AP: "It's official: US is in recession"
WASHINGTON (AP) -- The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday. . . .50 days and counting...
The White House commented on the news that a second downturn has officially begun on President George W. Bush's watch without ever actually using the word "recession," a term the president and his aides have repeatedly avoided. . . .
Many economists believe the current downturn will last well into 2009, and will be the most severe slump since the 1981-82 recession. The country is being battered by the most severe financial crisis since the 1930s as banks struggle to deal with billions of dollars in loan losses.
"I'm sorry it's happening, of course," Bush said, referring to a global financial crisis that has eliminated millions of jobs and damaged retirement accounts.
4 comments:
They also had some earth-shattering news about the existence of Santa Claus...
Did Bush say, "I'm sorry it's happening, of course"?
The amazing thing is that the assholes in the White House still won't use the "R" word.
Now, it's the "D" word. As in "Depression."
Half a million job losses in November. Worst numbers in 34 years. They say the real unemployment number is around 13%, which may shortly go up to 20%
Barney Frank had a pretty good line today. The press has been hounding Obama for answers on all this stuff and Obama said "We can't have 2 presidents at the same time." Barney quipped, "Obama overestimates the number of presidents we have. Right now we have none."
Yeah, the unemployment numbers that came out today are staggering. Half a million - incredible.
That's a great line by Frank. Hilarious and painful at the same time.
It amazes me what a non-entity Bush has been since the economic crisis began in September. The man has to be one of the worst leaders of our or any other country in along, long time. In fact, I don't think I should even out "leader" and Bush in the same sentence - they're that far apart.
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