White House Spokesman: No One Is ‘Predicting A Recession’
White House Spokesman: No One Is ‘Predicting A Recession’
Today aboard Air Force One, a reporter asked presidential spokesman Tony Fratto if the Bush administration was at all worried about a recession, given that on Friday, Sen. Hillary Clinton (D-NY) said she “think[s] the economy is slipping toward recession.” Fratto brushed aside such concerns:
QUESTION: Senator Clinton said on Saturday that the U.S. economy was slipping towards a recession. Is that a view the White House shares; why or why not?
FRATTO: I don’t know of anyone predicting a recession.
Fratto clearly hasn’t been reading the news. Several of the nation’s leading economists continue to predict that the United States will slip into a recession:
Harvard University economist Martin Feldstein: We are now talking about [a recession happening] more likely than not. … I have been saying about 50 percent. This now pushes it up a bit above that.” [1/5/08]
Lawrence Summers: “[T]he odds now favour a US recession that slows growth significantly on a global basis. Without stronger policy responses than have been observed to date, moreover, there is the risk that the adverse impacts will be felt for the rest of this decade and beyond.” [11/25/07]
National Association for Business Economics survey: “The number of economists forecasting the U.S. will slip into recession almost doubled over the last two months.” [11/19/07]
Warren Buffett: “If I had to pick the chances that we are going into a recession, I would say they are fairly significant.” [10/29/07]
CBO Director Peter Orszag: “The risk of a recession is clearly elevated.” [9/18/07]
A reporter later followed-up and asked Fratto about Feldstein’s statements. Fratto dismisses Feldstein, saying the former chairman of Reagan’s Council of Economic Advisers was guilty of “prognosticating.” “Well, even that isn’t a firm prediction,” said Fratto.
The entire concept of “recessions” and “predictions” may be out of reach for the spokesman to a president who only “got a B in Econ 101.”
Sort Comments By: Top Rated | Date
65 Responses to “White House Spokesman: No One Is ‘Predicting A Recession’”
Topic Cloud
ArchivesBlog Roll
Anyone feel like Herbert Hoover is now at the helm?
(Minus the brains necessary to be an engineer, of course.)
January 7th, 2008 at 2:09 pmFRATTO: I don’t know of anyone predicting a recession.
----------------------------------------------
What Fratto means is, "Nobody in our little snowglobe of isolation we call the White House is predicting a recession. This is due to our finely-honed ability to avoid any exposure to information and remain in a comfortable zone of denial at all times."
January 7th, 2008 at 2:09 pmToday aboard Air Force One, a reporter asked presidential spokesman Tony Fratto if the Bush administration was at all worried about a recession, given that on Friday, Sen. Hillary Clinton (D-NY) said she “think[s] the economy is slipping toward recession.†Fratto brushed aside such concerns:
The President is not at all concerned. He's rich and is leaving for Parguay next January anyway.
January 7th, 2008 at 2:11 pmThe Vice President's spokesman added, "Fu(k you America! My money's in Dubai
Hmmm, the Dow is down about 1200 points from its recent high mark. the housing market is tanking, and speaking of tanking, if one of our naval commanders sends an oil tanker to the bottom in the Straits of Hormuz, you can fill your SUV up for $6/gal. Fratto will "hear" of a recession then.
January 7th, 2008 at 2:11 pmWhat Fratto means is that no one is predicting a recession because we’re already there.
January 7th, 2008 at 2:12 pmI get it, but it can be easily argued that economists know nothing and any spokesperson, authorative or not, is usually an approved talking point emitter into the cesspool of msm.
By the way, how long do we get for recess? I need a smoke.
January 7th, 2008 at 2:14 pm"Nobody could have anticipated..."
January 7th, 2008 at 2:15 pm@CitiDC -- Amen to that.
But with all their denials, these stooges remind me of the Iraqi Propaganda Minister. You know -- the one who kept denying their were US troops in Baghdad.... while they were knocking on his door.
January 7th, 2008 at 2:18 pm"FRATTO: I don’t know of anyone predicting a recession."
Earth to Frodo: We are in a recession, moron!
To recap Economics 101 for Frodo: A recession is a decline in any country's gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year.
He needs to recheck 3rd and 4th quarter numbers of 2007 for a reality check.
January 7th, 2008 at 2:18 pmFrom Paul Krugman today:
"It’s not certain, even now, that we’ll have a formal recession, although given the news on Friday you have to say that the odds are that we will. But what is clear is that 2008 will be a troubled year for the U.S. economy — and that as a result, the overall economic record of the Bush years will have been dreary at best: two and a half years of slumping employment, three and a half years of good but not great growth, and two more years of renewed economic distress."
January 7th, 2008 at 2:18 pmAnd thank you, TP, for posting something, anything, to push Rush's fat face off the top of the blog.
January 7th, 2008 at 2:19 pm“Nobody could have anticipated…â€
Comment by CitiDC — January 7, 2008 @ 2:15 pm
We have a winner!
January 7th, 2008 at 2:19 pmNo more needs to be added to this thread.
What he means is that there will be no recession until Bush is out of office, then there will be a terrible recession and it will be his successor's fault for not continuing to reduce taxes for the wealthy.
January 7th, 2008 at 2:20 pmThe man did not lie, what's with you guys? He said he doesn't know of anyone PREDICTING a recession. And from the same article:
“The number of economists forecasting the U.S. will slip into recession almost doubled over the last two months.â€
See! The economists were "forecasting" a recession, not "predicting".
You play the same game with Bush. He said that 9/11 was the reason we are in Iraq, and he uses the words 9/11 and Iraq in the same sentence, over and over and over, but did he ever say that Sadam was linked to Iraq? If 50% of Americans still believe that Iraq and 9/11 are linked, they are just not listening. Real. Carefully.
And for that you call him a liar. Sheesh.
January 7th, 2008 at 2:20 pmFratto reminds me of Kevin Bacon in "Animal House".
"REMAIN CALM!!! ALL IS WELL!!!"
January 7th, 2008 at 2:21 pmYou can add Bill Gross, founder and CEO of Pimco along with esteemed economists/professors Dr. Nouriel Roubini, Dr. Paul Krugman and Dr. Robert Shiller. There are many more, but I can't think of them all now.
Actually, I think the only people who don't think we're in a recession are Larry Kudlow, Ben Stein, and Bush Co.
January 7th, 2008 at 2:22 pmPaul Krugman today:
“It’s not certain, even now, that we’ll have a formal recession..."
I am going to start selling neckties and tuxedoes and make a killing from the forthcoming formal recession.
January 7th, 2008 at 2:29 pmAnd thank you, TP, for posting something, anything, to push Rush’s fat face off the top of the blog.
Comment by gummitch — January 7, 2008 @ 2:19 pm
I second that emotion! Right around lunch time too!
January 7th, 2008 at 2:32 pmBut wasn't a "B" grade a high point for Shrub ?
January 7th, 2008 at 2:32 pmHas there ever been an administration who is so adamant about denying anything that may shed a negative light on them? These guys take denial to a whole new level!
January 7th, 2008 at 2:33 pmWe are no in a recession, would somebody please notify the White House. Paulson is losing it as he tries his best to get as much money for Goldman Sachs before the American people wake up and see their wallets are empty. Now Perino is clue less about the Cuban Missile Crisis now this idiot is playing stupid as to the recession we're in. People check your bills against your pay stub if you have one. Just do the math you'll get it. If you're looking for a job see the 3 job openings in the wanted section of your local paper. As for the online jobs they are used to get your ID for other corrupt things.
January 7th, 2008 at 2:37 pmAnd remember: We also have a strong dollar policy. We don't have a strong dollar, but we do have a strong dollar policy. I hope that clears up any confusion I might have had.
January 7th, 2008 at 2:39 pmHey, give the fRatto a break. NONE of your cited references use the word "Predict" or any derivation therefrom.
January 7th, 2008 at 2:40 pmDeNile is still in Egypt, and it's rising, therefore there is no recession. In fact DeNile may flood all over the place.
January 7th, 2008 at 2:41 pmDefine "know."
January 7th, 2008 at 2:43 pmFrom the same great prophets that predicted;
January 7th, 2008 at 2:47 pmSaddam was a threat to America,
Saddam had WMD's,
Preemptive war would result in being greeted as liberators,
The oil will pay for the war and,
The war will be short.
28 - and the levies wouldn't fail...
January 7th, 2008 at 2:51 pmOur consecutive quarters of growth would be over if a democrat president takes office.
Comment by Clear Conservative — January 7, 2008 @ 2:40 pm
But... but.. then it would be Bush's fault, right? I mean, after all, wingnuts keep claiming that the recession of March '01 was Clinton's fault, even though Bush was in office.
Can you guys explain how that works, exactly?
January 7th, 2008 at 2:51 pm#28 - This is not another Viet Nam...!
January 7th, 2008 at 2:57 pmI predicted it, too!
January 7th, 2008 at 2:58 pmSorry TP didn’t post clarification. By “No Oneâ€, Fratto means the Clinton yaks listed above.
Comment by Clear Conservative — January 7, 2008 @ 2:43 pm
Wingnut Denial Tactic Number 47: Attack the Messenger.
If a fact is inconvenient or reflects badly on a Republican administration or policy, the credibility and/or motivation of the messenger MUST BE ATTACKED. If there is a reality-based reason for the attack, so much the better. After all you know how those people in the "Reality-Based Community" love their "facts".
But if no verifiable flaw or bias is available, it will be sufficient just to call the messenger a "hack" or a "flunky". A "Clinton flunky" is even better.
This tactic will allow you to stem the flow of incovenient facts and steer the debate in a more conservative-friendly (i. e. ad hominem) direction.
(From the Right-Wing Troll Handbook, ©2003, Regenery Press.)
January 7th, 2008 at 2:58 pmThe economy is doing very well. The per centage of US citizens having employer provided health care is down, the number in poverty is up, the ability to clear debts under bankruptcy as an individual are way down (but very easy for corporate employers to dump pensions) and the greatest redistribution of income in the history of the US is proceeding at an accelerated pace. There is no sense in being part of the wealthy class unless there are those in abject poverty upon whom you can look down.
January 7th, 2008 at 2:59 pmFratbo takes the Alberto Gonzo way out. I don't know...
January 7th, 2008 at 3:02 pmUnless I see a pdf of the transcript I cannot believe Dinkledorf got a B in economics at Harvard. There is no freaking way in hell he got a B.
January 7th, 2008 at 3:16 pmUnless I see a pdf of the transcript I cannot believe Dinkledorf got a B in economics at Yale. There is no freaking way in hell he got a B.
January 7th, 2008 at 3:17 pm"It's clearly a budget. It's got a lot of numbers in it."
January 7th, 2008 at 3:21 pmGeorge W. Bush, May 5, 2000
“It’s clearly a budget. It’s got a lot of numbers in it.â€
George W. Bush, May 5, 2000
Comment by Starve-A-Bush_Feed-A-Beaver — January 7, 2008 @ 3:21 pm
“Wow! Brazil is big.â€
– Dubya Bush, 11/6/05,
January 7th, 2008 at 3:24 pm#31
January 7th, 2008 at 3:27 pmAre you referring to the Ho Chi Hussein trail or the terrorist domino theory?
THE ECONOMY IS BOOMING, I TELL YOU!!!! BOOMING!!
January 7th, 2008 at 3:28 pm#41
January 7th, 2008 at 3:32 pmBOOOMM!
Why is ClearConservative/phantasyman/bert/mrP/Markarios/PigInApantsuit/etc., etc., etc. still allowed to post after all the meth-addled rants he has pulled? He's was flagged dozens of times last night alone.
January 7th, 2008 at 3:33 pmUS dollar no longer accepted at tourist sites in INDIA!
January 7th, 2008 at 3:42 pmThe company I work for is going to be announcing 9,000 layoffs this week. We are already in a recession and we haven't seen anything yet.
January 7th, 2008 at 3:42 pmClinton averaged 237,000 new jobs per month while taking us from record deficits to record surpluses. GWBush averaged 72,000 jobs per month while taking us from record surpluses to record deficits.
About 140,000 jobs per month are needed to keep up with population growth.
January 7th, 2008 at 3:47 pmWhy do you all take pleasure in the fact that a recession would cause real pain for real people? Are you so focused on a political win that you welcome economic pain to accomplish this feat? Recessions and depressions, indeed all forms of economic malaise, transcends politics and it not tied to a particular party.
January 7th, 2008 at 3:48 pmJT,
January 7th, 2008 at 3:52 pmI don't take pleasure from from what Bush and other neocons have done to our country. I am saddened by it. And my wishes do not change the world.
Republicans do not reduce illegal immigration. They just talk about it. President Clinton did far more prosecutions than Bush I or II.
January 7th, 2008 at 3:54 pmGimme
a
break
I, nor anyone else here I suspect, do NOT take pleasure in struggling financially, watching loved ones struggling financially (hint - real people!) and having constant stress about the financial health of the companies we work for or own.
Besides, if the Bush administration manages to hold off the tide until they're out, righties will just blame any financial troubles on the Democrats! And we SURE don't feel like hearing that noise!!
So - blow it out your ear!
January 7th, 2008 at 4:01 pmThey will never predict a recession. And when it happens, they will say "who would have thought that would happen. They are very good at sticking their heads in the sand when it comes to issues that they don't want to deal with.
January 7th, 2008 at 4:11 pmThe company I work for is going to be announcing 9,000 layoffs this week. We are already in a recession and we haven’t seen anything yet.
Comment by KansasLiberal
The non-profit I work for laid off 90 people (our of 400) a couple of months ago. I worry daily about the security of my job. At my age and in my line of work finding another job in the area where I live will be daunting at best and hopeless at worst.
January 7th, 2008 at 4:15 pmWhy do you all take pleasure in the fact that a recession would cause real pain for real people? Are you so focused on a political win that you welcome economic pain to accomplish this feat? Recessions and depressions, indeed all forms of economic malaise, transcends politics and it not tied to a particular party.
Comment by JT — January 7, 2008 @ 3:48 pm
I do not take pleasure in a recession, or a depression. As one of the millions living from paycheck to paycheck while trying to save what I can for my future, I can honestly say I don't wish hard times on myself or anyone else.
What I DO wish is that when we ARE in a recession (or even heading that way) that the idiots in charge will at least admit it. The stock market is not the best indicator here, since that has largely become a crap game for day traders. Try looking at housing starts. The cost of living. REAL unemployment -- not just the figures that leave out part time workers and temp workers who are still looking for full time work, people whose unemployment benefits have run out, and professional people who have been forced into minimum wage work because there are no jobs available for their qualifications. Try looking at health care and the increasing number of people who can no longer afford it. Yes -- instead of the stock market, go by indicators that are far more relevant to people like me.
Claiming there is no recession and continually painting a rosy picture of the economy falsely in order to score political points is just as bad as wishing for a recession to score political points.
Besides, there is no need for Democrats to create a recession (or even wish for one) in order to beat the Republicans.
January 7th, 2008 at 4:21 pmWhy do you all take pleasure in the fact that a recession would cause real pain for real people? Are you so focused on a political win that you welcome economic pain to accomplish this feat? Recessions and depressions, indeed all forms of economic malaise, transcends politics and it not tied to a particular party.
Comment by JT
So JT, please point to the posts here where people are taking pleasure in the fact that we are in a recession. And just saying we are in one and have been in one for a while IS NOT taking pleasure in it. So, put up or STFU.
January 7th, 2008 at 4:23 pmRecessions and depressions, indeed all forms of economic malaise, transcends politics and it not tied to a particular party.
Comment by JT — January 7, 2008 @ 3:48 pm
You wish. Republicans always bring about recession and deficit spending. Always. it has been so for over 50 years. Democrats re always cleaning up the republican mess, then the braindead, idiot repuke voters put their tine brains to sleep again, and allow the big, bad daddies to scare the piss out of them. Republicans are the stupidest people on Earth.
January 7th, 2008 at 5:09 pmRepublicans always bring about recession and deficit spending. Always. it has been so for over 50 years.
Comment by Lefty Patriot — January 7, 2008 @ 5:09 pm
Lefty, why stop at 50? Why not go 80 years? The Great Depression came on the heels of three straight Republican adminsitrations: Harding, Coolidge and Hoover. Those guys left such a mess for Roosevelt to clean up that another Republican wouldn't step foot in the White House until they could run a war hero in 1952.
So this cycle has been happening longer than 50 years.
January 7th, 2008 at 5:23 pmThis administration has made an art out of not knowing, not noticing, not anticipating, not responding, not listening. If they had offered that as a subject of study our President would have earned A+ grades.
January 7th, 2008 at 5:40 pmWe are already well into a recession, and the administration knows it for a fact.
They are the ones who know the REAL economic numbers and the extent to which they have lied for the last several years.
Unemployment is 11%
January 7th, 2008 at 5:45 pmThis administration has made an art out of not knowing, not noticing, not anticipating, not responding, not listening.
Comment by rehbock — January 7, 2008 @ 5:40 pm
Pretty sure that all comes naturally to the current resident of the WH.
Now as far as all of the other (swear word) - I think they put it on as part of their twisted game.
January 7th, 2008 at 5:48 pmContrary to popular opinion, it is not loyalty that makes a Bushie. A real Bush must be more wrong on more topics and less curious that Bush.
In short, Bush is a little woodenhead and everyone knows it.
January 7th, 2008 at 6:18 pmAnd if there is one it is Clinton's fault
January 7th, 2008 at 7:25 pmActually, Fratto, a lot of people are predicting a depression...so I guess you are right!
January 8th, 2008 at 12:17 amOn the deck of the TITANIC some screamed:
January 8th, 2008 at 1:20 am_ Look!!! An Iceberg!!!!!
_Where??!!!!
White House Spokesman: No One Is ‘Predicting A Recession’
... and these aren't the droids you're looking for *wave hand*
January 8th, 2008 at 11:05 amThe National Bureau of Economic Research formally defines a recession as three consecutive quarters of falling real gross domestic product. A recession affects different securities in different ways.
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 4.9 percent in the third quarter of 2007
http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
So technically we are NOT in a recession yet, but we MAY be getting into a recession, but we must wait and see. Winter tends to be a slower period for the economy.
January 8th, 2008 at 1:02 pm"Unemployment is 11%"
If unemployment was really 11%, you would have an EXTREMELY hard time getting a job. I know people who have tried to get jobs under a 9% unemployment rate in France and it was not easy at all.
Think logically.
January 8th, 2008 at 1:04 pm"GWBush averaged 72,000 jobs per month while taking us from record surpluses to record deficits."
Thats incorrect. There was an average of 84,000 jobs created in 2007. 1.3 million jobs have been created up to date.
http://www.bls.gov/news.release/empsit.nr0.htm
Not the greatest number, but get your facts straight.
January 8th, 2008 at 1:15 pm