Excellent News for the Economy
For those of you who were slightly concerned about the US economy because all of those liberal alarmists have "implied" that we might be about to enter or maybe have already entered a RECESSION, good news...those Socialist Bastards were INCORRECT. Bush and Bernanke cleared up the confusion today stating that in spite of all evidence to the contrary, the economy, though in a "rocky period" is not in an downward spiral that will inevitably end with China owning us. That is the good news. The bad news is that Bush got a C- in Econ 101.
posted by scooterlulu at 8:23 PM
4 Comments:
He's so smart that he couldn't possibly be wrong. Now if you excuse me, I'm going to go chew on some of my daughter's lead-coated toys while reading my "Mandarin For Dummies" book.
9:18 PM
And just in case you have any Republican readers: http://www.weeklystandard.com/Content/Public/Articles/000/000/014/751tryie.asp
Here's a snippet: "The issue of economics is not something I've understood as well as I should," McCain told the Boston Globe late last year. He said that in choosing a vice president he'd look for a person with economic experience to compensate for his own shortcomings. "I'm going to be honest," he told Stephen Moore of the Wall Street Journal three years ago. "I know a lot less about economics than I do about military and foreign policy issues. I still need to be educated." McCain has since tried, implausibly, to disavow all these statements, protesting that his knowledge of economics is perfectly sufficient for a president. But the zigs and zags of his 25-year career as a congressman and senator suggest that, when he said he didn't know much about economic policy, he was giving us some of that bracing straight talk.
10:00 PM
Hmm, sounds like Lindsay Lohan telling us all she knows about being sober.
10:10 PM
Though it would be interesting to point out that a recession is defined as "a decline in a country's real gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year."
and with yesterdays economic numbers (not coming from the white house - for you conspiracy theorists), we are in fact, not in a recession.
also interesting, to me at least, is that back in the 92 election cycle if you remember, Clinton ran a platform that relentlessly stated that the economy was in a horrible recession and Bush couldn't hack it. And now it was known the beginning in March 1991 to March 2001, the U.S. experienced the longest economic expansion - 120 months - in its history.
all of this is fun to talk about and beat each other over heads with but in reality, the president has very little control or impact on the economy (save for a big tax cut or tax raise which is not a stop gap measure but a whole sale change in policy not a stop gap measure - if we where in a recession, what could the president do?). It seems to me that in the free market, the president can make a ripple but not a wave as he/she can do very little in real terms except talk b/c psychology does play a role in the market as people's negative perspective lead them to spend less and then hear more "economic sky is falling" news and spend even less...a catch 22 as we all know the spending is what drives any economic model. (wow I was ranting, damn it!)
In any case, it seems to me to boil down to a political battle of good news verses bad news. Whether I'm correct or not remains to be seen but my experience witnessing the 92 campaign leads me to believe nothing the party out of office says about the economy on the campaign trail.
12:43 PM
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