked for all of last year, and now the NEBR agrees.
So, rather than just starting a recession, or, er, a banana, we've been into it a solid year. Even if things are L-shaped, not V-shaped, maybe a year is long enough to put us at the angle of the L -- that is, things may not get better, but they also won't get a lot worse. Dunno -- may be the winter talking.
"First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi
Lowellfield's just a party poop. I have no problem w/ Obama
taking on this nasty mess and will be more than happy to give him credit where credit is due. I still don't see the benefit of a stimulus package of which only 40% ends up being used to stimulate.
I love this job!