From the US Gov website – GDP

2007 2Q = +4.8%
2007 3Q = +4.8%
2007 4Q = -0.2
2008 1Q = +0.9%
2008 2Q = +2.8%
2008 3Q = -0.5%
2008 4Q = -6.2%

OK, so we have established through official sources THERE WAS NO RECESSION UNTIL THE 4th QUARTER NUMBERS OF 2008 WERE IN!

Just a note of interest, would we be in a recession if McCain had been elected? The stock market took a huge hit election day, and seems to fall further every time this guy opens his mouth.

Aside from the fact that the adjective “bolted” is an editorial comment in an “objective” news story, this sort of indicates Reagan had a worse economic situation when he came into office and we had as bad or worse economic turmoil through the early eighties. I think we survived that precarious period because of… oh what was that… oh yeah… TAX CUTS!

“Our guest, Nariman Behravesh, chief economist with IHS Global Insight, says another few months of 600k to 700k jobs lost per month is likely.

Before the economy bottoms (hopefully in late 2009), America could shed another 3.5 million to 4 million more jobs, bringing the unemployment level to a peak of 10% to 11%, he says. The economy and job market is in a “free-fall.”

More broadly, the economist sees negative growth for a few more months (at least), with a best-case scenario of 1.5 percent to 2 percent GDP growth in 2010. But wait. The Obama administration projects the economy will grow 3.2 percent next year. “Too optimistic,” says Behravesh, author of Spin-Free Economics.”

http://finance.yahoo.com/tech-.....n-25-Years

Note, btw, that we do not now count many people as unemployed today who would have been counted in the Great Depression. An unemployment rate of 10% today might be equivalent to 15-20% in 1935.

Of course, nobody knows for sure what will happen. America has proven to be resilient in the past. But what in the anti-business, anti-capitalism, anti-growth, pro-communism, pro-big-government Moronic Vision would lead anybody to belive the economy will grow at all, no matter 3.2%. Every single government job will take 5 private sector jobs to support it, after all. The only things that will “grow” are government, your taxes, and booty for the deadbeats.

But I’m still amazed that economists persist in discussing the problem as if it is begin addressed within the boundaries of normal behaviour from the perspective of the last 68 years. In fact, the economic model that has made our lives prosperous has been shattered and after a few more months, will be irrecoverable.

The only sane action now is to protect what you have as best you can. Don’t plan on a recovery. Plan on a militant and brutal confiscation of your property and money.

Hmm…I wonder what happened 4 months ago?

Losers.

When the goal is to have as many people as possible on the dole (and hence, hard-core commiecrat voters), then this makes perfect sense.

Hey, why not 51%!!

And I love the conjecture about ‘discouraged and part-time’ workers. I guess there were no discouraged or part-time workers during the Great Depression, which could have driven that number to 40% unemployment… Charlatans.