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The Spectacle Blog
“Bernanke Says Growth Will Resume Later This Year,” reads the WSJ News Alert I just received:
The U.S. recession appears to be losing steam, with growth likely to resume later this year on the back of firmer household spending, a bottoming housing market and an end to inventory liquidation, Fed Chairman Ben Bernanke said Tuesday. But Bernanke said that the recovery will probably be slower than usual, and warned that the unemployment rate may stay high “for a time” as businesses remain cautious about new hiring.
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More Blog Posts by Wlady Pleszczynski
http://spectator.org/blog/2009/05/05/in-the-check-is-in-the-mail-ca
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John| 5.5.09 @ 10:37AM
There is something that bothers me about the term..."...losing steam".
I thought the connotation was that "Steam" and the power that it offers is a POSITIVE thing...
So Losing Steam would be a negative thing...
HOWEVER... if one's head its pointed in the wrong direction, positive is negative, and negative is positive...
Perhaps the Dizzy Federal Reserve should just go back to peeking out from under the blindfold to cheat at its little game of "Pin the Tail on the Donkey".
Newspeak anyone?
r/John
Pingback| 5.5.09 @ 10:40AM
In the "Check Is in the Mail" Category | But As For Me links to this page. Here’s an excerpt:
Pete| 5.5.09 @ 10:44AM
All hail King Mubama! Is there anything he can't do? Thanks to the media for reporting this apparent triumph in advance so I can sit back, relax and enjoy just being a world citizen.
Bob| 5.5.09 @ 10:59AM
Why are all of you so angry that the economy is turning around? This is a good thing! Yes, it does indicate that Obama will get some credit and that some government spending may have helped. As I've said for months now here, the economy was going to turn around. It is turning around more quickly than I expected, but this is good news.
The bad news, and it continues to be bad news, is the deficit and debt. If Republicans would wrap their heads around meaningful approaches to cutting spending (and not reducing taxes) and not throw in non-solutions like spending freezes, then we would have a principled argument.
As I've said from an economics viewpoint, spending will stimulate the economy in the short term -- that is just a fact. The downside is what it means for our children and grandchildren.
Pete| 5.5.09 @ 12:03PM
As the title of the blog suggests, it is about the overwhelmingly positive reporting of something that hasn't happened - just that has been projected to happen later in the year. Contrast this with the doom and gloom reporting when it suited the administration a few months ago to cram through all sorts ludicrous spending and expansion of government power. We could argue all day about the temporary heroin-addict-like rush the economy is likely to experience due to the recent government spending spree vs. strategies to a sustained recovery (ps - this doesn't include kneecapping the economy with a BS cap n trade scheme based on a false premise). But, again, that is not the point of the blog or my previous post. I think the expression "Don't piss down my leg and tell me it's raining" is appropriate here. I do agree with the last sentence of your post - I just wish more people thought this way with respect to all of the crap this guy (who really does seem to see himself more as an African King than an elected official in a democracy) doing vs. just the very real prospect of rampant inflation and higher taxes.
Big J| 5.5.09 @ 12:29PM
"In the months ahead, consumer spending should be lifted by tax cuts contained in President Barack Obama's larger $787 billion stimulus package."
Sorry to burst those reliant on the main-stream media's bubble, but the "stimulus package" did not include a tax cut. It included a reduction in withholdings. A lot of tax payers are in for a huge surprise next year on or about April 15th.
As Pete stated, I don't like getting pissed on and being told it's raining. This is a pie-in-the sky prediction. Propaganda is actually a little more accurate.
Note that nothing is said whatsoever about inflation. Nothing is said about the amount of money that had to be printed to accomplish this and other tasks the Obama administration has set out to accomplish. Again, thanks to Pete: How about Cap and Tax?
I am not angry (Bob) about good news. This is simply a fabrication.
About Republicans cutting spending: I don't know if anyone noticed, but Republicans have no choice in the matter at the moment. They didn't do it when they had the chance, but done bun can't be undone. Wishing won't make it so. In fact, they don't have any choice in any matter these days. If they oppose horrible legislation, they are branded "obstructionists" or the "party of no".
I apologize, Bob for not doing the touchdown victory dance just yet. I am probably just another anti-Obama right-wing extremist.
Bob| 5.5.09 @ 12:50PM
BigJ -- I don't know where you get your information (Limbaugh, perhaps), but it is indeed a real tax cut. It's not much, but it is real. It is not just a reduction of withholding.
And by the way, Republicans could develop a real program, but they don't want to say the only way to reduce the budget significantly is to cut social security and medicare. They believe the truth will hurt their chances in the 2010 elections. Instead, they aren't specific and just say "freezes".
And by the way, Bernanke was just testifying and he now indicates the chances that unemployment will go beyond 10% are extremely small and that he is seeing signs of bottoming in the housing market.
We have been seeing the economic indicators beginning to turn for over a month now and I have posted some of that info. The problem, is that the recovery will not be robust because of the deficit -- it will be slow and long.
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