During last week's press conference Bush assured us we're not headed for a recession. We all know what that means. Here's a look at a few articles for a glimpse of the reality Bush denies.
Market Watch — The nation's private-sector employment rolls dropped by 23,000 net jobs in February, according to the ADP employment index. Employment in the service-producing sector rose by a net 47,000 jobs, but employment in the goods-producing sector lost 70,000 jobs, the ADP survey showed. And factory employment fell for the 18th straight month, dropping a further 40,000 jobs. Private-sector sheds 23,000 jobs in February, survey shows
CNN Money — Personal bankruptcy filings climbed last month to their highest level since 2005, when Congress enacted laws aimed at discouraging such filings, and experts predicted more than a million Americans will seek bankruptcy protection this year. Home foreclosures are driving the increase in personal bankruptcy filings, because by the time homeowners face foreclosure they've borrowed all they can, and spent all their savings. money.cnn.com
Market Watch — Housing is in its "deepest, most rapid downswing since the Great Depression," according to the the National Association of Home Builders, and the downward momentum on housing prices appears to be accelerating.marketwatch.com
Market Watch — The buck stops here: This is Bush's recession, his legacy. It could be a chapter in a future edition of Jacob Weisberg's "The Bush Tragedy," with new comparisons to "Henry V" and other great Shakespearean tragedies. In a few sentences, the opening lines could highlight why this is now Bush's recession, and his alone.
Last week Bush told reporters: "I don't think we're headed to recession." But when one tried to puncture the denial, mentioning that America's energy analysts were predicting $4 gas, our oil-man president stopped him: "Wait, what did you just say? You're predicting $4-a-gallon gasoline?" No, Mr. President, experts are. "That's interesting. I hadn't heard that."
Once again, as in a classic tragedy, crucial facts never quite make it to the king's chambers in time, setting the stage for a fateful turn of events, propelling the plot to its tragic climax.
Indeed, the next 12 acts of this tragedy have already been written. And though many folks are in denial, the consequences are painfully clear. Last week we forecast a global recession.
The tragedy of this recession is its bad ending is already penned
Fear not, lest we lose our cheerful optimism, we just need to take comfort with this "good news".
In 2007, the CEOs of America's top 500 companies made a total of $7.5 billion, or $15.7 million apiece. The average compensation of a CEO in 1980 was about 42 times that of the average worker in the company; in 2005, it was about 411 times.