Bush: ‘The Experts Will Tell You We’re Not In A Recession’
Bush: ‘The Experts Will Tell You We’re Not In A Recession’
In January, the U.S. economy lost nearly 17,000 jobs, “the first time in nearly 4-1/2 years that U.S. payrolls shrank.” The report of January’s losses came just after President Bush triumphantly declared in his State of the Union that “America has added jobs for a record 52 straight months.”
Today, on Fox News Sunday, President Bush was asked about the shape of the economy and said that his “experts” are suggesting that the U.S. is not in a recession:
WALLACE: Mr. President, what are the chances that we’re either in a recession or headed for one?
BUSH: I think the experts will tell you we’re not in a recession, and they will tell you that there’s a lot of uncertainty. And therefore, the question is what do you do about it.
While Bush’s advisers may give him rosy assessments, Americans are feeling the effects of the economic slowdown. According to a new Associated Press-Ipsos poll, “sixty-one percent of the public believes the economy is now suffering through its first recession since 2001.”
A recent ABC poll reached similar conclusions. Sixty percent “think the economy’s already in a recession” while “two-thirds doubt that a government stimulus package will soften the blow.” In total, 81 percent said the economy is “in bad shape, the most since 1993.”
And many “experts” agree. According to a recent survey of economists by USA Today, more and more economists are predicting a recession:
Even Bush’s Fed Reserve chairman Ben Bernanke is privately saying that the economic situation is much worse than the Bush administration is stating publicly.
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I think you mean your experts, George.
A∞Ω
February 10th, 2008 at 1:15 pmwhatever Bush is smoking now days has to be some strong sh!t, especially if he thinks we believe that.
February 10th, 2008 at 1:15 pmMy stockbroker has said we were in recession since January, I believe I’ll take his word over Bush’s.
So now Bush wants to ignore what the average American on Main St. thinks and rely on the wisdom of the intellectual elites?
Make up your mind you liar.
-GSD
February 10th, 2008 at 1:18 pmSo now Bush wants to ignore what the average American on Main St. thinks and rely on the wisdom of the intellectual elites?
GSD
Given the way bush has crashed the economy, it’s more like ineffectual elites that bush is relying on.
February 10th, 2008 at 1:24 pmeconomic fear is a way to help justify and start a war with Iran
February 10th, 2008 at 1:27 pmSure, the selected toadies are denying there is a recession – the rest of us know the truth.
February 10th, 2008 at 1:32 pmBush, his tax cuts and his war have ruined us financially and it will be a long time before we can get back on track because Bush’s budget deficit, trade imbalance and debt to foreigh naitons is higher than ever.
That silver spoon in his mouth that he was born with is still there as his head is so far up his own ass.
During the Clinton years, the prosperity and growth of the economy was spread to all income groups. Since Bush became president, all of the prosperity and growth of the economy has gone to upper income households….everyone else has stayed the same or gone down.
February 10th, 2008 at 1:39 pmWe are not in a recession in a technical sense. The actual indicators of a recession are trailing, i.e. we will not see the actual evidence in the economic stats until a quarter to two quarters after it has happened. The second consideration is that we can still have a growing economy with various sectors (or classes) experiencing recession. This has been the signal accomplishment of the Bush administration through its redistribution of income to the wealthy elite.
February 10th, 2008 at 1:43 pmw’s plan is working. he and his cronies want to drive us into being a third world country: the Congress is totally compliant, no-bid contracts go to his friends or his friends friends, his top level people are developing private armies that are licensed to kill without penalty, the Military is being broken to require the use of the mercenaries, the economy is being destroyed with the top level people getting more and more governmental support, the middle class is being destroyed so that everyone will have to work at wages dictated by the corporations…. I could go on but you can add to the list at your convenience. For those who hate the Constitution (I count all rethugs guilty until proven innocent), this is the revenge for FDR.
February 10th, 2008 at 1:45 pmPerhaps he is parsing words…recession or depression? If things are so great why are people losing their homes? Why has credit card debt risen to new highs as people need to use their cards to pay for basics like rising food and energy costs? Why are banks looking at failure rates similar to 1929? Why is the FDIC posting bank failure guidelines on their website? I would love to be able to say this is as bad as it gets, but we haven’t hit bottom yet.
http://www.globalresearch.ca/index.php?context=va&aid=8033
http://www.fdic.gov/news/news/financial/2008/fil08002.html#body
Can we afford 11 more months of this? That should give them enough time to gut our country, our Constitution, our finances, etc.
February 10th, 2008 at 1:47 pmI am not defending Dinkledorf. The nature of the economic data is such that we won’t know the economy is in a recession until after the fact.
Also, it doesn’t matter what people think about whether the economy is in a recession for whether there is one. Recessions are defined as two consecutive quarters (6 months) where the economy’s total output declines.
February 10th, 2008 at 1:52 pmI believe the BUSH RECESSION will be around for many years. The amount of debt and loss of confidence in the financial strenght of America & and the Dollar will be a major challenge for the next several administrations.
February 10th, 2008 at 1:54 pmYou forget, Bush doesn’t read anything harder than The Pet Goat
February 10th, 2008 at 1:55 pmI think JMOHR is correct – a recession, by definition, is usually not “diagnosed” until after the fact. Unfortunately, we, the public, are the canaries in the coal mine so to speak.
And the favored “robber barons” will always remain aloof.
February 10th, 2008 at 1:55 pm#12, don’t you mean “the SECOND BUSH RECESSION”?
February 10th, 2008 at 1:56 pm“See, in my line of work you got to keep repeating things over and over and over again for the truth to sink in, to kind of catapult the propaganda.“
February 10th, 2008 at 1:56 pmToday, on Fox News Sunday, President Bush was asked about the shape of the economy and said that his “experts†are suggesting that the U.S. is not in a recession:
his “experts†being the operative words. Bush picks his experts the same way he picks everyone else he listens to. He listens to the ones that agree with him and discounts all who don’t.
I’m sorry, but we are in a recession and the people in this country know we are in a depression. The thing I hope is that we can keep it from going into a depression. This country is in no shape to be able to handle a real depression. The only thing that got most people in this country though the last depression was the assistance of the government. Our current government is bankrupt, thanks to Bush, and will be in no position to help the people who are hurting.
February 10th, 2008 at 1:58 pmWhat Bush says does not matter. Zero credibility. His relevance has sunk beyond any level thought possible for sitting POTUS. Worthless piece of crap foisted off on the world by the GOP.
February 10th, 2008 at 1:58 pmeconomic fear is a way to help justify and start a war with Iran
Comment by Bush Cover Ups
I’m not exactly sure how that would work. The economy is in such dire straights a lot because of the expense of the occupation of Iraq. Why would that make people want to have more military excursions to support? I’m sure that any sane American would rather see that money go towards fixing our country.
February 10th, 2008 at 2:00 pmI believe that two steps are necessary to fight this recession/depression; impeach the top two to knock down support for the tax cuts for the rich (and isolate the 30-% dead enders), and get out of Iraq as soon as possible without trying to charge into Iran. Once we do those things we can begin to heal the country by doing other things necessary to revive our sick nation.
February 10th, 2008 at 2:01 pmOf course we’re not in a recession. We are in the first stages of a depression and eventual economic collapse. Just like the Russians after their quagmire in Afghanistan.
Why do you think Bush bought property in Paraguay?
February 10th, 2008 at 2:03 pmOnce we do those things we can begin to heal the country by doing other things necessary to revive our sick nation.
Comment by BearCountry
And this is one of the reasons why I am supporting Obama. I think he is the only candidate who has the ability to rally the nation into doing the things we need to do to get out of the mess Bush & Company have left us in. Obama has been exorcised by the press for his comments about Reagan, but I think his basic belief was right. He as talking about the fact that Reagan had the oratory skills to rally the nation to fix some serious problems. Unfortunately, being a Republican, Reagan went on to create way more problems than he fixed.
I believe we need an inspirational President who can rally us and bring us together. I don’t see Clinton doing that. Rather than attempting to rally us, I believe she will simply order us around and I don’t think the people in this country will respond in a positive way to being ordered around, since that’s what Bush has been doing for 7 years.
February 10th, 2008 at 2:08 pmOh, Thank God!
After all, Bush has never lied about ANYTHING!
February 10th, 2008 at 2:08 pmTrue “experts” would tell you have your head up your ass, George …
February 10th, 2008 at 2:08 pmI’ve been hearing for quite a while now that Bush’s approval rating is around 30%, well what if was really around 10% or lower? The media hasn’t been straight with us about Bush since he started to run in ‘99!
February 10th, 2008 at 2:15 pmWhy is Bush’s expression looking like a deer caught in headlights in so many pictures lately?
February 10th, 2008 at 2:19 pmHe’ll tell you that you’re in a war in Iraq. Most of us outside the US will say that you’re in an “occupation”! Are y’all caught in the headlights?
February 10th, 2008 at 2:24 pmWhy is Bush’s expression looking like a deer caught in headlights in so many pictures lately?
Comment by Wayne — February 10, 2008 @ 2:19 pm
Three words, Wayne – “Alcohol Induced Dementia.”
February 10th, 2008 at 2:24 pmWhy is Bush’s expression looking like a deer caught in headlights in so many pictures lately?
Comment by Wayne
Because he’s slowly realizing that his comfortable existence inside “the bubble” will soon be over, and that he’s achieved all that he can. Too bad for his legacy that everything he touched turned into catastophe.
February 10th, 2008 at 2:44 pmPARIS (AFP) — World stockmarkets lost 5.2 trillion dollars (3.6 trillion euros) in January thanks to the fallout from the US subprime crisis and fears of a global economic slowdown, Standard & Poor’s said Saturday.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
“Losses from securities linked to subprime mortgages may exceed $265 billion as regional U.S. banks, credit unions and overseas financial institutions write down the value of their holdings.†Standard and Poor’s added that “it may cut or reduce ratings of $534 billion of subprime-mortgage securities and CDOs as default rates rise.†Another blow to the banks withering balance sheet
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
MSN Money’s financial analyst Jim Jubak summed it up like this:
“Actually, I’m worried not so much about the junk-bond market itself as the huge market for a derivative called a credit-default swap, or CDS, built on top of that junk-bond market. Credit-default swaps are a kind of insurance against default, arranged between two parties. One party, the seller, agrees to pay the face value of the policy in case of a default by a specific company. The buyer pays a premium, a fee, to the seller for that protection.
This has grown to be a huge market: The total value of all CDS contracts is something like $450 trillion….. Some studies have put the real credit risk at just 6 per cent of the total, or about $27 trillion. That puts the CDS market at somewhere between two and six times the size of the U.S. economy.
February 10th, 2008 at 2:48 pm~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The end of consumerism.
#19 Bilbo: Actually the economic situation we are in can be used to initiate war with Iran. Go back and reread the articles about the internet cables being cut in the middle east. Iran is finally close to opening it’s Oil Bourse – a commodities market for oil and petroleum products based on the euro not the US dollar. With all the damage we have already had to absorb, the dollar crashing could be the final nail in the economic coffin. Banks failing, dollar bottoming, stock market failures? Iran bourse could provide the neocons with what they need to justify a conflict. Also, let’s not lose sight of this:
Remember one thing, martial law can be called during an economic crisis:
(b) “Catastrophic Emergency†means any incident, regardless of location, that results in extraordinary levels of mass casualties, damage, or disruption severely affecting the U.S. population, infrastructure, environment, ECONCOMY (emphasis mine), or government functions.
(g) Protecting and stabilizing the Nation’s economy and ensuring public confidence in its financial systems
NSPD 51.
Martial law=anything goes.
February 10th, 2008 at 2:50 pmIn political terms it is irrelevant whether the technical definition of a recession applies. If most people think it is a recession, then it is a recession. Since wages are declining, and inflation has been soaring for the critical big ticket items (housing, food, energy, and health care), most people are experiencing a personal financial recession. Politically that is the only thing that matters to the vast majority of people. When politicians try to assuage people by bringing up the technical definition, it is more likely to make them look out of touch and unsympathetic to the average person. Most people are pocketbook voters, and for this reason I think the Republicans are in for a pounding of historical proportions.
February 10th, 2008 at 2:52 pmUsually Doonesbury gives me my best Sunday morning laughs…today it is “think progress.” It was * experts that got us into this mess. And if he thinks it would be a good idea for Candidates to campaign with him…how come they don’t even mention him.
February 10th, 2008 at 2:57 pmIran bourse could provide the neocons with what they need to justify a conflict. Also, let’s not lose sight of this:
Comment by And the beat goes on
So you are saying that the people in this country would go along with invading another country to try to steal their oil after the fiasco in Iraq.
February 10th, 2008 at 3:04 pmI DON’T THINK SO.
George W. Bush tells it like it is! In Cloud Coo-Coo Land that is.
-GSD
February 10th, 2008 at 3:10 pmBilbo, what I said was we won’t have any say in it at all. Do you really think Bushco will ask for approval or endorsements? Are you still under the impression that Bushco seeks our input before making decisions? I am saying it will happen and there will be nothing at all we can do about it.
February 10th, 2008 at 3:11 pmComment by And the beat goes on
So you are saying…
Comment by bilbobaggins
No, he’s not saying that at all.
What beat seems to be saying is that that’s probably what the neo-cons are thinking.
A∞Ω
February 10th, 2008 at 3:16 pmAll must remember, Dead Beat George, put Texas in the poor house, and now look what he has done to United States. He was a Dead Beat in Texas and still a Dead Beat in Washington.I can not figure out how someone could have voted for this Dead Beat two times in a row.I’m not very bright my self, but it does not take a very smart person to really see what this fool has done to our onces great country.
February 10th, 2008 at 3:30 pmComment by Kilo — February 10, 2008 @ 3:32 pm
I am pretty well educated atleast on paper, but I don’t have a clue what the hell you are trying to say other than you have an issue which you seen to need validation of
February 10th, 2008 at 3:35 pmWhen addressing the POTUS, remember to limit your vocabulary to a single phrase:
‘Yes, Mr. President, you are absolutely correct.’
February 10th, 2008 at 3:45 pmPlease post some facts to prove bushbaby is smarter than 61%of the population or stick it back in your pipe.
February 10th, 2008 at 3:51 pmThe public knows when inflation heats up like it is , something is wrong.
Examples:
Milk: almost 5 a gallong
dog food: my guidedogs food has gone up $3 in less than a year.
laundry detergent: almost double than a year ago.
You are really dumb if you think this is a good economy, or a bushbutt licker.
take care
tony and guidedog Lido
Comment by Kilo — February 10, 2008 @ 3:32 pm
Bush had a university education and a C average. You can actually get a degree with a C- (or D+) average. If you listen to how some college graduates mangle their native language,, you would wonder if a degree was anything but a “mere piece of paper”.
February 10th, 2008 at 3:54 pmWhat is that he’s holding up? A fu(king flash card??
February 10th, 2008 at 4:00 pmGotta love the way he distances even himself from his own words:
The experts say there is no recession
HE’S not saying its not a recession. Its the EXPERTS – so he isn’t responsible for the truth of the words.
Whether the experts are saying recsession (which they are) or not is totally irrelevant.
February 10th, 2008 at 4:04 pmPick one:
A significant decline in general economic activity extending over a period of time.
http://www.argmax.com/About/articles.php
A time of less business activity, usually lasting at least three quarters of the year or nine months.
http://www.mcwdn.org/ECONOMICS/EcoGlossary.html
A decline in business activity. Often defined as two consecutive quarters with a real fall in gross national production.
http://www.sterlingexchange.co.uk/fxglossary.htm
A significant decline in activity spread across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income, and wholesale-retail trade. …
news.firstdata.com/glossary.cfm
Two consecutive quarters of declining GDP.
February 10th, 2008 at 4:06 pmstrategis.ic.gc.ca/epic/site/sme_fdi-prf_pme.nsf/en/01068e.html
Response to Kilo: I am glad to see that you are a willing puppet to Bush and his tortured logic. Bush asserts that the economy is in good shape because we do not have a recession. However, you and I both know that GDP growth as an indicator of the overall health of the economy can only be acurate when there are not significant shifts in income distribution.
Income has been redistributed to the hands of a few in this country. Bush led on those in the lower economic classes by urging them to buy houses and to spend in the consumer economy. This led to growth in GDP and curtailed the length of the last recession. However, we all know that recovery in terms of job creation and wage growth was anemic. Instead, the vast majority of wealth ended up in the hands of a few. Thus, we have seen stagnant and falling average wages for the working and middle class. Debt has balloned for most people who heeded the words of the President to keep up spending to shore up the economy. These people are now in serious debt and suffering as health, energy and other costs sky rocket.
February 10th, 2008 at 4:10 pmWhen George Bush says we are not in a recession, we all know we are in one. George Bush is incapable of knowing or caring about the truth.
George Bush does not care about or for most Americans. He has never felt hunger, cold, income insecurity; he has always had health insurance.
The only good about Goerge Bush is the fact that he will have to leave the White House in January, 2009. It can’t come fast enough for most of us.
February 10th, 2008 at 4:13 pmAfter reading this article, I think of that line from the movie JFK:
Jim Garrison: “The FBI says they can prove it through physics in a nuclear laboratory. Of course they can prove it. Theoretical physics can also prove that an elephant can hang off a cliff with its tail tied to a daisy! But use your eyes, your common sense.”
Again, use your eyes, your common sense. Are we in a recession. Yes, and we have been for some time. It sounds like Bush’s ministry of propaganda is at it again!
February 10th, 2008 at 4:14 pmWhen will all those tax cuts Bush put in place help our economy? Seems odd we need Republican welfare in the form of rebate checks to jump-start a stagnant economy Bush promised his tax cuts would make great.
February 10th, 2008 at 4:19 pmkilo’s little brain is in a recession, as well as the US economy.
February 10th, 2008 at 4:45 pmActually, George, “experts” will tell you that you do not know the beginning of a recession until after the numbers are in for two or more consecutive quarters. A recession is a decline in the Gross Domestic Product (GDP) for two or more consecutive quarters.
Under Clinton, he did not have to come up with 101 excuses as to why the economy was so bad. The problem then was the economy was growing “too quickly” and we had a $250 billion annual surplus.
February 10th, 2008 at 5:05 pmBush: ‘The Experts [my experts] Will Tell You We’re Not In A Recession.’
Pass the dutchie on the left hand side…
February 10th, 2008 at 5:09 pmSince when does Bush lister to experts on any subject?
February 10th, 2008 at 5:18 pm75% of America hears Bush speak and knows the opposite is true. The other 25% should be sent tot Iraq and water boarded.
February 10th, 2008 at 5:41 pmPerhaps the Deciderer is listening to his “gut” again.
February 10th, 2008 at 5:44 pm.
HA!
A Denier in Chief…
.
February 10th, 2008 at 6:07 pmYeh, stimulus packages are needed because there is no recession.
*shakes head* pfftt.
February 10th, 2008 at 6:16 pmI’m sorry, but I wouldn’t believe these guys if they told me water was wet.
February 10th, 2008 at 6:56 pmThat Bush has not been stuck by lightning is proof that there is no God. Unless he’s waiting to send a massive meteor crashing into the Paraguay property where W intends to hide from criminal prosecution.
February 10th, 2008 at 7:18 pmWhat d’ya care you pissant. You’ve managed to make money for all your rich friends, Cheney, and yourself. What d’ya care about recession George. Why don’t you hurry up and finish your term you gerbil and don’t let the door hit you in your butt.
February 10th, 2008 at 7:21 pmWhen one haves all your kookies in oil, one might think this way.
February 10th, 2008 at 7:28 pmBush is a sick man who cares for no one but himself. His thoughts only confirm this.
Bush is correct he got his information from Mr. Jack Daniels and Mr. Weed. Bush is not the President he’s a figure head as Dick Cheney is the President and Vice President. Bush is sent out to speak as he’s told after he has had his alcohol and weed. That’s why most people think something is wrong with him as the Media spins and covers up. Remember the brain gets fried when you use drugs, Americans are watching an example of that results are when you have used drugs most of your life. Now what comes to mine is the accident Bush had when watching the football game. Most were told it was a pretzel but it was cocaine with the power around the nose. Like Presidents of the past Americans are told everything is find but it really isn’t. Ronald Regan had Alzheimer’s while in office but it was hidden from the public.
February 10th, 2008 at 7:35 pmhttp://thisinstead.info/images/ALLISWELL.jpg
February 10th, 2008 at 8:03 pmIf there is one person on this entire planet who you can tell is a complete idiot just by looking at them, it is surely George W. Bush.
(The ‘W’ is short for Warpig if you didn’t know.)
February 10th, 2008 at 8:54 pmWhen you get your tax rebates take that trip to Europe you’ve always wanted. You might be able to buy a cup of coffee and a t-shirt.
February 10th, 2008 at 10:33 pmI think I’ll send my rebate to Obama.
February 10th, 2008 at 11:03 pmBush’s statement is correct. We are not in a recession. Experts are saying we are close to a recession, but that does not mean we are in one yet.
And to those who are citing a poll where most Americans believe we are in a recession…don’t you know that most Americans believe man was created by God 4,000 years ago?
February 10th, 2008 at 11:11 pmI think I’ll send my rebate to Obama.
Comment by jb — February 10, 2008 @ 11:03 pm
February 10th, 2008 at 11:33 pmGoddamn right. How’s that for an economic incentive?
Bush’s statement is correct. We are not in a recession. Experts are saying we are close to a recession, but that does not mean we are in one yet.
February 10th, 2008 at 11:35 pmComment by truthseeker — February 10, 2008 @ 11:11 pm
True, as far as I know. But they will tell you we’re hanging over one by the skin of our teeth.
Recession? No. Recession is a walk in the park compared to what’s coming. God’s wrath on an arrogant wasteful nation comitting all kinds of crimes against humanity would be more accurate IDIOT CHIMP! BE QUICK idiot! Dial 911 or call an ambulance! Make it a hearse!!!!
February 10th, 2008 at 11:41 pmBush: ‘The Experts Will Tell You We’re Not In A Recession’
February 11th, 2008 at 12:38 amIs this a joke? The neocons are trying to keep it together until Jan. 20, ‘09, then let it rip.
The question as to whether we’re technically in a recession was convincingly answered in the affirmative the moment Bush opened his pie hole to say we weren’t.
February 11th, 2008 at 1:21 amBush can spin like a top, but he knows we’re in a recession, and that’s why he agreed with Congress that a stimulus package was needed right away. He has a 1984 mentality, and he’s a master at doublespeak. The stock market is a leading indicator while the unemployment index is a lagging indicator. By the time people have lost their jobs, the economy is turning around. So most of us won’t feel the full impact of the recession until later in the year. But we’re probably in the beginning of a recession right now. The December sales reports from retailers have been disappointing. The stock market has reacted to the collapse of credit (sub-prime) and because companies are warning that their earnings will be flat compared the the prior year, indicating a no growth environment. Most economists will not say we’re in a recession until they see reports with the dip in GDP. If the recession is short lived, the time economists will confirm the recession after the downturn is over. Bush knows about the lag. If I know it with only a B.A., he more than knows it with a M.B.A.
February 11th, 2008 at 6:57 amR-I-G-H-T…… And the Easter Bunny will tell you that the candy is straight from Jesus.
February 11th, 2008 at 1:31 pmWe aren’t technically in a recession. Recession is measured as a decrease in GDP output for two consecutive quarters. Our output has been increasing every year. It’s simple economic 101. However, we are VERY close to a recession.
http://www.bea.gov/national/index.htm#gdp
February 11th, 2008 at 5:43 pmThe stock market is a leading indicator while the unemployment index is a lagging indicator. By the time people have lost their jobs, the economy is turning around. So most of us won’t feel the full impact of the recession until later in the year. But we’re probably in the beginning of a recession right now. The December sales reports from retailers have been disappointing. The stock market has reacted to the collapse of credit (sub-prime) and because companies are warning that their earnings will be flat compared the the prior year, indicating a no growth environment. Most economists will not say we’re in a recession until they see reports acer aspire 4310 battery,acer aspire 4520 battery with the dip in GDP. If the recession is short lived, the time economists will confirm the recession after the downturn is over. Bush knows about the lag. If I know it with only a B.A., he more than knows it with a M.B.A.
October 15th, 2008 at 3:05 am