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AP: No Longer A Question Of A Recession

From the Democrat slaveys at the Associated Press:

Huge job losses set off recession alarms

By JEANNINE AVERSA, AP Economics Writer

WASHINGTON – It’s no longer a question of recession or not. Now it’s how deep and how long. Workers’ pink slips stacked ever higher in March as jittery employers slashed 80,000 jobs, the most in five years, and the national unemployment rate climbed to 5.1 percent. Job losses are nearing the staggering level of a quarter-million this year in just three months.

For the third month in a row total U.S. employment rolls shrank — often a telltale sign that the economy has jolted dangerously into reverse.

At the same time, the jobless rate rose three-tenths of a percentage point, a sharp increase usually associated with times of deep economic stress.

The grim picture described by the Labor Department on Friday provided stark evidence of just how much the jobs market has buckled under the weight of the housing, credit and financial crises. Businesses and jobseekers alike are feeling the pain.

It is now very clear that the fat lady has sung for the economic expansion. The country has slipped into a recession,” said Stuart Hoffman, chief economist at PNC Financial Services Group. Indeed, there is widening agreement that the first recession since 2001 has arrived. Even Ben Bernanke, in a rare public utterance for a Federal Reserve chairman, used the “r” word, acknowledging for the first time this week that a recession was possible.

Job losses were widespread last month, hitting workers at factories, construction companies, retailers, banks, real-estate firms and even temporary-help agencies. Also mortgage brokers, hotels, computer design shops, accounting firms, architecture and engineering companies, legal services, airlines and other transportation as well as telecommunications companies.

Those cuts swamped employment gains elsewhere, including at hospitals and other heath-care sites, educational services, child day-care providers, bars and restaurants, insurance companies, museums, zoos and parks. And the government, which is almost always up.

In fact, private employers have shed jobs for four straight months, though December showed an overall gain for the economy because the government increase outweighed the private lossAll told, the economy now has lost 232,000 jobs in the first three months of this year

The Associated Press is simply lying. We are not in a recession, despite their ceaseless efforts to talk us into one.

In the glorious bad old days of the Soviet Union such reporters were called “wreckers,” and they were regularly jailed and often shot.

From Wikipedia:

Wrecking (Soviet crime)

Wrecking (Russian: вредительство or vreditel’stvo), was a crime specified in the criminal code of the Soviet Union in the Stalin era.

It is often translated as “sabotage”; however “wrecking” and “diversionist acts” and “counter-revolutionary sabotage” were distinct sub-articles of Article 58 (RSFSR Penal Code) (58-7, 58-9, and 58-14 respectively), and the meaning of “wrecking” is closer to “undermining”…

As applied in practice, “wrecking” and “sabotage” could refer to any actions which could be broadly construed to negatively impact the economy in some way, including failing to meet economic targets, causing poor morale among subordinates, lack of effort, or alleged or real incompetence. Thus, it referred to economic or industrial sabotage only in the very broadest sense. Many who were charged were merely scapegoats. In many cases, even those who were not engaged in industrial activity (including scientists) were charged with wrecking.

Many of the victims of the Great Purge were charged with wrecking. The term is mentioned and described in Aleksandr Solzhenitsyn’s The Gulag Archipelago.

All of which is somewhat ironic, given our media’s love of Communist dictatorships and longing for a Stalinist system in this country.

Even Ben Bernanke, in a rare public utterance for a Federal Reserve chairman, used the “r” word, acknowledging for the first time this week that a recession was possible.

Again, witness the media’s mindset at work. Who is Mr. Bernanke, after all? A commissar? We don’t live in a command economy. Not yet, anyway.

Moreover, Mr. Bernanke was merely responding to an idiotic question about whether a recession was possible. Or course a recession is always possible. But the media and the rest of the Democrats got him to say the “r” word.

How childish can you get? We are talking about people’s jobs, and indeed, lives here.

But the lickspittle media will say or even do anything to get their Democrat masters into power, or keep them in power.

At the same time, the jobless rate rose three-tenths of a percentage point, a sharp increase usually associated with times of deep economic stress.

Unless it happens during a Democrat administration.

Then it is a sign that we have reached full employment and the arrival of the Millennium in general.

This article was posted by Steve on Saturday, April 5th, 2008. Comments are currently closed.

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