Chamber of Commerce: We’re in a recession.
By on Nov 6th, 2008 at 3:36 pm
Chamber of Commerce: We’re in a recession.
The U.S. Chamber of Commerce, a traditionally pro-industry institution, today admitted that the country is in a recession. “We are currently in — or the National Bureau of Economic Research will shortly determine we’re in — a recession,” said the Chamber’s Bruce Josten. He said the recession “will not be a shallow recession” and that unemployment could rise to as high as 7 percent in 2009.
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Well, DUH.
November 6th, 2008 at 3:39 pmWhy does it take so long for the FED to get with the program?
I guess the meltdown of their stock portfolios finally got their attention. That and the GOPs fall into irrelevance.
November 6th, 2008 at 3:40 pmThe Chamber of Commerce poured millions of dollars into attack ads in NH to prevent Jeanne Shaheen from getting elected to the US Senate.
Bad return on investment, asshats.
-GSD
November 6th, 2008 at 3:41 pmapparently no one bothered to tell the whackjobs on the right who are still claiming bush did wonders for the economy.
November 6th, 2008 at 3:42 pmNow we know the newest talking point:
Obama’s Election Causes Recession!!!
November 6th, 2008 at 3:42 pmWow, what’s next from the Chamber…the sky is blue?
November 6th, 2008 at 3:42 pmGDumbya gets off without any blame. The 2001 recession was Clinton’s fault and the 2008 recession was Obama’s fault.
Heckuva job there, GDumbya.
November 6th, 2008 at 3:43 pmlol
Actually, GDumbya beat us all to it.
November 6th, 2008 at 3:44 pmtom, ya beat me to it!
November 6th, 2008 at 3:44 pmraynman,
November 6th, 2008 at 3:45 pmthere will not be anymore talking point. all the neoclowns are in their bomb shelters with their tinfoil hats on for the next four to eight years.
raynman Says:
Now we know the newest talking point:
Obama’s Election Causes Recession!!!
Has Rush started his “America held hostage by a terrorist leader” clock yet? The neocons are going to fight to the last man…but that strategy might get them to March or April the way things are turning against them.
November 6th, 2008 at 3:47 pmsectionop92; Actually, the Chamber of Commerce has called for a press conference at 9 pm EST. Rumor has it they will announce that day is light and night is dark.
snark
November 6th, 2008 at 3:48 pmserious question:
by “keep cash on hand”, does that mean actual cash bills,
November 6th, 2008 at 3:51 pmor a checking account?
Dr. Hussein Matt; Obama’s fault. Clinton is oh so yesterday.
November 6th, 2008 at 3:52 pmCould it be that the sucking sound from the stock exchange is from the super elite transfering their wealth to offshore accounts?
November 6th, 2008 at 3:53 pmSurely it is just a coincidence that the U.S. (Right Wing) Chamber (Republican) of (Rich People) Commerce waited until two days after the election to admit the economy is in the dumper.
November 6th, 2008 at 3:53 pmUncle Ho Says:
sectionop92; Actually, the Chamber of Commerce has called for a press conference at 9 pm EST. Rumor has it they will announce that day is light and night is dark.
snark
I hear the Better Business Bureau has another presser an hour later to discuss the merits of ice cream and popsicle franchises in the northern arctic due to the rise in temperature there.
November 6th, 2008 at 3:56 pmConsidering REAL unemployment’s been at or over 7% for over five years, that’s not a tough prediction to make, cully….
November 6th, 2008 at 3:59 pmWhen will Dana Perino deny it?
November 6th, 2008 at 3:59 pmMe? I put all my liquid assets in a credit union. They’re mostly safe, conservative, local, community investors.
November 6th, 2008 at 4:01 pmGee, thanks for telling us. BTW. tell Phil Gramm we are not whiners.
November 6th, 2008 at 4:02 pmAnd those damn Democrats tricked Chimpy into invading Iraq.
November 6th, 2008 at 4:04 pmsarc/off
Dr. Hussein Matt
If those idiots think this nation has been “captured” by communists, they need to look at the map to see where all these “Marxist sympathizers” live. San Francisco and Boulder viewpoints didn’t beam themselves into everyone elses heads, like chucklehead radio bile hosts make their sheep believe!
November 6th, 2008 at 4:06 pmtrollsbwild Says:
Gee, thanks for telling us. BTW. tell Phil Gramm we are not whiners.
Yeah, “whiners” who voted Gramm’s policies to stay home for the next four years.
November 6th, 2008 at 4:07 pmyou didn’t answer my question, tokin…
November 6th, 2008 at 4:13 pmbut thanks anyway…
“Recession” is true, but the Chamber intends on using this designation to push their business friendly agenda.
Shift health insurance benefit to employee
Stop 401k matching, freeze pensions
Cut corporate income taxes
Cut capital gains taxes
Ensure corporations get majority of coming economic stimulus package
It’s in play. Lobbyists are in red and blue offices making their case.
November 6th, 2008 at 4:35 pmGenerally “cash on hand” means readily available.
November 6th, 2008 at 4:47 pmIn earthquake country it means to have on your person or stashed where you can put your hands on it at a moments notice. If the electricity goes out so does the ATM, meaning you’d be unable to get cash.
Now the election is over, you’ll see all of these Republican-heavy business groups crying recession. They’re angling for Bush & Paulson to cut them a piece of sweet bailout pie before Obama steps in.
So let’s meet the the US Chamber of Commerce Board of Directors. Via OpenSecrets.org I’ve tallied their total political contributions to Republicans and Republican PACS since 2000.
Thomas Donohue – President and CEO: $19,600
Donald Shepard – Chairman: $69,000
Robert Milligan – Vice Chairman: $16,925
Paul Speranza – Past Chair/Exec. Committee Chair: $2000
Steve Van Andel – Treasurer: $12,250
Only Donahue has contributed any money to Dems. He gave a grand each to Feinstein (03) & Schumer (01).
Also, when I was up in Boston last month I too saw USCoC ads attacking Jeanne Shaheen. Those spots hit saturation level. It was disgusting.
-AF
November 6th, 2008 at 5:24 pmAndrew Sullivan Is A Fraud
Here’s the other odd thing about the Chamber of Commerce. In the last decade the “Job Multiplier” effect disappeared. The “Dollar Extender” impact of inexpensive foreign goods took its place.
Now, with Big Auto in trouble the reverse Job Multiplier returned. Should a Big Three automaker fail, it could cost 1.5 million jobs.
Over 2 million U.S. jobs went to China during the Bush administration and not a peep from the Chamber.
What does the Chamber want? Do they want to help workers or investors, i.e. the owners of Ford, Chrysler and GM.
John Snow’s Cerberus Capital owns Chrysler and GMAC Capital. They want a rescue. Will Treasury Chief Hank Paulson help his predecessor?
November 6th, 2008 at 5:27 pmTHE FUNDAMENTALS OF THE ECONOMY ARE STRONG.
Well, I tried.
November 6th, 2008 at 5:37 pmAh, swift and decisive government action. Your tax dollars at work.
A nation responds: “no shit, Sherlock!”
November 6th, 2008 at 5:53 pmOh my gosh, REALLY…I couldn’t tell.
/double snark
November 6th, 2008 at 7:33 pmI love how they come out and tell us all something we’ve know for months. Idjits.
November 6th, 2008 at 7:49 pm