The US economy grew at an annual pace of 3.5% between July and September, its first expansion in more than a year.
BBC News
Business
October 29, 2009
US GDP
% change in real GDP, annualised
The growth was helped by a substantial government spending plan, including a scrappage scheme to boost car sales.
The official figures indicate recession has ended, but some economists think there could be further setbacks.
The White House said it was “a welcome milestone”, but stressed it would be some time before the economy made a full recovery.
Compared with the previous three months, the US economy grew by 0.9%. In the same period, and on the same measure, the UK economy unexpectedly stayed in recession after it shrank by 0.4%. …
DAMN, DAMN, DAMN [III]
This kind of news is likely “worse” than the news of Obama being cited for his efforts toward peace with the world’s governments.
I had already seen what abc News website had as its headline since I visited the A’s of abc News before I visited the B’s of the BBC News but I ventured back to abc news site to see if their news headline had changed.
And indeed it had. It had moved the story about Bill Clinton’s impact on Hillary Clinton’s Vice President possibility down a notch and placed the good economic news on top.
Next I made a rare venture over to the “fair and balanced” news reporting of FOX News. Actually, FOX News was one of the earliest news sites that I emailed. That was done in late 2004 and I don’t do that no “mo”.
But at the FOX news site, I once again saw its “fair and balanced” news reporting. All the “fair and balanced” political “news” I saw at FOX was bad news for the Democrats. It is amazing how a “fair and balanced” news sorting process can come up with what appears to be a heavy bias for the Republican party. And even that is ok – but it boggles the mind that someone would call that “fair and balanced” news. They can call it whatever they want to call it but it is stupid to believe that the world is persuaded that FOX News should be trumpeting “fair and balanced” as its news motto.
The neocons and their supporters are striving mightily to keep bad neocon performance hidden while loudly attacking the current administration.
How do you HIDE a recession?
First you don’t ever say the word “R-E-C-E-S-S-I-O-N”. You could call it a slow-down or you could call it a downturn but you couldn’t call it a recession.
While the Bush team was saying “slow-down” the Bush team’s Treasury Department was planning a program to address the “slow-down”. Someone observed that the attempt to address the “slow-down” looked remarkably like what was used to address the Great Depression of the 30’s.
America is still attempting to recover from the worse economic disaster since the 30’s. And the neocons, who couldn’t recognize a recession if it “hit them in the face”, now try to pass their “wisdom” off as quite capable. But when in power:
Bush: Troubled financial system basically sound
WASHINGTON — President Bush said Tuesday the nation’s troubled financial system is “basically sound” and urged lawmakers to quickly enact legislation to prop up mortgage giants Fannie Mae and Freddie Mac. He also called on the Democratic-run Congress to follow his example and lift a ban on offshore drilling to help increase domestic oil production.
Business Cycle Dating Committee, National bureau of Economic Research:
A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators. A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.
Because a recession is a broad contraction of the economy, not confined to one sector, the committee emphasizes economy-wide measures of economic activity. The committee believes that domestic production and employment are the primary conceptual measures of economic activity.
The committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment. This series reached a peak in December 2007 and has declined every month since then. …
It is certainly GOOD news that the economy is growing again. The Democrats could address the real problem because the Democrats are not constrained from helping all Americans.
If the federal government played a decisive role in crippling the economy, then the federal government has a duty to try and correct its mistakes rather than playing its “socialism”card.
Some fared well under the economy-wrecking neocons. A full accounting of Iraqi war expenditures will likely never happen. But politicians in high places are said to have done well. Politically connected companies were said to have done quite well.
And of course, the personal fortunes of some in the financial industry likely improved just prior to the recession. The recession did COST America. But how much is not on the “things to find out” list of the ones who caused the recession.
The Obama administration has done well against the natural problems of a “tanked” economy and the problems cause by the neocons trying to protect their train-wreck leadership performance.
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Tags: abc news, bbc news, Bill Clinton, Bush team, business cycle dating committee, fair and balanced, federal government, fox news, hillary clinton, how do you hide a recession, obama administration, socialism card, us economy grew
