Posted by: rotenochsen | November 14, 2008

IS THE ECONOMY AS BAD AS PROFITS OF DOOM SAY IT IS?

BEATING THE DRUMB FOR OBAMA’S SECOND TERM

« previous entry | next entry »
Nov. 14th, 2008 | 10:04 am

Friday, November 14, 2008

The associated Press’ Cheerleader for “Depression” is at it again, Jeannie Anusa was a member of the Main Stream Media team that managed to take a recession caused by Democrat policies into the battle cry for an Obama election.
Last August she wrote an article distorting the financial facts that were refuted by News Busters.

The following is an excerpt from that post: “The Associated Press’s Jeannine Aversa “creatively” and selectively rounded figures presented in today’s Monthly Treasury Statement from Uncle Sam. That Treasury report, released this afternoon, covered monthly and year-to-date receipts and spending in the federal government.

By doing what she did, Aversa made sure we know that year-to-date receipts are down, but at the same time made Congress’s overspending look less serious than it really is.Here’s the paragraph in question from her “Budget deficit up in first 9 months of budget year” report:

Spending of $2.2 trillion so far this year is up from $2.1 trillion reported for the corresponding period last year. Meanwhile, revenues of $1.93 trillion are down from $1.945 trillion a year ago.
Because Aversa rounded off the spending numbers to the nearest $.1 trillion while not supplying percentage changes, the average reader might think that spending is up a bit less than 5% so far this year.But then we would never want the voting public to know that Congress is a profligate spender beyond OUR means!

After telling readers in March `08 that “Dangerous cracks in the nation’s job market” are “ominous signs that the country is falling toward a recession or has already toppled into one,” Aversa had the gall to report Wednesday, “The bruised economy limped through the first quarter of this year at a six-tenths of a percentage point growth rate as housing and credit problems forced people and businesses alike to hunker down.”

But the wire service, and virtually every media outlet in the nation had been telling Americans that we’re already in a recession. A government report comes out saying that we’re not, and this is how she slanted her article covering the surprising announcement?

Mission accomplished, They got their candidate elected, so now the MSM and particularly columnists like Ms. Aversa need to begin explaining that Obama will not be able to wave his magic wand and part the recession seas to allow Americans to pass into solvency in just one term!

Todays news has this hyperbole about the current state of the USA financial slow down. Although the Fed has ratcheted down rates and taken a flurry of unprecedented actions to arrest the worst financial since the Great Depression, deep problems remain. Credit is still not flowing normally in the U.S. and overseas, hobbling not only the domestic economy but also the global economy, which many believe is edging toward recession.

Let me remind the expert about some Econ 101 facts!I believe it is particularly important since she wrote the following for todays news.
“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 benefit of Ms. Aversa, let’s once again go over the definition of the term “recession. A recession is two consecutive quarters of negative economic growth. We are not even positive that we have had one such quarter as of yet.

Aversa’s lack of consideration for the facts in her reporting is a bit disheartening to this Blogger, but perhaps the AP will reprimand her and suggest that next time she try to appear a bit less jubilant in regard to the prospect of a severe economic slowdown. But do not hold your breath for that!

And for her information; The most important of the international recessions that occurred in the post-war years of the twentieth century was the global recession of 1973, triggered by the sudden rise in the price of oil, and an Asian recession in the 1990s triggered by the bursting of a real-estate buble and the consequential development of the Asian banking crises!

The following is a list of the recessions of the Recessions of the 20th Century
Date Duration
Sept. 1902-Aug. 1904 23
May 1907-June 1908 13
Jan. 1910-Jan. 1912 24
Jan. 1913-Dec. 1914 23
Aug. 1918-March 1919 7
Jan. 1920-July 1921 18
May 1923-July 1924 14
Oct. 1926-Nov. 1927 13
Aug. 1929-March 1933 43
May 1937-June 1938 13
Feb. 1945-Oct. 1945 8
Nov. 1948-Oct. 1949 11
July 1953-May 1954 10
Aug. 1957-April 1958 8
April 1960-Feb. 1961 10
Dec. 1969-Nov. 1970 11
Nov. 1973-March 1975 16
Jan. 1980-July 1980 6
July 1981-Nov. 1982 16
July 1990-March 1991 8
March 2001-Nov. 2001 8
source: NBER ( This group has 16 of the last 31 Nobel Prize winners for Economics as members)

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: