GDP stabilizes: Recession 'will soon end'

This headline has got to win an award for most extreme spin.

The GDP SHRANK the 2nd quarter. By 1%. It didn't "stabilize." It declined.

We all know what the headline would have been if the president was a Republican instead of a Democrat. Take a look at the Swamp headline on the same GDP figures from last Oct. 30th: http://www.swamppolitics.com/news/politics/blog/2008/10/economy_shrank_03_in_third_qua.html
(The 4th quarter figures were similarly headlined "Economy Shrank")

That's right: GDP goes down 0.3% with a Republican as president, the headline is: "Economy Shrank". GDP goes down three times as much with a Dem president, headline reads: "Economy Stabilizes"

The worst news the good old boys and girls of the Republican Party could have received, this fine morning !! Don't worry, boys and girls, we'll re-elect you in about 25 years, so you can screw the economy up, again. Then, you can go back to your spit-balls and snide remarks, for the next 25 years. In the meantime, fine some good ideas, you can peddle, instead of the lies and distortions, you are hawking, these days !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.

And since the Obama media won't, I spent two minutes on google doing the job they should do and found Obama's reaction to the Oct. 30th 2008 GDP shrinkage announcement:

http://www.youtube.com/watch?v=J9iJaWMLzVg&feature=PlayList&p=C70CDCA5BD771A30&playnext=1&playnext_from=PL&index=5

Note how he's horrified by a GDP decline, and says that is reason to change administrations.

How would you like to spin the stock market now Bruce?

Swamp, please don't report this story; please report on Sarah Palin and more articles on the beer summit.

Bill and Don, the second quarter runs from April through June. We know by even the Obama shaministration that barely 10 percent of the so-called stimulus package had been spent by this time. By the time the Obimbo shaministration took office, the end of January, means that the second quarter began barely two month after they came in. An economy cannot be turned around in just a few months, which is even by the Obama administration's own account as well as you folks on the Left. Because Obimbo and his gang still blame Bush and just last week, you folks were saying Obimbo has been president only five or six months and that is nowhere near the amount of time to turn the economy around.
The trouble is, Bill and Don and the rest of the Loons, the second quarter still shrank, jobs are still being lost and the future for both still looks bleak. Unemployment is still expected to hit 10 percent this year and near 11 percent next year. By just about all economist's projection, whatever growth occurs in the economy is expected to be small.
Also, Loons, as early as January, economists were expecting an uptick by the end of this year. This would be BEFORE Obimbo became president.
Could it be that it was the policies of the Bush administration LAST FALL that averted an even bigger disaster and put us on the road to whatever recovery we get? Reason, facts and common sense dictate so!

"Could it be that it was the policies of the Bush administration LAST FALL that averted an even bigger disaster and put us on the road to whatever recovery we get? Reason, facts and common sense dictate so!"

Are you serious? Reason, facts and common sense dictate so. Your credibility is less and less with each of your multiple, biased posts. Seriously John, who pays you for your incessant posts?

Could it be that it was the policies of the Bush administration LAST FALL that averted an even bigger disaster and put us on the road to whatever recovery we get?

Posted by: John D | July 31, 2009 12:54 PM

And which policies would those be Johnny?

SSB,
He must be talking about TARP, a move called socialist by the cons.

Scot,
I would posit that John Ds strange behavior is simply a sign of panic among the conservatives. For 6 months they have been accusing BHO of being commie or socialist, racist, illegal, and worse, fascist. They have come right out and stated that his economic policies will destroy America.
1. GWB already did that.
2. Now that it looks like the economy will recover they need to find a new reason (lie) for it.
3. Kinda like reason #12 for invading Iraq. As their rhetoric is proved a lie, they need a new lie.

"Could it be that it was the policies of the Bush administration LAST FALL that averted an even bigger disaster and put us on the road to whatever recovery we get? Reason, facts and common sense dictate so!"

It's rather comical that a fringe lunatic would attempt to instruct someone on facts and reason.

John D, maybe Hank Paulson's socialist no strings attached bailouts of AIG, his buddies at Goldman Sachs, and a few other Wall Street firms. But "reason, facts and common sense" aren't things you would know about.

So John D, if the better second quarter GDP numbers canniot be the treslut of Obama's policies because he was not in offidce long enough for them to take affect, I assume yoiu also acknowledge that the same is true for the rise in unemployment during that same time period, making the rise in unemployment the fault of the Bush Administration, correct? Reason, facts and common sense will allow no other conclusion.

Before we get all giddy, this isn't that great of news. Granted dy/dx of the economic slide has become smaller, but is that really unexpected considering our economy hasn't had three quarters of 5% GDP decreases since the Depression?

2Q09 is worse than the first two quarters of 2008 - the start of the recession. Are things getting better, yes? IS it becuase of the Stimulus - doubt it - we haven't spent much of it.

Scottie,

Ever hear of TARP? Not that I was thrilled about it, not because it wouldn't work, but because of the pandora box it opened.

FITZ,

You are just clueless - name the BO program that caused this change in GDP?

Posted by: C.Morris✧ | July 31, 2009 2:58 PM

C. Morris, John D's behavior is irrational, histrionic, sanctimonious, sometimes incredibly immature, and frequently hypocritical; occasionally, it even runs counter to reality. What it ISN'T, at least for him, is "strange." He's been saying exactly the same thing -- as he himself would put it -- "over and over and over and over and over and over and over and over and over and over and over and over and over and over and over and over and over and over again," for YEARS. And he ain't gonna change any time soon, oh I betcha by golly by gum. This isn't at ALL "strange" but simply "business as usual." [SIGH] and on to the weekend!

From the Dictionary, some definitions:
Recession--when your neighbor is unemployed.
Depression--when YOU are unemployed.
Recovery--when Barack Obama is unemployed.

It strikes me as being just a little too optimistic to proclaim that the “recession ‘will soon end.’” Foreclosures are still moving apace and haven’t peaked, in which case the financial sector hasn’t finished taking substantial losses; unemployment is still going up; commercial and personal bankruptcy filings are higher this year than last year (despite the changes in the bankruptcy laws); we have yet to see the full economic impact of the states grappling with their budget deficits; and we haven’t seen the full effect of all of the above on consumer spending. In light of these considerations, I think a “contraction” of only one percent in the second quarter is a slim reed upon which to hang one’s hat in predicting imminent recovery. I would wait and see.

Loons, Loons, Loons, the incredible stupidity you folks possess is amazing.
1. Please tell me what Obama did that made the economy get better in April, May and June? If the stimulus package, which really has little stimulating to it, barely has been spent. So, it can't be that. What else has the Obama administration done to improve the economy? Interest rates have been low for years now. So, it's not that. What is it then?
2. The TARP, which while I was not wild about but accpeted, does seem to be working -- for the moment. One thing I have heard many economists ring alarm bells about is that all this deficit spending into the trillions will result in runaway inflation in a year or two. You think the economy has been bad the past year or so, wait till we get skyhigh inflation and the interest rates to combat it.
3. Unemployment is still rising. In fact, it has taken off this year with projections it will continue to up. I'm willing to let Bush still take some of the blame if the Loons on the Left are willing to say that Obimbo's policies haven't helped the jobs situation.
4. GLadys, dear, while there was a bailout of AIG last fall, there was another this past winter under Obimbo. Those bonuses you don't like, they were set up by Tax-Cheat-in-Thief Tim Gartner and Chris Dudd. AIG bonuses were in the Obama stimulus bill, Gladys, dear. The Dems put them in.
Sorry, that I have to use facts and reason to counter the lunacy of the Loony Left.

I was just trying to help you out by suggesting some facts John D. You have none.
And don't call me dear or loon, doofus.

We aren't even close to being out of the woods. 7 months ago the U.S. and world economy were on the verge of total meltdown. Even if B.O. did everything right, and the jury's still out, it will take years to fix this mess. All the "happy talk" is designed to restore consumer confidence and get people to spend again. That won't happen until the job situation improves, and most experts I've read say that's not likely to happen before well into 2010. And even if/when that happens, we'll have to deal with crushing national debt.
*
John D.--Since you insist on insulting us with your repeated "loony" rants, and since you were the first to break the truce, I feel compelled to bring back the Ode to Johnny D., aka 'Leaving Streamwood'.

Leaving Streamwood
(Apologies to Sheryl Crow)
.
Life springs eternal
On a sleepy suburban street
Not that I care at all
I spent the best part of my losing streak in my mom's rusty Jeep
For what I can't recall
.
Oh I'm banging on my TV set
And I check for Fox
And I eat my Ding Dongs
I pour some Koolaid
And I pull the blind
And I wonder what I'll find
.
[Chorus]
I'm Leaving Streamwood
I'm not so bright
I llisten to Bill O'Reilly
On a Saturday night
Leaving Streamwood
Leaving for good, for good
I'm leaving for good
I'm leaving for good
.
Used to be I could drive up to
Chi-town for the night
Find some crossroad trucker
To demonstrate his might
But these days it seems
Nowhere is far enough away
So I'm leaving Streamwood today
[Chorus]

I'm standing in the middle of the 'burbs
Waiting for my ship to come in
But now no Rove, no Cheney, no Palin
Can take this loser hand
And make it win

I'm leaving Streamwood, oh yeah
I'm leaving Cook Country
I'm leaving for good
.
I quit my job as an HVAC hack
At the RSES
pushing propane until one or two
Such a muddy line between
The things you want
And the things you have to do
.
I'm leaving Streeamwood
It's just not right
Glen Beck is crying again
On Faux News tonight
I'm leaving
And I won't be back, no, no
.
Leaving Streamwood
Via West Irving Park Road
Me and Crazy Jerry White
Maybe Cook County Almshouse
Will take us for the night
.
Leaving Streamwood
The Murano is packed
Got my Timbits and ECP's
And I won't be back
I won't be back
.
I think I'm gonna move anywhere
Just to get away
I think I've had it with my loony life
I won't be back, no
I won't be back, no, no
Not this time

Gladys, no facts? There is a litany of facts in my post:
1. Interest rates have been for several years.
2. Second AIG bailout under Obimbo, a baillout written by Geithner and Dudd.
3. Obama's stimulus plan included bonuses for AIG folks. That's right, Gladys, the Obama stimulus plan included bonuses for AIG. You see, Gladys, no one really reads these bills they vote on.
4. Unemployment rising and continues to rise, with predictions by all (OBama administration, Congress, CBO, private economists, etc.) saying 10 percent this year and possibly as high as 11 percent next year.
See, Gladys, dear, those are facts. Not my take on things, But facts.
Like I've been saying FACTS and left wing lunacy have NOTHING in common.

By the demented twin (dt) cute little song, but you are so far behind the times!

The third paragraph of the article says:

"The small contraction in the economy in the second quarter is another indication that the recession will soon end," the Commerce Department said in releasing the report.

Since this sentence included a forecast of the future, I didn’t think it sounded like a statement that would be in the official release, so I checked the release myself and discovered that the quote is not in the release. Here’s a link to the release:

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

Since the quote wasn’t in the official release, I thought it might be a quote from the Commerce Secretary or another political appointee at the department who might be willing to make a prediction. But when I Googled the quote, I found it wasn’t said by anyone from the Commerce Department at all, but instead by Augustine Faucher of Moody’s Economy.com:

https://www.economy.com/home/login/ds_proLogin_4.asp?script_name=/dismal/pro/release.asp&rk=2A5880C3-72B1-46CB-B8B3-09773D3DAD4E&src=spotlight

Is the mis-attribution of this quote another indication that fact checking soon end, or will fact-checking just be outsourced to the readers?

dt,
hilarious

See John D; now you're playing the blame game, when in your first post you were trying to get Bush some credit for some good news (without facts) and I tried to help you out. So you decide to change the subject. You really should just keep quiet now and then.

Prosperity is just around the corner. But first, another trillion-plus in new federal debt.

Billions more eagerly sought.

And another three US service personnel are killed in Iraqipakighanistan as of 1 Aug. 2009 instead of being brought home, alive and whole.

Yay for Obama, the republican cross-dresser wearing democrat clothes.

Gladys, you have definitely confirmed my suspicions that you are an absolute dunderhead. My second post, dear, basically reiterates my first. There is no blame game, darling.
The AIG bonuses in question were put into the Obama stimulus package by Geithner and Dodd. Fact, not blame.
No one really read that stimulus bill. Just like no one has really read the Cap and trade bill, nor the health care bills running around in DC. Fact, not blame.
Interest rates have been low for many, many years now. Fact and what would the blame be?
Unemployment has been rising this year and will continue to rise this year and next, according to everyone including Obama administration. Fact, not blame.
Gladys, darling, perhaps you're better off just keeping your little head in the kitchen and out of harm's way!
By the way, Gladys and the Loons, in an earlier post here I asked for you folks to name what Obama has done that has improved the economy. Thanks for answering that question with silence!!!!

hilarious so good

"Gladys, darling, perhaps you're better off just keeping your little head in the kitchen and out of harm's way!"
Idiot!
Well John D you keep changing the subject. Watch Larry Summers on Sunday TV and you'll get some answers. I could but a whole list of things here John D, but you're too delusional to believe any of it.

Gladys, state them. What did Lawrence Summers say? Were you able to comprehend it? I thought most Obimbobots were able to recite the talking points verbatim?

Sorry John D, I didn't watch TV this morning; unlike you, I have a life outside the Swamp, beyond calling people names all the time. I suppose you were glued to the show with Michelle Malkin. I'm sure you're capable of using your computer for something useful, John D, so go find out what Summers said, what they've been doing for 6 months, instead of looking for pictures of Sarah Palin and announcement of teabag and birther meetings.

Unemployment figures do not reflect those who are unemployed and have run out of unemployment benefits. All it relects is new job losses and those still with entitlements.

It doesn't even reflect those who are looking for jobs, too depressed to look or contemplating suicide or looking for handouts and free meals.