It's Official: United States Is In A Recession

Discussion in 'Politics, Religion, Social Issues' started by Unspeaked, Dec 1, 2008.

  1. Unspeaked macrumors 68020

    Unspeaked

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    #1
    LINK

    More from Yahoo:

     
  2. Drumjim85 macrumors 68030

    Drumjim85

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    #2
    thank you bill clinton!

    (I'm not calling you bill clinton fyi)
     
  3. nanvinnie macrumors regular

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  4. Desertrat macrumors newbie

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    #4
    nanvinnie, it's way too early. Capital assets are still deflating; houses, e.g., are expected to decline another 20% or more.

    A question I've been asking: If the consumer price inflation rate is above the growth rate of GDP, doesn't that mean that we're moving more money around but getting less for it? How is that "growth" in GDP meaningful in any positive sense?

    Isn't government spending part of GDP? Given the maniacal way we've been printing paper and doing deficit spending, how has GDP growth been indicative of a healthy economy?

    'Rat
     
  5. leekohler macrumors G5

    leekohler

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    Took them long enough to admit it. It's about time.
     
  6. IJ Reilly macrumors P6

    IJ Reilly

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    Meaning, it's actually unofficial, since this pronouncement was made by a private organization using their own definitions and data.
     
  7. Unspeaked thread starter macrumors 68020

    Unspeaked

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    #7
    And the stock market took the news badly:

    Monday Meltdown: Recession Report Rips Stocks as Dow Sinks 680 Points

    LINK
     
  8. Prof. macrumors 601

    Prof.

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    Are you saying President Bill Clinton caused this recession 8 years after he was in office?
     
  9. mactastic macrumors 68040

    mactastic

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    I wouldn't be surprised. We actually had one guy in here claiming that Clinton deliberately sabotaged the economy sometime between when Gore officially lost the SCOTUS decision and when Dubya took office; and not only did he sabatoge it, but he did it in such an ingenious way that no one was able to spot his handiwork until just now.
     
  10. Prof. macrumors 601

    Prof.

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    WOW! I had no clue Bill was a magician!:eek:
     
  11. IJ Reilly macrumors P6

    IJ Reilly

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    That's cheerful news. The Dow was already down 300+ within minutes of the opening, when all they were reacting to was the initial holiday retail sales reports for last weekend (which were better than expected). We're forever hearing explanations for what the market does after it's done it. Whatever the news was that day, that's always the reason. In reality, nobody really knows why the market does what it does on any given day, and not especially now.
     
  12. mactastic macrumors 68040

    mactastic

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    Well, to be fair, his most well-known trick it talking meaty-looking women out of their clothes.
     
  13. Drumjim85 macrumors 68030

    Drumjim85

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    #13
    yes i am... things he passed eventually led to where we are now. recessions / depressions don't just happen from mistakes in a short period of time.
     
  14. leekohler macrumors G5

    leekohler

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    #14
    Oh here we go again...nothing is ever Bush's or any other Republican's fault. :rolleyes:
     
  15. IJ Reilly macrumors P6

    IJ Reilly

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    I can see we're on the fast train to Baloneyville here, but if banking and financial market deregulation is to be blamed, which it certainly should be, then this process really got started in the Reagan administration. Also, it turns out that the Bush administration was advised that the financial markets were in danger of collapse two years ago, but elected to loosen instead of tighten lending rules.

    But there's more...
     
  16. mactastic macrumors 68040

    mactastic

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    But rest assured that Obama can be blamed for everything starting a few months ago. Hannity and Limbaugh are running around spouting off nonsense that this is the "Obama recession" because the markets tanked once it started to look like Obama *might* become POTUS (who knew the guy was that powerful, eh? ;)); so they'll have no problem saying that the Bush years were Clinton's fault, and anything bad that happens during the Obama years is Obama's fault.
     
  17. Prof. macrumors 601

    Prof.

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    DUH! Republicans are smart and perfect!:D:rolleyes:

    /sarcasm
     
  18. mactastic macrumors 68040

    mactastic

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    #18
    And of course, no one could have predicted...
    bin Laden determined to strike inside US
    Hurricane Katrina
    Iraq wouldn't have WMD
    deregulation wasn't all it was promised to be
    mortgage-backed securities might be worth less than the paper they're printed on
     
  19. Drumjim85 macrumors 68030

    Drumjim85

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    i never said bush wasn't to blame for anything ... but i believe Clinton started this recession.
     
  20. Dont Hurt Me macrumors 603

    Dont Hurt Me

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    I wonder why no one is holding this president accountable for any of this?
    His economic policy's or lack of has been a bigger disaster then his gungho war on Iraq.

    Bush and company have left mess after mess on everything they touched. He needs to be held accountable to his oath of office and to this country which he has left in near economic ruin. Bush and his staff should all be on trial for dereliction of duty and utter incompetence.
     
  21. IJ Reilly macrumors P6

    IJ Reilly

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    Okay, I'll bite. How?
     
  22. mactastic macrumors 68040

    mactastic

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    Bets that any response pulls out the CRA nonsense again? :rolleyes:
     
  23. IJ Reilly macrumors P6

    IJ Reilly

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    That would seem to be the current talk radio dogma.
     
  24. .Andy macrumors 68030

    .Andy

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    Location: Lewisville, TX
     
  25. Cleverboy macrumors 65816

    Cleverboy

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    The same reason why the mainstream media has been in denial for SO long. Watch this video. I mean, how LAME was this that Peter Schiff was constantly laughed at by others in the press. He called it. Recession in 2007. It was surreal to rewatch this clips and see how out of touch these people truly were.
    http://www.youtube.com/watch?v=2I0QN-FYkpw

    :eek:

    His next prediction? 4 years of "Obama 'big government' hell" followed by kicking the Dems out of power:
    http://www.youtube.com/watch?v=sMdF1CiQAkA&feature=related

    ~ CB
     

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