This is worse than a case of calling a glass "half-empty" when it is "half-full." This is like taking the glass and pouring it out.
Deirdre Bolton, an anchor for Bloomberg TV, appeared on CBS's January 9 "The Early Show" to report on a survey of economists Bloomberg conducted January 3-8 about whether or not a recession is in the immediate future of the U.S. economy.
"[W]ell, as you said the economy certainly is front and center," Bolton said. "And in fact in the latest survey of Bloomberg economists, economists putting the odds of developing a recession at about 40 percent. Jay Bryson - he's a global economist at Wachovia - he says we are skating on the edge of recession, but it's all going to come down to the consumer. Another economist that we spoke with said that consumers right now are really hanging on by their fingernails. And of course it's not really a surprise."
However, Bolton completely distorted the message of the survey - based on how Bloomberg's Web site reported it. An article by Shobhana Chandra and Alex Tanzi said the U.S. will escape recession, according to the economists in the survey.
"Economic growth will average 1.5 percent in the first six months of 2008, matching the fourth quarter's pace, according to the median estimate of 62 economists surveyed by Bloomberg News from Jan. 3 to Jan. 8," Chandra and Tanzi wrote. "The rate of expansion would be the weakest since the last nine months of 2001."
Bolton even made comparisons of the current economic climate to "when Jimmy Carter was president."
"We've had rising food, rising energy costs," Bolton said. "Also, the worst housing market in 27 years. So that, of course, was back when Jimmy Carter was president."
However, there is a long way to go before we can invoke the name of Jimmy Carter when making economic comparisons. Radio host Sean Hannity summed up the economy after Carter in his 2004 book "Let Freedom Ring":
"Jimmy Carter left office with the American economy sinking fast - soaring unemployment, double-digit inflation, double-digit interest rates, a contracting economy, and a sense that America's best days might be behind her."
Currently, inflation is at 4.3 percent and the interest rate for the benchmark 30-year fixed mortgage, according to Bankrate.com, is 6.14 percent. Those are just a fraction of what they were during the late 1970s.
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Stop the recession debate...It is CONSTRICTION
January 10, 2008 - 00:47 ET by Lame CherryThis is a Newsbuster exclusive as past posting have been here. America is in a recessive economy and has been in one for 45 years. One can not have devalued currency based on inflation with Rockefeller and Rothscchild cartels SELLING AMERICANS THEIR OWN MONEY and not have continuous recession.
America had a recession due to Bill Clinton destroying the Reagan burst with Clinton's retroactive taxes. This took place in 1999 and was in full force by 2000.
Understanding that, the 9 11 attacks brought America past to worldwide depression. President Bush allowed the Rockefellers to open the money printing supply in trillions to stop it. That money was put into the housing market to buoy the economy.
America is now past recession as it is typically spoken of. America is now enter into a CONSTRICTIVE ECONOMY due to hedge funds stoking commodity and oil prices as a very much ECONOMIC ATTACK UPON THE UNITED STATES. Some culprits are Warren Buffet in America, the Chicoms dumping dollars with Islamocommunists and real communists like Putin in Russia to Chavez.
Constriction is the word and President Bush using food as an economic weapon in pricing, Mexico tapping the Gulf oil reserves and Alaska now opening for drilling with Canadian pipelines coming into the Dakotas all are meant to buoy the United States.
Things are going to get worse as the hedge will implode as it can not stand on it's own and all the boobs being suckered into the "invest in gold" to oil, grains etc... are going to find the situation of them being sheared.
This is NOT CARTER era shearing of the agriculture sector as they no longer exist being driven from the land. America though does have stagflation but WITHOUT CARTER'S 23% banking loan rates which Reagan overcame.
Inflation is running rampant due to artificial economic attacks on America and deliberate monetary rape of citizen's funds. Oil has a $25 a barrel hedge built in for hurricanes and there were no hurricanes for 2 years.
People foolishly and ignorantly debate recession and do not see that fail safe has been initiated. The process being worked out here darlings is to keep America from being sucked into the next Eurasian World War. (President Bush has initiated that America will withdraw from the Middle East at the end of 2008. Those pipelines and oil wells being drilled will come on line 2009 etc.. Those are measures meant to supply America when there is no supply and the only reason there would not be a supply is due to nuclear pollution of the oil fields.)
When these things happen no one is going to be debating "recession" as everyone is going to know how rotten things are. America has entered the first phase of touching the Carter fleecing, because the policy is hoped for that 100 dollar oil will break the Chicoms 200 million man army, also to absorb the Euro that the central European bankers will be held in check as in wheel barrel fulls of Marks buying a loaf of bread and Putin will be left with worthless dollars and euros.
All of this is chess on a board designed to implode Eurasia where revolutions will consume the terror powers before they march out of their gulags into the west.
That fails, President Bush's policy to fight this out in the Asian Steppes and Pacific Ocean which is the long term reason for Iraq so the war against hordes will be fought in no man's lands where American firepower will cut off the problem will be in place.
As this flows though, it is doubtful the best battle plan will hold this in the Steppes and Pacific as the Europeans will flex back at Putin and his allies will disrupt Europe in the Marxist Muslims invading there, so the war will come to the Balkans into the heart of Europe, an Alaskan invasion by the Chicoms to pay for Russian oil to pin America from aiding western Europe and a main thrust into the Holy Land as those central Europeans can not keep their hands off that area.
Behold the history of the days before World War II, it is repeating. A depression did occur and our fake money plugging the holes has not stopped it, but delayed it in the same warfare which was economic.
The worst of this is liberals panting over this thinking stoking they hysteria will get some Gore, Bloomberg elected for globalist policy and never equating the United States requires economic policy beyond what President Bush is doing with resources.
I put it on the line here in asking Newsbusters to discuss it for the sake of this nation to get the GOP involved in a way to make America more secure in reversing the inflation funds back to wealth creation and there is indeed beyond "gold standard" to make the dollar sound........but right now the cartel which wants a North American Union is ruining the dollar to make that Amero thing the chosen currency.
The cartels have got to be brought up short and stop thinking their rites are going to buoy them through this. It will not work and the same cloned destructive force they are releasing to consume the world will abide by the same Newtonion laws of opposite and equal reactions. The economic fire they start makes the war of inferno which consumes all, elite and serf alike.
America is in constriction. End the debate and start pushing the GOP to create sound economic policy based upon Adam Smith, Benjamin Franklin and Milton Friedman policies.
*HIC IACET ARTORIVS REX QVONDAM REXQVE FVTVRVS
}}---> The fuse is lit
January 10, 2008 - 01:45 ET by Cool ArrowI don't care what this site says about our booming economy, it's my belief we've gone plastic beyond our future ability.
The loopholes are closing State by State whereby people can borrow against home equity and what's left are all those low interest offers that swell to 25% if you trip up.
And nobody seems to be figuring the cost of this war into our solvency.
I'm not much of an economist, but I've been in credit trouble before. It won't be long before we're pointing fingers and laying blame, but for now it seems we're too busy denying our addiction.
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Oh good grief! Here we go
January 10, 2008 - 06:20 ET by motherbeltOh good grief! Here we go again.
Does "the worst economy in 50 years" ring a bell??
I know! We need a tax increase! That'll put some ooomph into the economy!
At least Obama admits a tax increase won't help the economy, but (he thinks) it will give the government more money. (scroll down to yesterday's NB story.)
}}---> Worst economy in 50 years
January 10, 2008 - 06:38 ET by Cool ArrowI don't think we're in it, yet. I don't think it will necessarily be the worst in fifty years. And I think there are those who are sufficiently insulated against it. But the credit bubble will burst eventually.
I ♣ My Seal
Guys, its bad out there. If
January 10, 2008 - 09:52 ET by sajc05Guys, its bad out there. If any company managed their finances the way the US does they would be in jail... we change the way we evalute the state of the economy, inflation and other things to make it look better.
so while the republicans keep whistling and pretending nothing is wrong, our economy couldn't get better, the democrats will at least acknowledge a problem and get into office and screw us even more by initiating more socialist policies.