Tag: recession

Carney: If it looks like a recession, sounds like a recession and smells like a recession, it ain’t a recession!

White House head double-talker Jay Carney is either an incurable optimist or simply incurable.

Practitioners of the dismal science (some call it “economics”) have poorer prognostication records than the average storefront fortune teller. Still, even they have enough sense to realize a plethora of dark acrid smoke is a strong clue that somethin’ may be a’ burnin’.

Not White House head double-talker Jay Carney, who is either an incurable optimist or simply incurable.

jay-carney
Perhaps Carney thinks it's not a recession because it's a depression

AP presents White House Minister of Propaganda Jay Carney starring in Pollyanna:

President Barack Obama’s spokesman is discounting talk that the economy may be headed back into recession, despite recent concerns of economists.

Spokesman Jay Carney says there is no question that economic growth and job creation have slowed over the past half year.

But, Carney told a White House briefing, “We do not believe that there is a threat of a double-dip recession.”

We’d point out that when one’s caught in a downpour, the “threat” of rain is a foregone conclusion.

The recession that began in December 2007 officially ended in summer 2009 and the economy has seen growth since then. However, that growth has slowed to a trickle in recent months.

Sounds like the “trickle down economics” Keynsians are always denigrating until their policies are the stones in the ureter.

He blamed the earthquake and tsunami in Japan, higher energy prices, default worries in Europe and recently resolved uncertainty over raising America’s borrowing limit. Carney said, “We believe the economy will continue to grow.”

Wow, so Japanese natural disasters and European deadbeats are the ones who passed Obamacare and the un-stimulative Stimulus and are harrassing U.S. businesses with stupid regulations? Damn them! Damn them to hell!

– Written by Bonfire of the Absurdities

Source: Associated Press

Swami Tim Geithner says we’ll have a double dip recession if debt ceiling isn’t raised

You have to give Treasury Secretary Tim Geithner points for creativity even if you can’t give him points for honesty.

You have to give Treasury Secretary Tim Geithner points for creativity even if you can’t give him points for honesty.

He’s peered into the official Treasury Department crystal ball and seen a double dip recession in our future. So instead of admitting that Obamanomics has failed, he’s laying the groundwork to blame it on the people who want to reverse those failed policies.

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A photographer was on hand to capture Tim Geithner choking on the truth

The National Journal covers Geithner’s preemptive butt covering:

Treasury Secretary Tim Geithner said if Congress fails to lift the debt ceiling and the U.S. defaults on its obligations “this abrupt contraction would likely push us into a double dip recession,” painting the most explicitly dire prediction to date of the consequences of inaction.

In a heavily-anticipated response to Sen. Michael Bennet, D-Colo., who asked Geithner to document the economic and fiscal impacts of failing to lift the statutory debt limit, the Treasury secretary detailed a chain reaction that would cripple the economy, costing jobs and income.

A default would inflict catastrophic far-reaching damage on our nation’s economy, significantly reducing growth and increasing unemployment,” said Geithner in the letter to Bennet which was dated May 13. “Even a short-term default could cause irrevocable damage to the economy.”

Of course, this is nothing more than Geithner delivering the Obama administration’s agreed upon message:

“The failure of our policies is someone else’s fault.”

Source: National Journal

Car sales down 28%, media reports end of sales slide

New-vehicle sales in June fell 28% from a year earlier to 860,000 cars and light trucks

Great news!!! Car sales are only down 28% this month!!!
Great news!!! Car sales are only down 28% this month!!!

Great news from Detroit. The recession is over. Cars are going to start flying off the lot any day now. At least that’s what the big three carmakers are saying and the media is reporting.

The three biggest carmakers in America called a bottom to the long decline in U.S. auto sales as the industry reported its smallest monthly sales drop this year.

Just one thing. Don’t break out the champagne and confetti yet. Things aren’t as rosy as Detroit would have you believe. Get a little deeper into the story and you discover the truth:

New-vehicle sales in June fell 28% from a year earlier to 860,000 cars and light trucks, according to the market-research firm Autodata Corp. That would be the smallest decline in any month this year.

In similar news, the Japanese government announced that Hiroshima was actually an indication that they won World War II.

Source: Wall Street Journal

Perky Katie Couric lives in a dark, depressing world. Enter at your own risk.

The Great Depression is what you'll go into after watching Katie Couric's uplifting report
The Great Depression is what you'll go into after watching Katie Couric's uplifting report

It’s amazing that Katie Couric can maintain her eternal perkiness in such a dark, depressing world. Amazing what $15 mil a year will do for a gal.

She just started a series called “Children of the Recession” on her nightly CBS Newscast. She kicked it all off with an op-ed piece in USA Today in which she postulates that today’s kids are the “Recession Generation.” Apparently unable to settle on one generational nomenclature, she later called them “innocent victims could become the Lost Generation.”

On the CBS Evening News she harkened up images of the Great Depression and said the current recession “may be” to kids “what the depression was to an earlier generation.”

“Volunteer families stepping in during tough times is reminiscent of the Great Depression,” the perky one intoned gravely, “when parents in dire straits sent their children to live with relatives or other people in the community.”

Tom Brokaw noted that the kids who lived through the Great Depression became “The Greatest Generation,” but Couric sees kids who live through this recession as “The Lost Generation.”

Why the difference? Maybe it’s because that earlier generation didn’t have to watch depressing, grossly-distorted historical analogies on TV every night.

Source: CBS News, NewBusters.org

President Obama wants Americans to sacrifice (unless they work for the federal government)

President Obama working hard to protect your tax dollars
President Obama is working hard to protect your tax dollars
Recession? What recession? Based on President Obama’s 2010 budget, federal employees are going to be fatter and happier than ever. Because the U.S. government is on a spending spree and a hiring spree.

Here’s how CBS News reports it:

Executive branch employment — 1.98 million in 2009, excluding the Postal Service and the Defense Department — is set to increase by 15.6 percent for the 2010 fiscal year. Most of that is thanks to the Census Bureau hiring 102,000 temporary workers, but not counting them still yields a net increase of 2 percent in one year.

There’s little belt-tightening in evidence in Washington, D.C.: Counting benefits, the average pay per federal worker will leap from $72,800 in 2008 to $75,419 next year.

$75,419 per year? Average? On top of the federal government’s rich retirement and health benefits?

Apparently President Obama is too busy regulating financial industry salaries to bother controlling executive branch salaries.

Source: CBSNews.com

Hooray for Hollywood: Stimulus package already working

mad_money_movieEvery Saturday morning, the movie industry announces three day box offices results for a weekend that still has two days to go. That makes Hollywood the only business in the world that is able to both rewrite history and the future.

For example, a headline yesterday read, “What Recession? Biggest Presidents Day Weekend In Hollywood History.”

This uncanny ability to peer into the future brings up one very sticky question:
If movie industry executives have the ability to tell how a movie is going to do before it does it, why do they make so many movies that do so poorly? Continue reading “Hooray for Hollywood: Stimulus package already working”

I HATE THE MEDIA ™
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