From Zero Hedge:
…From a just released report by recent addition to the Goldman economics team (supposedly Jan was too busy elsewhere) Zach Pandl: “In light of the downshift in the data this week, we are cutting our second-half growth forecasts further. We now expect GDP growth of 1.0% in Q3 and 1.5% in Q4, both down from 2.0% previously. These changes reduce our forecasts for full-year 2011 GDP growth to 1.5% from…
This is very closing the barn door after the horse escaped – people who weren’t Ruling Class/Bankster cheerleaders made this sort of prediction months ago and some weeks ago moved towards figuring we’re already in a recession. Goldman is just backing and filing and hoping that no one remembers that once upon a time they predicted strong growth in 2011.
The bottom line, though, is that the economy is clearly in a downward spiral. Those still trying to keep faith in Hope and Change are saying that the recent stock market drop is based on “fear”, implying that rational people know that things aren’t so bad. But, they are – it is fear moving the market down…fear of being the last fool out of the market.
We can expect, I believe, some gyrations in the market over the next couple months…maybe even as much as 10% swings either direction. But the writing is on the wall: Obamunist Keynesianism has failed, just as predicted. All that is left to do is beat Obama next year, and then pick up the economic pieces in 2013.
Was this “unexpected”?
So, are we in a recession? Or do we have to wait until we get the official okie dokie from Thomas, watson, Sunny, et all?
17% REAL unemployment, a financial downgrade, trillions in debt, trillions deficit, id say a recession is the understatement of the day.
This ACORN community agitator NOTHING, vacationing grifter has run the car into the Cloward–Piven ditch and should be tried convicted and hung for treason.
I think you are confused. George Bush ran the car into the ditch. Obama drove it out of the ditch. Thus two and a half years of blaming Bush for driving the car into the ditch, which is all just an elaborate smokescreen to obfuscate the fact that Obama is preparing to drive the car off the cliff. Obama’s problem is that when the car goes off the cliff, it’s going to make a loud crashing noise that even those currently not paying attention will hear. And that’s going to be very hard to blame on Bush.
thanks am no longer confused,
im not sure
this is all so confusing. 🙂
Remember when Buffett said:
“My friends and I have been coddled long enough by a billionaire-friendly Congress,” wrote Buffett.
However, according to the Tax Foundation study written by Logan, even taxing the nation’s millionaires at 50 percent – even eliminating loopholes and deductions – would only reduce the deficit by 8 percent and the national debt by 1 percent.
Never miss an opportunity for a good sound bite though, right?
I just saw on the news this morning that the number of Americans making $200,000 has dropped by nearly 20% in the last 2 years, and the number of people making over $10 million has dropped by 55%. So the folks who are paying the lion’s share of taxes in this country are not only making less money, they’re making a LOT LESS MONEY. The Democrats solution: take a larger share of that smaller income and redistribute it. Sooner or later we have to realize that the producers in this country are not politicians’ personal piggy bank.
Green asks, “So, are we in a recession? Or do we have to wait until we get the official okie dokie from Thomas, watson, Sunny, et all?”
Oh, you’re waiting for me? I’m so honored. Actually, I have some errands to run today. Maybe I’ll get to it later.
Leonard wrote, “George Bush ran the car into the ditch.” Yes, he did drive it into the ditch. Isn’t that obvious? Before he left office we were clearly in the ditch. There’s no doubt about it, not matter how you try to spin it. The upshot of all of Bush’s grand policies was that that economy suffered a monumental collapse before he left office. Good job.
It was the housing crisis that ran the economy into the ditch. Please tell us which one of Bush’s policies created that.
Not really a ditch as much as a swale. And Bush didn’t drive the car into the swale as much as he just let it drift there without taking over and turning it in the right direction.
But you are right. Bush was in the driver’s seat when the car slid into the swale.
Unfortunately the first ones on the scene were people who think you get a car out of a swale by digging fiercely to make the swale deep enough to qualify as a ditch, and then a trench, and then a chasm, and who have no idea that a good driver could have driven the car out of the swale if people had stopped dragging it backwards.
watson. You are honored to be included in a group of idiots? LOL It figures.
A german that cant speak german and a lawyer that doesnt understand law. LOLzer again.
Tell us what is your specialty?
No, Green, I’m honored, such as it is, that you are awaiting my pronouncement. Such a responsibility.
Naw i wasnt waiting at all. I was just asking if we had to wait. Big difference there.
Yes, I think you have to wait.
Cluster wrote, “It was the housing crisis that ran the economy into the ditch. Please tell us which one of Bush’s policies created that.”
Seriously, Cluster? You think the Bush administration was an innocent bystander in the housing crisis? To stand by and do nothing would be damning enough, but it’s worse than that.
• His unfettered free market philosophy led to lax or non-existent lending standards. As one aid stated, “No one wanted to stop that bubble. It would have conflicted with the president’s own policies.”
• He proposed affordable housing tax incentives.
• He persuaded Congress to spend $200 million a year to help first-time home buyers with mortgages and down payments.
• He pushed to federally insure mortgages with no down payments.
• For several years, he ignored warning signs and warnings from his own officials that housing pricers were inflated and that a mortgage crisis was looming. Instead, he considered ever rising home prices to be a positive sign.
• He did urge Congress to toughen the standards at Freddie Mae and Freddie Mac, but when such a bill passed the House, Bush opposed it and the bill died. Not only that, at the time his own regulator claimed the Freddies were sound even though they were going broke.
• In short, he failed to recognize the severity of the problem. In 2007 they were saying the housing market was at the bottom, the problems were “contained,” and there was no way to go but up. That caused them to underestimate the scope of the problem and their response was regrettably limited.
Where was the leadership?
Here are some helpful reminders for you, Cluster.
““We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” President Bush, October 15, 2002.
“We use the mighty muscle of the Federal Government in combination with State and local governments to encourage owning your own home.” President Bush, July 17, 2002
“The single greatest barrier to first-time homeownership is a high downpayment. It is really hard for many, many low-income families to make the high downpayment. And so that’s why I propose and urge Congress to fully fund the American Dream Downpayment Fund. This will use money, taxpayers’ money, to help a qualified low-income buyer make a downpayment, and that’s important.” President Bush, July 17, 2002
“One of the barriers to homeownership is the inability to make a downpayment. And if one of the goals is to increase home-ownership, it makes sense to help people pay that downpayment. We believe that the amount of money in our budget, fully approved by Congress, will help 40,000 families every year realize the dream of owning a home.” President Bush, July 17, 2002
“And so what I’ve done is propose what we call a single-family affordable housing tax credit, to encourage the development of affordable housing in neighborhoods where housing is scarce. Over 5 years, the initiative amounts to $2.4 billion in tax credits, and that will help. It will help a lot to build homes where people can— where when fully implemented, people will be able to say, “I own my home.” President Bush, July 17, 2002
That’s a lot of words that said nothing. I asked you specifically, which piece of legislation endorsed by Bush led to the housing crisis. It shouldn’t be hard. Legislation is a matter of record.
I will wait.
And here are some facts for you to consider:
I love this blame Bush thing though, 3 years after he has been out office, and 3 years after your messiah promised to fix everything. Are you finally acknowledging that Obama was not “the one you have been waiting for”
This will use money, taxpayers’ money, to help a qualified low-income buyer make a downpayment, and that’s important.” President Bush, July 17, 2002 (emphasis added)
Key word in there, watson: “qualified”.
picky, picky, picky
His unfettered free market philosophy led to lax or non-existent lending standards. – watxon
These words from watson despite the clearly providable proof that Bush called for tougher oversight of the GSE’s as early as 2002.
Never allow liberals to govern. Period.
Whatever, Cluster. The record is clear from Bush’s own words and actions, that he not only failed to prevent the housing crisis, but that he knew it was occurring and aided and abetted it. Quoting from a self-serving White House press release is just silly. You’re just a partisan hack if you think Bush had nothing to do with the housing crisis.
As far as blaming Bush, I was just agreeing with Leonard’s statement that Bush ran the car into the ditch. He did.
here is an excellent article. I would highly suggest you read it, just so you have a better understanding.
You misunderstood the context of my car-in-the-ditch comment. I was alluding to the fact that ever since his inauguration, Obama and members of his administration have been claiming that Bush drove the car into the ditch.
If you don’t want to take the time to read the excellent, but long article cluster linked to, here’s an encapsulation of the time line done a while back by Fox News
Whatever, Cluster. Whatever. The record is so clear that Watson can cherry-pick history to find a couple of things that he can use to support his prejudice but when asked to be specific all he can do is shrug and mumble “whatever”.
Watson can tell us what Bush did or what he claims Bush did that he doesn’t like but I’ll bet he can’t tell us why it was a bad idea and what he thinks Bush really should have done.
but I’ll bet he can’t tell us why it was a bad idea and what he thinks Bush really should have done.
And that illustrates one of the major shortcomings of modern Leftism; attacking the messenger rather than discussing the message. Progressives seem, by and large, to be incapable of actually discussing ideas and the merits of one vs. another, and are, instead, hung up on trashing individuals with whom they ostensibly disagree.
but keep lying it is a scream
do you lefty MORONS really believe your own BS??
bwany fwank fwerter giving political cover for his GAY LOVER (not barry)
Luckee said, “Watson can tell us what Bush did or what he claims Bush did that he doesn’t like but I’ll bet he can’t tell us why it was a bad idea and what he thinks Bush really should have done.”
What he should have done is heeded the warnings that were presented to him in the years leading up the collapse. If you look around a bit–beyond the self-serving White House press releases that attempted to absolve Bush of any responsibility–you will see that people in his administration did warn him and he couldn’t muster the courage, the will, the whatever, to do anything about it.
That is what watty does!
He cherry-picks little tidbits in a pitiful attempt at a gotcha.
Again, he does not see the big picture.
Leonard wrote, “You misunderstood the context of my car-in-the-ditch comment. I was alluding to the fact that ever since his inauguration, Obama and members of his administration have been claiming that Bush drove the car into the ditch.”
No, I understood your statement Leonard: It’s all Obama’s fault. But the fact is, the economy imploded before Bush left office. Cluster claims it was caused by the housing crisis, which Bush had nothing to do with it. But he did in fact have something to do with it. And even if he stood idly by or was oblivious to the mounting crisis, the best that can be said is that he was warned in the years leading up it and was unable to muster the will or wherewithal to stop it. That is simply historic fact.
The housing crisis was one of the results of the left’s determination to make the federal government the nanny and the magic genie and the rich uncle of everyone in the country. If the government had stayed out of lending and let banks run the way they are supposed to run there would not have been a housing crisis. The housing crisis was the fact that so many people had been given loans they could not repay so they just walked away from them but this was not the problem it was a consequence of the problem. Bush promoted home ownership so the left can use this to try to hang the whole thing on him but he had nothing to do with the laws that forced banks to make loans to people who were not in any way qualified to get them.
Watson tries to reduce everything to completely simplistic terms but it is not that easy. The housing crisis was just a domino in a chain of dominoes and it all goes back to the leftist agenda of using other people’s money to do things they think should be done.
Yes the Republican Congress should have repealed every single one of the forced-lending bills the Democrats had passed. Shame on them for not doing that. But there was so much propaganda in the air by then about the Republicans hating the poor and not caring if they were homeless and so on many Republicans did not want to get in the middle of that.
But what Watson is coming down to is that Bush did not do enough to fix what the liberals screwed up so it is not the fault of the ones who screwed it up but the fault of whoever did not fix it. I can go along with that as long as we learn from that lesson and learn that if we do not fix what the left screws up it will still come back to bite us in the butt anyway so we might as well just do it and get it over with I think we are going to apply that lesson to obamacare.