Keeping with the tone of the political campaign, the media are in full Britney Spears mode. To quote the pop tart, "Oops, they did it again." It, this time, is the economy. The mainstream media continue to be wrong about the U.S. economy.
The 2nd Quarter Gross Domestic Product numbers came out Thursday morning and the economy continued to grow, this time at a stronger pace than last quarter - 1.9 percent.
As many pundits point out, the economy has to actually recess for there to be a recession. That hasn't stopped the media, who have in many ways never stopped talking recession since we escaped the last one.
This year it has been worse, with regular references to "recession" or even "depression." These days, "depression" may be how journalists feel about their own industry. But they continue to be wrong about the economy.
Let's see how Marketwatch.com described things this morning:
Note the word "accelerated." Now try finding that attitude in the network broadcasts.
The broadcast networks reported that America's finances were "like a house of cards" earlier this year. ABC, CBS and NBC even hyped similarities to the Great Depression more than 70 times in the first six months of 2008.
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To all the non-economists
July 31, 2008 - 10:23 ET by athoughtor2To all the non-economists out here....GDP of +1.9 is not negative. Unless they changed the definition and the rules this is not recessionary contray to the MSM and the dems.....
Will not say that it's not tough out here, but....a far cry from armageddon and shanty towns
Recession is their story,
July 31, 2008 - 10:35 ET by motherbeltRecession is their story, and they're stickin' to it!
Tomorrow's NYT headline: GDP Rises, Despite Recession
Obama's theme song
That's f'ing awesome!!!!!!!
July 31, 2008 - 10:37 ET by athoughtor2That's f'ing awesome!!!!!!!
but ya see "real people"
July 31, 2008 - 13:50 ET by TruthMongerbut ya see "real people" don't care about these GDP numbers or whatever
alls they see is only 2 cars in the garage instead of 3, only 4 TV's instead of 6 (maybe only 2 or 3 big screen digital!), having to keep the pool temperature down to 65 instead of 85, having to get their brand new clothes at Target instead of Macy's...
PEOPLE ARE SUFFERING OUT THERE:(!
it's worse than the great depression, it's worse than cave man days
I know TM, it's awful. I
July 31, 2008 - 13:56 ET by MassConservI know TM, it's awful. I wanted to get another Tivo for the guest bathroom next month but I simply can't afford it now. They're stuck with extended satellite for now.
[/sarc]
Sometimes it's just too
July 31, 2008 - 13:57 ET by motherbeltSometimes it's just too easy....
I predicted that for tomorrow...before I saw today's headline:
G.D.P. Grows at Tepid 1.9% Pace Despite Stimulus
They are sooooo predictable!
Obama's theme song
Boosted by a nice big shot of heroin
July 31, 2008 - 10:27 ET by sarcasmoThe addict felt quite a bit better for a while...Sorry, I'm not buying it.
JMR
The tax & spend drug war looks racist in the real world.
It's Worth Noting That...
July 31, 2008 - 10:44 ET by cjbreischIt's worth noting that we have finally had a quarter of negative growth.
Revised estimates of Q4 2007 show a contraction of 0.2%.
Of course, since we had two quarters after that of positive growth, we never entered a recession. Unless Q1 2008 is revised downward later. Even if that happens, the relatively strong growth of Q2 2008 seems unlikely to be revised downward enough to be a contraction (frankly that's true of Q1 as well), so either the recession never happened, or it's most likely over.
Defining Recession Downward
July 31, 2008 - 10:56 ET by zeestephenIt's possible that Q1 GDP could be revised downward, thus showing two negative quarters in a row.
However, the unemployment rate in Q4 (2007) and Q1 (2008) never exceeded 5.5%, so that would have to rank as possibly the most shallow recession in history.
Recession redefined
July 31, 2008 - 11:26 ET by ThisnThatHere's how Rex Nutting of Marketwatch described his glee this morning regarding the revision (emphasis mine): "It's a common (but mistaken) belief that a recession is defined by two consecutive quarters of negative GDP.
The actual working definition is "a significant decline in economic activity lasting more than a few months," usually seen in GDP as well as monthly data on job growth, income growth, industrial output and business sales. All four of the monthly indicators are flashing recession signs".
Rex Nutting is a liberal of the worst sort -- I think's he's been (like Obama) inserting prayer messages into the wall for years praying for a depression. Anyway, how can this man suddenly re-define recession without sourcing his definition? He just throws something out there that suits his purpose, and expects everyone to bow down and agree to it. What an arrogant snob.
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If you can read this, thank a teacher. If it is in English, thank a Soldier. - My barber
Geez, isn't it obvious already?
July 31, 2008 - 10:56 ET by geoksterThe media will emphasize and/or ignore whatever is necessary to help democrats/liberals and/or hurt republicans/conservatives. This pattern has been going on for decades.
When the right is in power, it makes no difference what economists or statistics say, they will harp on the negatives. If nothing else, when by all objective criteria, the economic numbers are flying high, they can always locate some extreme anecdotal case, where a single mom of 12, living on welfare can claim to have been hurt by something the right supposedly has done.
By contrast, when the demo are in power, everything economic is light and beauty, regardless of what the facts are. Remember the real recession at the end of the Clinton era? The left is still claiming it didn't happen, and twisting everything they possibly can to prove it.
This will continue as long as the left maintains an iron grip on the Main Stream Media. It will get worse if an Obama administration manages to pass the so-called "Fairness Doctrine".
Exactly, Geo...
July 31, 2008 - 11:22 ET by trak65I loved the juxtaposition of the AP's headlines on Exxon and the GDP. In both instances, there was a record high number that was a bit lower than expectations. Exxon Mobil: "Biggest Profit Ever"; GDP Growth: "Misses the Mark."
Ooops... Now the AP will
July 31, 2008 - 11:04 ET by Jack BauerOoops... Now the AP will have to refer to growth as a Reverse Recession!
That way they can still get recession into the headline.
As in: "Democrats attack Bush for presiding over worst reverse recession since 1990s!
You mean negative recession.
July 31, 2008 - 11:18 ET by c5thenThat way they can get two negative words into the title.
The day that "politician" became a career choice is the day we started losing the Republic. Let's get it back! Alan Keyes '08.
cf -- ha ha. Good
July 31, 2008 - 11:50 ET by Jack Bauercf -- ha ha. Good point.
Women and minorities hardest hit.
Not the point, but...
July 31, 2008 - 11:37 ET by q2600You *paraphrased* Britney, not quoted her. :)
Courics Lead Tonight
July 31, 2008 - 11:45 ET by hgabrahamson"Americans were shocked today to learn that births of Bassett hounds in the U. S by Ceasarian section have soared during the Bush adminstration. This dangerous procedure is up an alarming 8% since the Clintons left the White House. Dog lovers everywhere are calling for change!"
Difference of Opinion is what makes a Horse Race
Current AP headline on Yahoo...
July 31, 2008 - 12:11 ET by MassConservEconomic rebound not as energetic as hoped for
But I think that was a typo and was supposed to read --
Economic rebound more energetic than hoped for
Inlflation and Purchasing Power
July 31, 2008 - 12:58 ET by RexRuthlessThe average working person doesn't judge the economy's health by GDP stats but by his or her purchasing power.
Judging by purchasing power, the economy is down. Material prices are up by 70% and the costs are beginning to be passed on.
We are technically correct to say we are not in recession, but if you want your candidates to win, you have to address the real issue.
And the real issue is inflation, and it is growing at a very unhealthy rate.
and how does a canidate tame
July 31, 2008 - 13:33 ET by athoughtor2and how does a canidate tame or control inflation? with monetary policy? wrong, that's the Fed that does that? with fiscal policy? wrong that's congresses job. the pres can indicate which and what policies he/she wants but can not just snap their fingers and it's gone. i do now that raising taxes is not the way to go.
it's up to congress,
July 31, 2008 - 13:46 ET by TruthMongerit's up to congress, currently in control of the....
.....ummmm, what's the name of that political party again?
starts with a d...
dunce-o-tards?
demon-rats...?
the one with that "historic" lady....Nina? Natasha...?
and that land swindler from nevada...henry? hagar...? someone help me out here
No Boooosh recession...
July 31, 2008 - 13:31 ET by ScrapironOne more quarter of growth and a recession/depression cannot be named after Boooosh, it'll belong to whomever is elected in Nov. if it comes. Like the old country song says: 'Ain't that a shame' . Give it the MMalkin BWAHAHAHAHA
New cure for high fuel prices, "put some air in your tires". B Hussein O. It works for him, but he uses hot air to blow his snow jobs.
Old, Retired and glad of it.
If you look on the next
July 31, 2008 - 13:44 ET by celatorIf you look on the next page of Obama's script, that's where he tells us to take off the sweater Jimminey Carter told us to put on when we were fed the tripe that absolutely, positively, "the science is done", Global Cooling hysteria/energy crisis has doomed us all. ;+}.
I'm going to save my sweater, though, for the next Global Cooling/energy crisis the eco-Marxists are hatching this very moment in some maggot-infested faculty lunchroom. Should be due real soon. Maybe next Tuesday.
The major media report only half the news. Why are they surprised they have only half the potential audience?