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Prominent Economist Says U.S. Not Heading into a Recession

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  • Prominent Economist Says U.S. Not Heading into a Recession

    Bush: US is not headed into recession

    By TERENCE HUNT, AP White House Correspondent 57 minutes ago

    WASHINGTON - President Bush said Thursday that the country is not headed into a recession, but that he is concerned about slowing economic growth. "We've acted robustly," he said.

    In a White House news conference, Bush also pressed Congress to give telecommunications companies legal immunity for helping the government eavesdrop after the Sept. 11 terrorist attacks.

    He continued a near-daily effort to prod lawmakers into passing his version of a law to make it easier for the government to conduct domestic eavesdropping on suspected terrorists' phone calls and e-mails. He says the country is in more danger now that a temporary surveillance law has expired.

    The president and Congress are in a showdown over Bush's demand on the immunity issue.

    Bush said the companies helped the government after being told "that their assistance was legal and vital to national security." "Allowing these lawsuits to proceed would be unfair," he said.

    More important, Bush added, "the litigation process could lead to the disclosure of information about how we conduct surveillance and it would give al Qaida and others a roadmap as to how to avoid the surveillance."
    Moon

  • #2
    Misleading titles.

    Title: No Recession

    Article: Eavesdropping
    Official Lounge Sponsor of Candy.


    "When you say 'radical right' today, I think of these moneymaking ventures by fellows like Pat Robertson and others who are trying to take the Republican Party and make a religious organization out of it. If that ever happens, kiss politics goodbye."
    -Barry Goldwater

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    • #3
      Bush said the companies helped the government after being told "that their assistance was legal and vital to national security." "Allowing these lawsuits to proceed would be unfair," he said.
      Shouldn't have promised something you couldn't guarantee.

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      • #4
        Originally posted by El Birdo 1 View Post
        Misleading titles.

        Title: No Recession

        Article: Eavesdropping
        Thanks kah.

        Moon

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        • #5
          Inflation is skyrocketing, the dollar is plummeting, the govt is raising taxes on big oil making energy even more expensive, housing foreclosures are up nearly 50% from last year....but there's no recession.
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          • #6
            Phew - that's a relief.
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            • #7
              Originally posted by BringBackZezel View Post
              Inflation is skyrocketing, the dollar is plummeting, the govt is raising taxes on big oil making energy even more expensive, housing foreclosures are up nearly 50% from last year....but there's no recession.
              Bush can call it whatever he likes. Inflation is outpacing growth. Perhaps the more proper term is stagflation. Either way, things are bad, and getting worse.

              Moon

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              • #8
                Originally posted by Moon Man View Post
                Bush can call it whatever he likes. Inflation is outpacing growth. Perhaps the more proper term is stagflation. Either way, things are bad, and getting worse.

                Moon
                Let's keep our fingers crossed.
                "You can't handle my opinions." Moedrabowsky

                Jeffro is a hell of a good man.

                "A liberal is a man too broadminded to take his own side in a quarrel." - Robert Frost

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                • #9
                  the thud yet to be heard but rest assured is coming is the collapse of the real estate development market. go drive around the sprawl and outer edges of the suburban areas and notice the many examples of "sewer pipe" farms. acres and acres of planned development that have come to a screaching halt midstream.

                  someone is paying interest on those developments. and i guarantee you they are sweating like crazy. when those start going bottoms up and banks are forced to become developers, you will see the bottom drop out of pricing in the banks desparation to "get out" of the problem asap. meanwhile in so doing, they will wreck the resale market of existing home sales, which then will affect values for refinances that were many a consumer's last hope to get their own debt under control etc.

                  and i havent even got into the scores of future unemployed trade workers that will be tremendously hampered in their abilities to earn a living during this upcoming disaster.

                  it will get worse before it gets better. and the absolute worst thing that can probably happen is govt interference by enacting "rate freezes" or "forclosure delays". get through it asap the longer it is delayed the bigger the burst of the bulging balloon.

                  the better solution to help ease this inevitable crash is trying to encourage those with bad mortgage situations to refinance asap. the best thing that can happen is to get the fha loan program changed asap to enable easier refinancing of the problem loans. thus far lobbiests have delayed it and our wonderful congressmen and senators do nothing.

                  and next, congress needs to enact legislation that makes it more difficult to become a mortgage broker/banker. there are far too many idiots and crooks in the business. get rid of those that are more worried about getting rich than helping people that are truly deserving in experiencing the american dream of home ownership.
                  Roy Mueller

                  "It's kind of fun to do the impossible."

                  - Walt Disney

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                  • #10
                    STLToday.com has this story and also the following on their website:
                    Economy slows to near crawl

                    By JEANNINE AVERSA
                    AP Economics Writer

                    WASHINGTON (AP) -- The economy skidded to a near halt in the final quarter of last year, clobbered by dual slumps in housing and credit that caused people and businesses to spend and invest more sparingly.

                    The Commerce Department reported Thursday that the gross domestic product increased at a scant 0.6 percent pace in the October-to-December quarter. The reading - unchanged from an initial estimate a month ago - underscored just how much momentum the economy has lost. In the prior quarter, the economy clocked in at a brisk 4.9 percent pace.

                    Gross domestic product measures the value of all goods and services produced in the United States and is the best barometer of the country's economic health.

                    "The economy just kept its head above water," said Nigel Gault, economist at Global Insight.

                    Economists had thought the newly released fourth-quarter GDP would have been bumped up to a 0.8 percent growth rate.
                    The housing picture looked even more bleak in the new report.

                    Builders slashed spending on housing projects by a whopping 25.2 percent on an annualized basis in the fourth quarter, the biggest cut in 26 years.
                    And, even though economic growth slowed, inflation picked up - an ominous mix that could spell further trouble for the economy.

                    As if the newly confirmed fourth-quarter GDP figure of 0.6 percent wasn't chilling enough, the Labor Department reported Thursday that new applications for unemployment insurance benefits rose by 19,000 to 373,000 last week, more evidence that the general economic sluggishness is spilling over into the job market.

                    On Wall Street, the latest batch of economic news rattled investors. The Dow Jones industrials were down in morning trading.
                    Fears have grown that the country is heading for a recession or is already in one.

                    The National Association for Business Economics expects economic growth in the current January-to-March quarter to slow to a meager 0.4 percent pace. Some analysts believe the economy's performance could be even worse and actually shrink during this period. Under one rough rule, the economy would have to contract for six months in a row for the country to be viewed as in a recession.

                    With risks lurking that the problems could intensify and further hurt the economy, Federal Reserve Chairman Ben Bernanke made clear he stands ready to lower a key interest rate again. The Fed, which started cutting interest rates to bolster the economy in September, has turned much more aggressively recently. In eight days in January, the Fed slashed rates by 1.25 percentage points - the biggest one-month reduction in a quarter-century. Rates are expected to move lower at the Fed's next meeting on March 18.

                    Bernanke, however, is hopeful that previous rate reductions and the $168 billion economic aid plan of tax rebates for people and tax breaks for business will energize the economy in the second half of 2008.

                    A gauge of inflation linked to the GDP report showed that "core" prices - excluding food and energy - grew at a rate of 2.7 percent in the fourth quarter. The inflation reading - although unchanged from the government's initial estimate - showed that inflation had picked up sharply from the third quarter's 2 percent pace.

                    The inflation figure is above the Fed's comfort zone - the upper bound of which is a 2 percent inflation rate.

                    With inflation rising as the economy slows, fears are increasing that the country may be headed for a bout of stagflation. That's a scenario the country hasn't experienced since the 1970s.

                    Even though Bernanke has made clear the Fed's top priority - for now - is trying to get the economy back on track, he also says he remains mindful of inflation risks, especially from high energy prices.

                    Oil prices have reach new record highs, galloping past $100 a barrel in recent days. High energy prices can spread inflation by boosting the costs of a wide variety of other goods and services and can put a further damper on overall economic growth by crimping consumer spending.

                    Consumers boosted their spending at just a 1.9 percent pace in the fourth quarter. That was down slightly from the government's previous estimate and marked a pullback from the third quarter's 2.8 percent growth rate. Consumer spending accounts for a big share of overall economic activity and thus is a major factor in how the economy fares.

                    Business spending on equipment and software grew at a 3.3 percent pace in the final quarter of last year. That was lower than the government's initial estimate and marked a deceleration from the third quarter's 6.2 percent growth rate.

                    There was a bright spot in the report, however. Sales of U.S. goods and services to other countries grew at a 4.8 percent pace in the fourth quarter, better than previously estimated. U.S. exports have been helped by the declining value of the U.S. dollar, which makes U.S. goods less expensive on foreign markets. The U.S dollar dipped to another record low on Thursday in Europe.

                    For all of 2007, the economy grew by 2.2 percent, the weakest showing in five years. That estimate also was not changed from an earlier reading.

                    © 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.
                    25MM jobs in 10 years / 4% GDP Growth / Insurance for everybody / Schools flush with cash don't produce results
                    Jan 2017: 4.7% U-3, 9.2% U-6, 62.7% LFPR, 5.2% Real Wages, 2.6% GDP, 19,827 DJIA, 2,271 S&P500, $2.316/gal

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                    • #11
                      Moon -

                      You forgot to add that Bush wants more money to fund the Iraq war.

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                      • #12


                        Wouldn't this be a great emoticon for the Lounge.

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                        • #13
                          Meanwhile, the FDIC is bracing for 100-200 bank failures in the next 12-24 months ....
                          Damn these electric sex pants!

                          26+31+34+42+44+46+64+67+82+06 = 10

                          Bring back the death penalty for corporations!

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                          • #14
                            Originally posted by Moon Man View Post
                            Bush can call it whatever he likes. Inflation is outpacing growth. Perhaps the more proper term is stagflation. Either way, things are bad, and getting worse.

                            Moon
                            Lies.

                            Why do you hate America?
                            From this day forward, I no longer shall tinker with the machinery of death.

                            For more than 20 years I have endeavored-indeed, I have struggled-along with a majority of this Court, to develop procedural & substantive rules that would lend more than the mere appearance of fairness to the death penalty endeavor.


                            I feel morally and intellectually obligated simply to concede that the death penalty experiment has failed.

                            The path the Court has chosen lessens us all. I dissent.

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                            • #15
                              Man, that's cold. I was hoping for Greenspan. When Bush says anything, the opposite is usually true.

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