Bush says economy on the upswing

Bush also claimed, that because of Democrats, the current oil prices went up. He'll just say anything they put in front of his face.

Even considering the fact that the US GDP grew this quarter, it's hard to say that the things are looking up. First of all the GDP grew on higher exports due to weaker dollar. Secondly, I'm not sure they grew at all, due to the fact that financial institutions have reported higher profits... Hugh? Looking after the financial sector, I could have sworn there were multi-billion losses or at least lower profits, followed by lower expectations for the 3rd quarter. Hmmm....

Meanwhile, personal income has gone down dramatically and unemployment keeps rising. Many of the key sectors of the US economy, such as automakers, are on the verge of collapse.

Zydor, fairy tale land is, by far, the most accurate depiction I can think of the current situation.

Bush says economy on the upswing

It is if you're in the 1% he quipped about in Fahrenheit 911 when he said, "Some people call you the elite, I call you my base." Heck things are so good for them some can't even count their houses!

Good thing I copied the AP headline, before the revisions started!!

"Meanwhile, personal income has gone down dramatically and unemployment keeps rising."

You're right, these clowns say 3.3% GDP growth is great ... as long as everybody completely ignores the facts that "the price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 4.2 percent in the second quarter" [meaning inflation!] (source) and that from "2000 to 2007, real wages fell by $2,000 for the average middle-class family." (source)

Yep, things sure look rosy ... in Bush's fairy tale land!

You're right, these clowns say 3.3% GDP growth is great ... as long as everybody completely ignores the facts that "the price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 4.2 percent in the second quarter" [meaning inflation!] (source) and that from "2000 to 2007, real wages fell by $2,000 for the average middle-class family."

Yes, good catch, on top of everything, I forgot to mention that those numbers should be adjusted against the current inflation.

it went up due to the tax refunds feeding through, expect the figures etc to return to what they were, as no effort has been made to change the fundamentals.

The economy is still weak and very rocky, and still expected to be flat all this year, with an upturn predicted between Spring and Summer 2009 as all the credit crunch consequences are dealt with.

Agreed. And what does Obama want to do? Send out a second round of stimulus checks...

Zydor, fairy tale land is, by far, the most accurate depiction I can think of the current situation.

I would even go so far as to co-implicate Michael Jackson and state that GW lives in NeverNever land! He Never goes to bed hungry (for lack of food), He Never worries about where the next dollar will come from, He Never worries about losing his home (except the Whitehouse, but he can't do anything about that!) He doesn't even worry about what he says, because we are so used to his bumbling statements, that we just wait and laugh!

It would be great if he would go from fairytale land to Shrek's, Far, Far away land!

Couldn't the same thing be said of most of those in Congress?

yes

Fairy-tale or NeverNever land...They should just go ahead and re-name Washington DC itself to that place.....
It's pretty much what that little world there and everyone running it has become anyways.

stop people talking us into a recession

Or thinking us into one.

It's all the whiners who don't know the prosperity signaled by $4 a gallon gasoline.

would be good for consumer confidence

Or would it be good for an another housing credit trap? Would you like to buy a house?

I would like to buy a house but I already have too many. I've had one for sale for about four years.

Lol, so you want to buy one, yet you can't sell one? :)

Lol, so you want to buy one, yet you can't sell one? :)

Yea, my wife and I each owned our own homes when we met. I put mine on the market when we got married and we had planned on putting hers on the market when mine sold and look for a larger home. Both of our homes are too small for us but we can't even consider a larger home until one sells. If mine doesn't sell this year I'm planning on deeding over to the mortgage company in lieu of foreclosure. I never thought that an asset like a home could become so much of a liability.

Consumption is not economic growth. in fact it is the opposite. All this talk of consumers and confidence is absurd. Economies are not built on spending(consumption), but on manufacturing and savings.

Prophet, whoever said a house was an asset? since when do homes produce anything, ie cash flow? Homes are a depreciating liability. If you don't think so, try not spending on dollar on the upkeep of your home and see what happens. A home is a place to live, not a productive economic asset.

Economies are not built on spending(consumption), but on manufacturing and savings.

I have to disagree, if there is no spending then no one is buying, hence the fundamental supply is not met at the demand side, thus the producers are not getting any money. In other words, they may produce and stockpile efficiently, but if no one buys their goods it's nothing more than waste.

dg

you might not understand my point, or maybe I wasnt clear. Our economy is based on borrowing and spending. that is not sustainable. a consumer based economy, dependant on borrowing , will fail. We once had an economy based on thrift, manufactruring, and savings. now, it is essentially a service economy, and our standard of living will decline to reflect that shift. It is in the process now, but it looks like it will be a slow re-allocation of assetts and wealth from the US to the rest of the world.

but it looks like it will be a slow re-allocation of assetts and wealth from the US to the rest of the world.

you're exactly right. We've been running a national garage sale for about 30 years in lieu of having a functioning economy. If we don't manufacture more of what we use, we'll continue sinking until we're level with most of the world.

#2.7...Economies are not built on spending(consumption), but on manufacturing and savings.

They should be, if the goal is sufficiency and sustainability. The rules are changed if you want control. The process is so distorted to favor destructive economic tools. Follow the trail of the subsidized ventures, the rich get richer and the assett is bled dry, heck of a plan.

My happiest thought at these times is Local Harvest who will locate small farmers near you, by zip code. It's one great way to vote your dollars for neighbors and pass on feeding agribusiness.

Prophet, whoever said a house was an asset?

Anything with a monetary value is an asset, your home, your car, your 401(k), etc. Even though I have equity in my home I consider it a liability since I can't sell it and access that equity. Still, I'm in better shape than a lot of people that have no equity or even owe more than their homes are worth.

since when do homes produce anything, ie cash flow?

Typically, until recently, real estate has been a safe investment and has always appreciated.

I bet a laid off engineer, or factory worker in Detroit wouldn't think so....

where are you talking about? Certainly not Main Street America.

Just keep clicking those Ruby slippers Blinkin!

you guys need to remember that even in the worst of times there will be places that are flourishing

during the great depression hershey penn was growing and prosperous, because hershey was spending a huge amount of money keeping his employees busy and in the end he basically built the town into his company's amusement park

the town where i live is completely different than alot of the country i have no idea what a recession actually feels like and ive been through at least 4

You guys need to understand that bilkin lives in never never land, where Mr. Bush is always right, and children don't have to grow up.

You guys need to understand that bilkin lives in never never land, where Mr. Bush is always right, and children don't have to grow up.

That's not true. Actually, I have hidden my political views from you. However, I do believe that as a citizen of America, You have certain duties as a citizen.
The first and foremost duty a citizen of the United States is demonstrating commitment and loyalty to the democratic political community and state.
Sure, I argue against Anarchist, conspiracy theorists, communists and others who seek to undermine the legitimate workings of our government. That is my duty as a citizen.
Further, your personal attacks against me are a violation of Newsvine's COH, and have been reported as such. I suggest you read it.
If that is all you have to add to this discussion, then you really have nothing to add.. What you seem to be doing is trying to silence voices which present an alternate viewpoint.

I'm not a historian, But I believe supply side economics started when the rich invaded this country and set up Jamestown, Virginia as a colony to trade with the natives and exploit the natural resources of this country.

On the other hand, it could have been when the snake sold Eve an apple.

Darkwood, I believe the historical term used to again identify our economic policy is "Voodoo economics!" Look, in April the GDP was up, "Oh happy days!" Don't pay any attention to the puppeteer behind the curtain, the sudden and drastic downfall of the GDP after May is only a minor set back. This time next year, we should be good, again! Please remember, in his own words, "I have made great decision before and I have made great decision in the future!" GW Bush. How can you argue with that kind of logic?

"Liberal media"? Are you joking? Are you a Rush Ditto head? Seriosuly, the media is neither liberal nor conservative, neither by a long shot. the media is a propaganda mothpeice for the elite, nothing more, nothing less.

The books for the library of George W. Bush would only be, Curious George goes to Washington and Curious George flies a kite. More books than that would be a waste of space.

What about all of the books he hasn't finished coloring?

You mean the WMD books that he thought were printed in Iraq? I don't know, I guess we could include those too. Perhaps the "how to build a 'Newclear' bomb" from Iran would be good, as well.

Artsgal,
If the FED printed enough money to send everyone a check for 1 billion dollars, it would be equivalent to sending a check for 10 dollars. Every dollar they print costs us (Americans) interest and money. We actually borrow the money from the Federal Reserve, which don't be confused by the name of the business, they are no more Federal than I am. In borrowing the money from the Fed Reserve the U.S. pays interest on that money and that is why the government has to be cautious about how much it prints. Every time "new" money is printed and brought into circulation it devalues the current money. Most of the printed money is used to exchange worn out money, which is incinerated, but we are still paying interest on that money and the newly printed money. Just a FYI

artsgal, that's exactly what the Fed is doing, except that the billions they are printing are being given to the Banks, Investment Banks, and Wall Street. We get the rising prices, ie inlfation, as a result of the massive money printing.

Is there a cure for cranial rectal inversion? If there is then there may be hope fer dubya.

Points 1, 2, and 3 are all correct - the president says that the economy is all great and good - what is the real message?

Yeah, I bet he brings "a tear to their eye" everytime he opens his mouth. I sure hope he keeps his shoes clean, I would hate to think of a dirty shoe keeping his mouth open.

Tell me how Romney was the answer to our econimc woes. Seriously.

Actual experience in successfully running businesses.
Something the chosen one nor McCain could post on the resume.
But then again there isn't much of anything the chosen one can post
on the resume. Romney didn't amass his millions running a hot dog stand.

nor did he do it in the real world either. do you think more govt or less govt is the answer?

Less gov obviously. But what do I know. I run a hot dog stand.

Do you really? i was honestly thinking of that myself. no joke. Less govt is the answer, but we are not headed in that direction.

Actual experience in successfully running businesses.

You do understand that the total point of running a successful business is to take money from the many (customers) and give it to the few or one (company owner), don't you? So please explain to the class how that has ANY bearing on being President or "fixing" the economy?

Congratulations! You've obviously joined the class of Obama's just don't get it!
It's called economy 101. I hope your class has equal opportunity to view the real world.
Good Luck, We're all counting on you. Sincerely, Robin Hood.

have seen edgame. Alex jones is a sensationalist, a fear mongerer. i'm pretty sure he is an insider put there to steer people away from truth and into fear and confusion.