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215 Comments
- DrunkenSavior, on 03/14/2008, -2/+52I forget who said it, but I paraphrase: "American people don't care if we are (or are not) in an official recession. They are hurting financially and that's all there is to it. Terms like 'recession' are just terms for economists to throw around."
- MattJF317, on 03/14/2008, -8/+44Duh
- jurnei, on 03/14/2008, -1/+30Someone finally said the "R" word. Thank goodness we're past that, the air in the room was getting very heavy.
- spunkmyer, on 03/14/2008, -5/+23You think that $4.00 gas may have something to do with it ???
- XxtraLarGe, on 03/14/2008, -19/+36Ron Paul called this one months ago. Just sayin'...
- lnxfi, on 03/14/2008, -3/+19The average person could have also predicted this one.
- Shiftgood, on 03/14/2008, -2/+18and here the i thought republicans were supposed to be good with money.
/silly me - KyleRayner, on 03/14/2008, -0/+15How is it possible to keep cutting taxes, while spending money on two wars, and bailing out the housing market?
- GrandmaSheila, on 03/14/2008, -10/+25yeah, it's not true until the people who did so much to create the recession, "the economists" who swooned over unregulated subprime loans and their exotic scam derivatives, admit it's true. We should all be grateful they're mentioning it
- ArchangelZLT, on 03/14/2008, -2/+17We really, really appreciate all that Bush has done for the United States. -- Al-Qaeda
- GeoGrapher, on 03/14/2008, -2/+16Well at least we're safe from the terr'ists.
- inactive, on 03/14/2008, -2/+14Wonderful. So now the Fed is planning to expand its mandate and bail out investment banks, hedge funds, brokerage houses and probably every other brandy-swilling Harvard grad who got caught-short in the subprime mousetrap. Ain't the “free market” great?
- Maciula, on 03/14/2008, -0/+11How could the country be in recession if our president says it is not. After all he's got documented history of being honest.
- o0joshua0o, on 03/14/2008, -2/+13No, they're still in office.
- Look4Truth, on 03/14/2008, -0/+11Ok people, now remember who's been lying to you saying there won't be a recession. Take note, it's very important that you understand what's going on.
- mistafreeze, on 03/14/2008, -2/+13Wait, what did you just say? You're predicting $4 a gallon gasoline? That's interesting. I hadn't heard that ... I know it's high now.
- dannyapplesauce, on 03/14/2008, -1/+11It wouldn't take a genius to see that after a bubble there's a high probability that a recession might occur, just sayin'...
- staxofmax, on 03/14/2008, -0/+9$4.00 per gallon gasoline, no. $90.00 + per barrel of oil, yes. I have an idea! Instead of sending billions of dollars per month to countries that hate us, how about we use that money instead to promote the growth of renewable domestic energy sources and pollution free power production? Or does that make too much sense to work....
- bsurette, on 03/14/2008, -2/+10and that little Internet boom. Perhaps Gore *should* run for president again.
- Dumbledorito, on 03/14/2008, -0/+8Cutting taxes for the wealth to stimulate the economy is *****. If you give a wealthy CEO of Widgetco a pile of tax relief, it's not going to make him hire more workers or make more widgets. Take it from a small buisness owner: You increse production and hire more people only when the consumers demand more of your products. If there's no demand, all you do with any resources you have is pay down your debts or give the corner offices a new coat of paint while you lay off workers to boost your stock price.
- marksven, on 03/14/2008, -0/+8Yeah, I'm sure that $4 gas, double-digit food inflation, and trillions of wealth disappearing from home values and bank balance sheets has nothing to do with it. You're right, it's probably all just in our heads.
- TimDigg, on 03/14/2008, -1/+8The reason why oil prices are so high is because of a market imbalance. We need something to compete with oil. In certain industries you not only need firms competing but technologies competing.
Sure you may have Shell, ExxonMobile, Chevron, Texaco etc etc. But they power our vehicles through only one technology gas. Thats the problem.
Look at other areas where prices are low, its not because of firm competition alone, but also technological competition.
You have Pen and pencil, DSL and Cable, Voip, Landline and cell phones, Aluminum bats and wooden ones. DVD+R and DVD-R. Feather pillows and cotton ones.Gas stoves and electric ones. Silk ties and cotton ties. cloth napkins and paper ones. Windows and any flavor of linux
You have gas and .....well gas
The price of graphite goes and I can still write with pens
The price of wood goes up and I can still play baseball
The price of DSL goes up and I'll switch to cable.
The price of gas is a market problem. - marksven, on 03/14/2008, -1/+8The mainstream media has been pumping up this economy and encouraging people to keep their money in the market. Every time the Fed cuts rates or pulls a rabbit out of their hat, the media cheers that they've saved the day and prevented a recession. Ever watched the pump monkeys on CNBC?
- dannyapplesauce, on 03/14/2008, -1/+8No; it's true when, by definition, there is two consecutive quarters when the economy shrinks or fails to grow.
- andymci, on 03/14/2008, -0/+7I'd say it's more of a "diving into recession" scenario than a "sliding into recession" scenario.
- Aeaus, on 03/14/2008, -2/+8I think the point of the point in the point place is that he was warning about an upcoming recession in order for the government to realize what was going to happen and come up with a decent strategy to mitigate it (read: not stimulus checks & federal reserve intervention), and prevent it in the future.
- inactive, on 03/14/2008, -0/+6This is the fifth time this week the "US has finally entered a recession!?!?!!?"
- Dumbledorito, on 03/14/2008, -1/+7By that logic, Bush's use of the word "progress" should have given us a golden age for Iraq. His state of the union speech should have sent the economy streaking into the stratosphere.
For crying out loud, talking up the economy doesn't create demand, skilled workers, innovative and educated researchers, a surplus of cheap energy, or jobs to be created out of thin air. - inactive, on 03/14/2008, -0/+6Bush: "but but but terrists! danger!"
- trueprosperity, on 03/14/2008, -0/+6Bush put the word out about recession when he got elected the first time. At that time we weren't in a recession. This was a great way to get most of the top manufacturing companies to move elsewhere, keep the majority of their profits and install fear in the American people. This also worked on the other end when most of us didn't see a recession and got tricked into those interest-only loans that filtered into an adjustable rate after 3-5 many years. Great job JWB!! They fell for it!!
- byronm, on 03/14/2008, -0/+6You know you're in a recession when the "War machine" is offering early retirement, cutting expenses, stopping hiring and gearing up for severance packages. If the war machine is feeling the pinch in an ever increasing war spending (or consistent spending) i can't imagine what the private sector is going through.
As a small business owner my credit lines are being reviewed, closed, shrank - even without prior negatives - making me push things around a lot more to float expenses/costs/inventory and payments. It really stinks since many creditors are slowing down how many times i can pay a month in order to "throttle" my credit spending and to push me to artificial limits knowing my daily spending - LOOKING for ways to nickel and dime me more.
People are starting to buy less, look for "Cheaper" goods and product returns are UP UP UP. People are starting to second guess purchases, cancel back-orders/pre-orders and rethink there financial capabilities.
housing costs are overly talked about. its the cost of living that is pushing people to foreclose. Heating, electricity, trash, utilities, insurance and liability costs have skyrocketed making people work just to try and lessen risk exposure vs letting them live. And much of that "Forced" risk exposure - health insurance, home insurance, mortgage insurance, PMI, Car insurance, flood insurance, liability insurance. If its not exposing you directly out of your salary its definitely exposed against your salary and either preventing you from cost of living wage increases or flattening them out. - cinnapatch, on 03/14/2008, -1/+7Third Bush recession, first was under Poppy Bush, the last two under Dubya.
- drmobutu, on 03/14/2008, -0/+6The fundamentals are sound? *****. Dubya's taxcuts have left the budget in defecit, with two ongoing wars that have no end in sight. Fuel prices are up, as a result of it. The ethanol scam will soon be driving up the price of regular agricultural commodities. The dollar is devalued, so anything you buy from abroad is now more expensive. You don't get a decent return on your own money on deposit in the bank, and the price of gold, if you're looking for a "safe haven", is at an all time high, right along with oil. You must be sipping some fine koolaid, there, pal...
- Dumbledorito, on 03/14/2008, -0/+6Oh, please.
Yes, economies are based on faith. One could wake up tomorrow and decide all these coins and green pieces of paper are worthless. However, our economy is not without real problems: Overspending by government and by individuals, overextended credit, tightening of credit, banks in jeopardy, an unpopular and costly war, etc.
Just because you've convinced yourself the fire isn't real doesn't mean you can walk through it unburned. - web2pointYo, on 03/14/2008, -0/+5watch the original die hard and try not to laugh (and cry at the same time) at the 98 cents a gallon gas station signs.
- Danial, on 03/14/2008, -1/+6Thank you Captain Obvious
- inactive, on 03/14/2008, -0/+5I've been ignoring your comments for months. Thanks for the reminder though!
- scamper22, on 03/14/2008, -0/+5I could have sworn we moved onto the worshiping Obama.
Digg needs an email notification of such events. - byronm, on 03/14/2008, -1/+6There is no such thing as a controlled recession. The only "controlled" measure is financial responsibility of a BALANCED BUDGET. Reagonomics is an astronomical failure of policy.
- chrissku, on 03/14/2008, -0/+5Were they the last one's to know? The rest of us have known this for months.
- phogasmic, on 03/14/2008, -1/+5duhh!!! these guys are really late to the party.
- form3hide, on 03/14/2008, -1/+5Doesn't help when you have that little group in the middle east dictating how much to pump and what to charge, either.
- byronm, on 03/14/2008, -0/+4Gasoline is already 3.20+ on the east coast an we haven't even hit the travel season. Oil is already 110+ a barrel and still growing. AAA has already estimated a national average increase of 20-40 cents a gallon BY MAY which means the coasts in there higher cost of living will be paying at or near 4.00+
two years ago it cost me 7.00 to get to work. about 3.50 in gas and 3.50 in tolls. Today it costs 11.00 in gas and 4.75 in tolls. Needless to say, i got a new job. - form3hide, on 03/14/2008, -0/+4So it's my fault that my salary stays at X, while the cost of living increases like crazy? We're in this together -- don't point the blame elsewhere because you don't want to accept anything about our economy.
- nchambers42, on 03/14/2008, -0/+4The Fed isn't "free market"
- yodaj007, on 03/14/2008, -0/+4You sure swayed my opinion.
- Dquinz63, on 03/14/2008, -0/+4Did that headline make anyone else think of Family Feud?
- o0joshua0o, on 03/14/2008, -0/+4They already know. They used to shop at more expensive stores.
- crunchdigg, on 03/14/2008, -2/+6no, it's not the definition. Never has been.
It's a recent attempt to quantify the concept. - NSResponder, on 03/14/2008, -2/+6In a related story, the Institute for the Obvious suggested in a report that spending a trillion dollars on an undeclared war may contribute to inflation.
-jcr -
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