So the last quarter growth was down to 0.6% of GDP, which is much lower than the previous quarter's "sizzling" 4.9% growth.
The Commerce Department reported Thursday that the gross domestic product, or GDP, increased at a feeble 0.6 percent annual rate from October through December. The reading, unchanged from a previous estimate a month ago, provided stark evidence of just how much the economy has weakened. In the previous three months, the economy had a sizzling 4.9 percent growth rate.
The GDP measures the value of all goods and services produced in the United States and is the best barometer of economic health.
If last quarter's growth was so "sizzling", why were we getting the doom-and-gloom stories throughout the past year? Why should anyone doubt that the media has been spinning the economic news for the past 7 years? We still haven't had a single quarter of negative growth and the talk of a recession has been non-stop. It's disgusting how the media's hatred of the Bush administration has dominated the coverage. If this were a Democrat in office, this last quarter would have been the "blip" or "market" correction and seen as temporary. Since it's not, the media deciders inform us that it is just a portent of things to come.
That's not all however, down further in the article we get this:
In a second report, fewer people signed up for unemployment benefits last week, although that did not change the broader picture of a deteriorating job market. The Labor Department said jobless claims fell by 9,000 to 366,000, a better showing than many economists forecast. Still, unemployment is expected to rise this year given all the problems affecting the economy.
Unemployment goes down, so of course that means unemployment is going to go up. George Orwell ain't got nothing on the MSM.
Let's Not Jump To Conclusions
The media will speculate on anything reflecting poorly towards the United States, the military, the police, the economy, or anything else that progressive deem evil. Notice how careful they are not to speculate in this story?
The owner of the business told police that he believes he may have shot the suspect in the back.
Shortly
afterwards, police responded to a call from a man who said he was shot
in the back at an address 1/2 of a mile away from the scene of the
robbery. It is unknown whether these two incidents are related.
Idiots. They must think we're idiots. There's no other explanation.
1
In my experience, this sort of agnosticism comes from the spokesman of the PD, not the reporter or his editors. Reporter: Can I say this man is the same one who was shot in the back down the street? Spokesman: No. We haven't finished investigating. We don't know if the two incidents are actually related. So reporter uses the spokesman's line. Also remember this is one of the low on the totem pole reporters. You're not allowed to speculate until you slither higher up on the totem pole
Posted by: kishnevi at 23 March 2008@20:13:19 (456EJ)
On Sunday, arraignment court staff confirmed that Damon Dreher is being
held in the Allegheny County Jail under $150,000 bond in connection
with the shooting. He is being charged with robbery, aggravated
assault, and gun violations.
If the original statement came from the police, it should have said so. "The police spokesman wouldn't speculate on whether the two incidents were related." would have sufficed. Then, they edit the story without any notation of having done so. As written, all statements in the original are attributed to the reporter. I'm rarely inclined to give the MSM benefit of the doubt... this case isn't one I would start with.
Posted by: Stashiu3 at 23 March 2008@20:49:52 (Q5ggV)
Unfortunately, they have found little reason to regret holding us in contempt. They have found it all too easy to manipulate an ignorant, lazy, and apathetic public. It is one of the reasons I fear we are beyond the point of no return.
Posted by: Machinist teh knucklehead at 24 March 2008@08:28:23 (yFIK0)
4
Newspaper revenues are universally down, unprofessional "journalism" is quickly and loudly debunked by multiple blogs which have become a standard avenue for daily news, and television news shows find themselves covering Paris and Britney just to bring in viewers looking for entertainment and salacious content.
I'm pretty sure the smart ones have some regrets my friend.
Posted by: Stashiu3 at 24 March 2008@08:37:48 (Q5ggV)
5
You have a point, as always. I wonder how many recognize or admit the reason for this, though. Both print, radio, and TV networks seem to rationalize and blame others.
I do wonder as well how much of the newspaper loss comes from a growingly illiterate population. It's like financing public health programs with tobacco taxes. Trying to pay for an ever growing program from a shrinking revenue stream. PC schools and an ignorant population make sheep who are easy to manipulate but sheep don't read newspapers or follow current events. This is a two edged sword for socialists in a capitalist society.
Posted by: Machinist at 24 March 2008@11:25:51 (yFIK0)
6
Rather than illiterate, I would venture to say they're more superficial. Less inclined to study classical literature or technical reading outside their own interests. There is much to be said for a well-rounded knowledge base, but little call for it in today's workplace. This means only those who are self-motivated, or have been taught the value of knowledge by their parents, seek out reading material for their own education.
I would also say that socialism is a two-edged sword in any society... with both edges threatening anyone outside the power structure. There are more sheep around than is really healthy for our country, but far fewer than you fear. They just keep getting the best headlines.
Posted by: Stashiu3 at 24 March 2008@14:41:44 (Q5ggV)
They're At It Again
The "doom-and-gloom" media never tire of beating the same old drums. There is always disaster just around the corner when they talk about the economy.
To the drumbeat of signs that seemed to foretell a traditional
recession, this added a nightmarish specter — an old-style run on the
bank, customers clamoring to pull their cash, a stately Wall Street
firm brought to its knees.
Of course, that "traditional recession" they speak of has yet to see a single quarter of negative GDP.
As economists and Wall Street types grope for historical perspective — which is another way of saying
a road map out of this mess — Americans are nervously wondering about
retirement savings, interest rates, jobs that had seemed safe.
I'm glad they clarified that for us... feh. Because Americans have never worried about retirement savings, interest rates, or jobs that had seemed safe.
They are peering over the edge and asking: How far down? And the scariest part of all? No one can say for sure.
No fear-mongering here, right? The same tired rhetoric that they've pumped since Bush was elected, even before September 11th, and we're still supposed to be breathless in anticipation of the coming doom.
But Wait... Haven't We Been in a Recession? Part 4
DRJ has a post over at Patterico's linking this post by Beldar who echoes much of what I've been saying about the MSM's coverage of our economy and how that coverage influences it.
Specifically, here, and here, and finally here. This is obviously one of my pet peeves so I'm glad to see two of the more popular sites take up the point on their own. Go read their posts, especially the comments... then come on back and read Parts 1, 2, and 3 when you get a chance.
While you're at it, look around for a while and see if there's anything else that catches your interest. I'll be around.
I pay a lot of attention and try to remember things, but I have to wonder, does the average person get this? I mean, they've been reading about the coming recession for years, they've thought we were in recession (look at the polls over the last 5 years as "consumer confidence" has been incredibly low considering the great economy) and now, the papers are talking about stuff like "That's the slowest growth in over 5 years" and "That's the biggest loss in over 5 years".
I know trust in the media is low, but do people really get how much they lie about just about everything and are mostly ignorant about most of everything else?
My opinion of most of today's "journalists" is summed up as "Remember, they're not just biased, they're lazy, stupid and ignorant."
Posted by: Veeshir at 15 March 2008@08:06:27 (ThMnZ)
2
"Any sufficiently advanced incompetence is indistinguishable from malice." -- Grey's Law
Posted by: Stashiu3 at 15 March 2008@09:31:36 (2d2df)
Until it's over, there is a fine line between a normal downturn and a recession. I don't claim to see the future so I don't know what this is, but I do know that there is a mental aspect to economics. If everyone thinks the economy is going to tank, it probably will.
In addition, you can't discount the way people feel about the economy. If their daily experiences tell them things cost more, they will believe that the economy is bad. All the statistics in the world won't change that feeling.
But Wait... Haven't We Been in a Recession? Part 3 *UPDATED* *UPDATED AGAIN*
I just can't help pointing out how the MSM thinks we're all idiots by floating one doom and gloom story after another. It must have really hurt them to put this out:
Economists see US avoiding recession
"We don't see that happening," said Edward Leamer, director and
co-author of the forecast released Tuesday. "This is a tough call, but
I will be very surprised if this thing actually precipitates into
recession."
But all is not lost... they find a way to look on the "bright side":
A recession could still happen though, if the credit crisis that has stifled the housing market deepens
Glad to see they're still looking out for us. I would just ignore this as typical behavior from our 4th estate/5th column "deciders", but the United States economy is vastly influenced by confidence. Investors, Consumers, and Producers with confidence will make the economy grow even when things don't go perfectly. Shake that confidence and it doesn't matter how well our industries run, jobs increase, crops get harvested, etc... the economy is going to take a hit. The MSM intentionally tries to shake confidence in the U.S. economy trying to damage the administration. It's just one more reason to despise the media.
*UPDATE* I figured out why they had to print some good news today... I hadn't looked at the stock market results yet. More on the Dow here. Heh. *UPDATE X2* That certainly didn't last long. Imagine my surprise. Sigh.
"The evidence has built to the point that it is now beyond
a reasonable doubt that the U.S. economy has entered
recession," said Scott Anderson, a senior economist at Wells Fargo & Co. in Minneapolis.
In the British Police Force there is apparently an investigation into possible infiltrations by Al Qaeda. At least there was.
MI5 agents are watching the four suspects — who work at different police stations around London — and gathering evidence needed to make arrests.
If these are infiltrators, won't they just stop their activities until the heat is off? Or just take off and return home to fight another way? Whoever leaked this story should be shot. The staff at the Daily Mail responsible for publishing this should be arrested for interfering with an investigation and possibly endangering national security.
I hate the traitorous mainstream media. An investigation spanning over 2 1/2 years is probably blown now.
But Wait... Haven't We Been in a Recession? Part 2
More doom and gloom from the MSM. Here they say:
Analysts said the two new reports Friday were just the latest danger
signals that the country was edging perilously close to a recession.
But wait, they go on:
Other than two negative months in August and September of 2005, which reflected the disruptions from Hurricane Katrina, inflation-adjusted consumer spending has not been so weak since
November and December of 2001, when the country was struggling to
emerge from the last recession.
But was that really a recession?
The classic definition of a recession is two back-to-back quarters of declining gross domestic product.
Notice it doesn't say anything about adjusting for inflation, does it?
The U.S. economy shrank in three non-consecutive quarters in the early 2000s
(the third quarter of 2000, the first
quarter of 2001, and the third quarter of 2001). Strictly speaking, the U.S. economy was
not in recession during this period -- the common definition being "a fall of a
country's real gross domestic product in two or more successive quarters."
The definition applies no matter what party is in charge, right? Yet, the MSM gets to change the definition to smear a conservative administration. That's what bugs me about it.
There is an ebb and flow to national economics and the free market. If recession were defined more narrowly, investors and business would be more cautious than necessary, just because the word recession has such a chilling effect. You hear it and think "depression", then "The Great Depression". The MSM uses that chilling effect to sabotage the economy and tries to make the administration look bad.
They should be called on it by someone, so I do it when I see it.
Just sayin'
Posted by: Stashiu3 at 02 March 2008@00:34:30 (tarqT)
3
In a way it depends on where you live. In my area, it would be accurate to say we've been in a depression ever since Katrina (or more precisely, Wilma) due to the popping of the real estate bubble, the related issue of property taxes, and hurricane related insurance issues, plus a decline in tourism (especially in tourists from outside the US)--meaning less money for everyone I work in retail, and spending by our customers had declined a noticeable amount for the last two years.
So if someone comes to me and says we're in a recession, I'd be inclined to agree with him. If I lived in another part of the country that didn't suffer so much from those issues, I'd probably say he was crazy.
Posted by: kishnevi at 02 March 2008@16:25:41 (zxjPs)
Fair enough sir. I would contend that a local paper or news outlet would be justified (if technically incorrect) in applying the term recession to their area. My objections are to the national media distorting the definition for their own ends (sell papers, bash the administration, advocating legislation that benefits them or their supporters, etc..)
When they go so far as to "adjust for inflation" to make positive numbers appear to be negative numbers it's even worse. I have a lot of difficulty with the fact that journalistic integrity has become the exception, rather than the rule.
Posted by: Stashiu3 at 02 March 2008@17:23:04 (tarqT)
Sites are added to the Moronosphere and Gerbil Nation blogrolls by request. I got everyone on there who was there when they were made, so email me if you know of a new addition. Some of these are on the main blogroll as well and will remain duplicated.
The main blogroll is at my own discretion. I gratefully accept suggestions by email, but I don't do blogroll exchanges. If a site is there, it's because I personally recommend it. If it's one that is not updated often, check out the archives and you'll probably see why it's there. I will rarely remove a site from the main blogroll once it's there.
Recent Comments
sillyblindharper
I got to see film of Tony Snow playing flute last night. What fun! He was good at it. Still keepin... entry
sillyblindharper
Thank you for writing about this, Stash. He was classy, wasn't he? entry
Moron Pundit
I'm beginning to get a very serious malaise because of the hopelessness the media gives to me. entry
Stashiu3
hmm.... so they have. I didn't think to get a screencap, but I think my credibility is probably hig... entry
kishnevi
Actually, they've also rewritten the McCain article, to reflect the fact that speech has been given. entry
kishnevi
I was going to comment on this, but then I decided that a post at my place is better. But the part ... entry
kishnevi
Wankers? No. More fellatio-ists. Err, whatever the formal term is. I'm sure you understand the me... entry
Stashiu3
I really don't like the MSM... have I mentioned that? ;) entry
Stashiu3
I understand that completely, but the story implies that there are specific reasons: The survey come... entry
S. Weasel
Actually, I believe this one. Problem is, of those who think we're moving in the wrong direction, ro... entry
Stashiu3
Rather than illiterate, I would venture to say they're more superficial. Less inclined to study cla... entry
Machinist
You have a point, as always. I wonder how many recognize or admit the reason for this, though. Both ... entry
Stashiu3
Newspaper revenues are universally down, unprofessional "journalism" is quickly and loudly debunked ... entry
Machinist teh knucklehead
"They must think we're idiots." Unfortunately, they have found little reason to regret holding us i... entry
Stashiu3
From the (updated) news story link: On Sunday, arraignment court staff confirmed that Damon Dreher ... entry
Click the Pic!!
Ursula Vernon's Art
Not a sponsored ad!
Thanks to S.Weasel!
She did most of the
graphics here
Comments are not moderated and users are not registered. This means that I have little to no control over who posts a comment or the content of that comment. Therefore, comments other than my own do not reflect any viewpoint of mine, no matter how long it appears as I will likely remove comments that cross the line of decency. If a comment is removed, a notation that the comment was there will be inserted. Any questions or concerns about posts, comments, copyright, or other issues may be addressed by emailing me at "stashiu3 AT gmail DOT com" replacing the AT with @ and DOT with a period. If that's too complicated, maybe you shouldn't be on the internet without supervision. Just sayin'
Blog Notes
If you have suggestions for the blog, put them in a comment to the original welcome post, a comment to any other post, or email me at the contact below. Be well.
Stash
About Me
I am a Psychiatric Nurse who retired from the Army after 24 years total service. I started out as a Private E-1, made Sergeant E-5 in 23 months, then went to nursing school and ROTC to get commissioned. I am interested in politics where I lean heavily conservative, movies, music, and books. Hopefully you will enjoy what you see and come back often.
Contact me
Stashiu3 AT gmail DOT com
(Replace the "AT" with "@" and the "DOT" with ".")