Wednesday, March 5, 2008

What Recession?

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.

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

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.


jmsjoin said...

As usual bush acts ignorant but he engineered this and it is only one more thing that has to happen and the timing is perfect. He wrote this over a year ago and I have written on it a few times myself but have you ever read Mike Whitney's second Great Depression

Dave Dubya said...

Thanks, Jim.

Chilling. And here we are, living in 1929 all over again. Only this time we already have a multi-trillion dollar war debt in place.

If the Democrats were not such total jackasses(no pun intended) they would have the whole package gift wrapped for themselves. Only such completely incompetant fools could possibly botch this election.

So that leaves us stuck with crooks and fools again. And the crooks will still be in charge.

Makes you want to scream, doesn't it?

jmsjoin said...

Just watch Dave! There is much speculation and angst about the future of the United States. Some are predicting and calling for a hundred years of war. Others anticipate mass civil unrest and the forced detention of citizens.
One thing is certain, the "American" empire, for a number of reasons, is done, finito, gekocht.

We were headed the way of the Roman Empire anyway but Bush has simply sped that process up too. as I have said innumerable times, Bush's Forever Wars will make the hundred years war appear short!
Bush is going to surprise you all with what he is really doing.
You know he has been destroy our society while implementing a one world economy?
Soon you will see what he has been doing to us and the entire world as he makes his move to implement his one world Government. If McCain doesn't get in by one underhanded method or the other just watch.
Bush has yet to do his worst!

Anonymous said...

King George has served his public well, the Texas oil men and the Saudis who put him into office have gotten every penneys worth. Oil up 400%, and now all of our industry and financial institutions on the market for penneys on the dollar. The upper 10% should do very well.


Dave Dubya said...

Jim and Anonymous,

This is the bitter truth about Bush. He is both a success and a failure.

He is above all a company man, and the epitome of success, to the beneficiaries of corporatist greed, and to the monstrous and cruel machinery of fascism.

And he is the epitome of the most horrible failure to the vast majority of humans unlucky enough to be stuck on the same planet with such a foul and evil man.

And that leaves most of us in dread of his next acts of treachery and treason certain to befall us.

Anne said...

here in the golden state, all the once wealthy realtors are losing it.
their once brisk sales of 800,000 dollar(modest) homes have dried-up.

not surprisingly, the multi-million dollar mansion sales haven't slowed down in the least.

the (new?) american way? filthy rich or dirt poor.

Unknown said...

Economic turbulence (even severe repression) is coming, no doubt about it. The boom of the "hedge funds" is just one of the symptoms of decadent capitalism based upon fictitious capital.

Anyway, good blog! Viva libertard!

Dave Dubya said...


They've got the perfect complementary system that works along with the fictitious capital.

Fictitious justice. But that's another story. Same crooked cast of characters, though.

Dave Dubya said...

Here we go. Todays job report shows a loss of 63,000 jobs. Futures are all down, and overseas markets are down as well.

I don't claim the business knowledge to interpret these factors. I just saw the money people on CNBC all just shake their heads. That might speak more than what I'd have to say.

Unknown said...

His great rebate package will mostly be used to pay down debts, which goes right into the wealthy's pocket, cutting back on their liability.

TomCat said...

Dave, I'll be back later. Would you stop by my place? There's something of interest to you in today's second article.

TomCat said...

These are the natural consequences of No Millionaire Left Behind.

Unknown said...

We'll see some sort of action soon. The Carlyle Fund (operated by the Carlyle Group) is taking an *ss-whipping.

BTW--I used something of yours on my Saturday Quote of the Week (Wally's advice).

Bush's, No Millionaire Left Behind Act, is soon to be repealed. The poor and middle-classes have just about been drained dry; so it will have to be replaced by the No Billionaires Left Behind Act. Man, do I feel sorry for all those millionaires that supported him. [end snark]

Dave Dubya said...

Yes, I hope you guys are excited as I am about about having our standard of living getting a big boost with the alleged rebate.

The Shrub to the rescue! He just wants us to think he cares about us, and that he is saving America, again.

We're getting bought off with a chump change bribe to shut us up about the Big Money Boys' tax cuts.

Long after our little allowance is burned up in a few tanks of gas, or sucked up into interest on debts, millions and millions will continue to flow to the aristocrats.

And Brother Tim and Wally,
Thanks very much for passing on my little comparison of the divine and the profane.

Tumblewords: said...

Interesting isn't it? This is the second recession since the bush grabbed the helm. He blamed the first one on Clinton. History shows he has a missing financial gene - it runs in his family. If they can't break it...
Chilling. I've never been so frightened for our country and I've seen some large quantities of cr*p.