A Few of FR's Finest....Every Day....01-24-08...JohnHuang2 ~ "Groundhog Day"

JohnHuang2;dutchess;pookie18 | JohnHuang2

[dutchess]

Groundhog Day
by JohnHuang2

Now that we’re in an election year and a Clinton is running for president, the media say we’re in a “recession”. In fact, all of the ‘08 Democrats are overjoyed about this well-timed “recession”. At last night’s debate, John Edwards looked so happy, he almost tossed his makeup case in the air! But other Democrats are complaining hysterically that Bush won’t idiotically admit we’re in a “recession”. “Just because the president looks through his rose-coloured glasses and sees a strong economy doesn’t make it so,” screamed Nancy Pelosi, according to a BBC report. Sen. Jack Reed said the state of the economy ‘contradicts’ “the President’s claim that his tax cuts are working.”

The same BBC report, titled “Housing slump batters US economy”, quotes some honcho economist for the UK-based Centre for Economics and Business Research as saying that “weak GDP figures will likely give the markets something (further) to worry about . . .” New York Bank “strategist” Michael Woolfolk is also quoted saying the weak economic data “is certainly a negative surprise and suggests that the economy is cooling off faster than anticipated.”

The Associated Press agrees with the BBC that the economy stinks: “The U.S. economy has slowed to a snail’s pace,” moving “at the slowest rate in more than three years and stirring fresh debate about the country’s financial health heading into elections.” The economy’s “subpar performance,” the “weakest since . . . the first quarter of 2003,” reflects “the deepening housing slump. Investment in homebuilding was cut by the largest amount in 15 years,” with the “housing slump” shaving a good chunk from the overall economy, “the most in almost 25 years.” The “sluggish inventory building by businesses also weighed down on economic activity . . .”

Bloomberg News agrees with the AP that the economy stinks: “A major question hanging over both the economy and the political campaign this fall has been just how severely the slump in housing would drag down growth.”

Businessweek agrees with Bloomberg News which agrees with the AP that the economy stinks: “Economists had widely expected that the pace of economic growth would slow, but not by this much.” Data shows an “anemic” economy, battered by “weak business investment in equipment, software and inventories,” and a slumping housing market, with residential construction falling by 17.4 percent.

In a total shock, New York Times columnist Paul Krugman agrees with Businessweek, which agrees with Bloomberg, which agrees with the AP that the economy totally stinks. In a column titled, “Intimations of Recession,” Krugman writes that “there’s a chill in the air. Suddenly — really just in the last few weeks — people have started talking seriously about a possible recession . . . the latest job numbers show falling employment in housing construction, and retail employment has fallen over the past year, suggesting consumer spending is running out of steam. Gas at $3 a gallon doesn’t help, either. . . the slowdown might not be sharp enough to be formally declared a recession. But weak growth feels like a recession to most people . . .”

Only one problem. Krugman wrote this back in the summer of ‘06. Same thing for theBBC, AP, Bloomberg and Businessweek stuff I quoted above — all of it dates back to the summer/fall of ‘06, when we were at the brink of “recession.” In fact, the Wall Street Journal quoted Nuriel Roubini of Roubini Global Economics as authoritatively predicting “the economy will enter into an outright recession by the first quarter of 2007 or, at the latest, second quarter.”

When the “recession” fairy failed to show up in the first quarter, we were at the brink of “recession” again a few months later, in April, 2007: In a “report” titled, “Economy Crawls, Raising Recession Fears,” Jeannine Aversa of the AP wrote that “the worst economic growth in four years is raising concern that troubles in the U.S. housing market will spread and throw the country into recession before the year is out.” After Aversa wrote this, the ‘worst economy in four years’ grew by 3.8% in the second quarter.

But by the third quarter, we were at the brink of “recession” again: “Jobs data hint at recession” read the headline in the Chicago Tribune. “. . . amid falling consumer and business confidence” the Fed “will be forced to cut interest rates to stave off a possible recession,” wrote Sue Kirchhoff in USA Today. But the ‘possibly recessionary’ economy ended up growing by 4.9% in the third quarter and the stock market hit all-time highs!

Now liberals again claim we’re at the brink of “recession”. Or that we’ve been having one for about three weeks. This is because the economy produced 18,000 new payroll jobs in December, rather than, say, 100,000. But if you add up the total number of payroll jobs created in the third quarter — when Bush’s “anemic” economy was booming along at 4.9% GDP growth — you get 230,000 new jobs. Do the same for the fourth quarter and you get 282,000 new jobs — 52,000 more jobs than the booming third quarter! Run the numbers for the first quarter — when the economy was ‘limping’ along at 0.7% GDP growth — and you get 427,000 new jobs. Even more depressing for liberal ninnies, the Labor Department reported last Thursday that initial jobless claims dropped by 21,000 to 301,000 for the week of January 12. To have a real “recession”, that number should be closer to 400,000. Which means this 3-week old little sissy “recession” is already in trouble.

If you go back to the 2001 recession, it was caused by the dotcom bubble implosion and the Y2K spending hangover, but you also had a tight Fed and inventory excess. Inventories are tight right now and the Fed is getting props for slashing rates.

Libbies are hoping that panic will bring on recession, but if you go back to the 1987 “crash”, market panic isn’t enough either. Back then, the media grandees predicted it would be PRESIDENT DUKAKIS in ‘88, because the market would keep on tanking; ergo, GOP gets hosed, Reagan’s legacy — finished. But the recession fairy never showed up. Given the liberals’ amazingly stellar track record for predicting the economy and elections, ‘08 will probably end up looking a lot like ‘88.

Anyway, that’s...

My Two Cents

03-27-07 ~ Hall of Fame #19 ~ Final

THIS WEEK'S THREADS 01-21,22-08 Military Tribute 01-23-08 New York State

Opinions by our own 'King of Ping' Every Thursday at the Finest The guy's good, folks!

[dutchess]

I pledge allegiance to the flag of the United States of America and to the Republic for which it stands, One Nation Under God, Indivisible, with Liberty and Justice for All.

[dutchess]

It's Thursday and that means another JohnHuang2 tell it like it is essay at the Finest!!!! ENJOY!!!!

[ConorMacNessa]

Great thread and Pledge, Dutchess - great analysis JH2!

[dutchess]

Hi Conor. Great to see you. Yes...John “nails it” as usual. Have a great day!

[GodBlessUSA]

Good Morning Dutchess :)

Thanks for another great thread!!

I have to keep the news off. Ridiculous how they are promoting doom and gloom non stop. I look forward to the next quarter report. I may be wrong but I think it will be so much better than they are presenting it. We'll see how they spin that at that time. Or if they even report should there be good news from it. ;)

[GodBlessUSA]

Good Morning Conor :)

[GodBlessUSA]

I meant to put your name on my last post.

Thanks you so much for today’s thread!! :)

[ConorMacNessa]

Good morning, GeeBee! How’s it going today?

[dutchess]

God Bless Our Military
~~~~~~~~~~~~~~~~~~~~~~

Below are names of some of our FReepers' loved ones who are serving our country. If you have someone you would like to add, please address a post to Billie; Aquamarine; Dutchess, The Mayor, DollyCali or GodBlessUSA and we will add their name to this list. As we pray for them, we pray also for all our nation’s leaders, and military personnel, and their families and friends. May God hold them close to His heart.

~~~~~~~~~~   ~~~~~~~~~~

We ask Lord, that You guide the leaders of our great country in their hour of decision. The burden that has been placed on their shoulders is overwhelming. We ask that with Your infinite wisdom You guide them gently to the right decisions.

Please give us the strength, Lord, to get through each difficult and devastating day that faces each of us and our country. Protect and guide our Military that are now being called to duty, strengthen them in their trials and temptations; give them courage to face the perils which beset them; and grant them a sense of your abiding presence wherever they may be; through Jesus Christ our Lord. Amen.

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gator girl........................husband severa............husband, brother Maigrey.........................cousin mystery-ak...........son, husband Inspectorette.......................son Blessed American..........nephew Slip18..........................nephew Diver Dave........niece, nephew ConspiracyGuy........2 nephews AnnaofDC......niece's husband sneakers..........................son weldgophardline.................son weldgophardline.....brotherinlaw jamaly.................brotherinlaw Future Snake Eater.......cousin WaterDragon............grandson WaterDragon...........son-in-law kimmie7......................brother LadyX (RIP)..............grandson fawn796......................nephew ValerieUSA..................2 sons Lakeside......................2 sons LakeLady....................nephew Spruce......................daughter athelass..2 sons, 2 nephews Leofl.................................son chena...............................son Hope and Glory..................son DebWisconsin.............nephews TheMayor...............friends'son Doug from Upland.......soninlaw homeschoolmama........nephew ariamne...................2 cousins mhking.........................cousin 911angelady.................2 sons Consort.................2 daughters Consort...................son-in-law gonzo...................friend's son cookcounty......................son JFC............................nephew auboy..........................cousin painter........................nephew jrushing.............................son LoneRedRanger...brother-in-law Ladysmith.nephew, friend's son tina07......soninlaw & his friend MontanaCowgirlCop......brother nelibeli........................nephew Misty4jc.....................husband Colorado Slim..............nephew Tapatio....................2 nephews ProudAFDad......................son Alouette.............................son Katydidnt...........................son Zechariah_8_13....brother-in-law Zechariah_8_13.............cousin PreviouslyA-Lurker........brother sheeza.......................husband kemathen7..................husband TADSLOS......................son Q6-God..................twin brother Edgewood Pilot..................son Edgewood Pilot.......2 nephews gpapa..................brother ItsForTheChildren....2 nephews marsh2..................nephew Q6-God....................active duty Warrior Nurse...........active duty SK1 Thurman...........active duty David Osborne..........active duty fc2tomschermuly......active duty bkwells....................active duty LongCut...................active duty cjk...........................active duty Trish........................active duty ODC-GIRL................active duty AF_Blue...................active duty thumperusn..............active duty Veloxherc.................active duty Don Simmons...........active duty wingnutx...................active duty CGblue.....................active duty bigghurtt...................active duty frankiep....................active duty veeceeque................active duty JRios1968................active duty NoLongerFreeState...active duty CMS........................active duty AlaskaErik...............active duty JemiansTerror...........active duty tongue-tied ..............active duty txradioguy................active duty Hoosiersailor.........active duty DCBryan1.................active duty Sgt.Hull.................active duty

OhioWfan................................son ladtx..................................2 sons Its_me_K.E.T.........................son Hostel............................cousin ak_daddoo........................nephew Dubya............................nephew LBGA (RIP)..........................son katykelly..............................son Armymarinemom................3 sons american_ranger.....................son Himyar....................................son SpookBrat........................nephew SpookBrat........................cousin boxerblues........................2 sons the piper..............................son Tiffee4Bob......................boyfriend TexKat.......................son, step-son StarCMC.............................brother Darheel...............................niece Donaeus...........................nephew BeAllYouCanBe........................son Repubmommy........................brother AgThorn................................2 sons kneezles.................................son RoseinRoseBear.....cousin's hubby Atomic Conspiracy......half-brother Atomic Conspiracy...........nephew Atomic Conspiracy..............niece Sunflowergal....................grandson mrstank..............................husband MrsMike31........................husband spotbust1............................husband campfollower............................fiance LUV W........................................son SilentServiceCPOWife........husband DirtyHarryY2K......................daughter DirtyHarryY2K................son-in-law Skimask.....................................son Palladin...............................grandson MississippyMuddy...................sister MississippyMuddy........2 nephews Kramster...............................stepson Socratic.............................nephew freema.......................nephew, son Azbushgal..............................son kimmykay.................................son NavySEAL F-16........................son repubmom.........................>2 sons wolfcreek..........................daughter JesseJane ...........................cousin Roses0508..............................son pmmd81..................................son GodBlessUSA......................cousin SoldiersPrayingMom.................son WakeUpandVote..................brother Skyraider.................................son CyberAnt...........................nephew mrs tiggywinkle...................cousin Jen's Mom........................daughter Meg33.............................grandson Nadine...............................nephew U S Army EOD.................daughter thehumanlynx...........brother-in-law Earthdweller......................nephew Scubachick.......................husband ChairmanDec19thSociety ..brotherinlaw Anthem............................2 cousins meanie monster .........family friend PragmaticWarrior..........2 nephews Sageb1...........................3 cousins JulieRNR21.........friend's grandson SuzyQue...mom,2 sons,3 brothers weeder1...........................nephew GulfWar1Vet.......two cousins IndyPendance..daughter,soninlaw fatima.....................granddaughter Lori from Long Island....soninlaw monkeyface............2 grandsons redhead...................grandnephew gonzo............................soninlaw varina davis...................grandson Rivendell.......................daughter W.W.Smith...........................son vigilante2.....son, adopted soldier NavySEAL F-16....................son Jaxter...........................son-in-law USMCWife6869..............husband jackv...............................son TINA KIRBY....................son skimask.........................son onedcop.........................son katydidnt....................son SoldierDad..son,nephew,niece,cousin visualops.............son, cousin lilycicero...............husband

[Billie]

Thank you both for yet another fine read on Thursday! Writer and Presenter deliver again!

[GodBlessUSA]

Hi Conor :)
I hope you had a good day. I completed a lot of chores today.

[DollyCali]

Excellent Essay JH2 & Excellent presentation Dutchess!

great graphic choices.

Man was it cold on my doggie outing today. Whew!

Did some shopping today. New shop vac, space heater (for mom, hers died this AM) & a few other less than inspiriing things on same order.

Well since Fred dropped out my pings have dropped to nothing! .. they had dropped considerablly last spring with the exit of some folks who were prolific pingers.

We have a bit more snow again but a lot less than the folks at the Lake..

going to huker in & hopefully watch the debate on live stream. Have a great night everyone!

[dutchess]

Hi Geebee. Sorry I missed you this morning. Busy work season. Again...loved your thread yesterday. I keep reflecting one of my all time favorite movies “Dirty Dancing” and northern New York mountain lodges.... I could do that!!!!

[dutchess]

Hey Billie. Thanks! John has another home run!!!!

[dutchess]

Thanks billie. Forgot all about the debate and heading there. Gosh...I hate presidential election years. How many have we been through (and HOW GOSH DARM MANY HAVE WE BEEN THROUGH WITH THE CLINTONS....UCK!!!!)

[GodBlessUSA]

TGIF @ The Finest

[JohnHuang2]

Dutchess, you never EVER disappoint! B-E-A-U-T-I-F-U-L and A-W-E-S-O-M-E layout! Kudos to you, my friend {{{{{{{{{{{{{{dutchess}}}}}}}}}}}}}}}!! Thanks so much for the time and effort you put into this, week after week. And thanks, y’all, for dropping by! {{{{{{{{{{{{{{group hug}}}}}}}}}}}}}}}!