Who Knew?!?!?

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. . . .

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.

50 days and counting...

News and No News

Glenn Greenwald at Salon on the "Surge" you haven't heard about, and why:

Is there any distinction between what a "reporter" does and what a "pundit" does covering this campaign? There doesn't seem to be any.

As but one example, consider this new daily tracking poll today from Rasumussen Reports. At least according to this poll, it is true that there has been one candidate who has been genuinely surging in the last week or two among Democratic voters nationally -- John Edwards:

Edwards -- who, just one week ago, was 10 points behind Obama nationally among Democrats -- is now only two points behind him. Less than a month ago, he trailed Clinton by 29 points. Now it's 13 points. He is, by far, at his high point of support nationwide.

Yet to listen to media reports, Edwards doesn't even exist. His campaign is dead. He has no chance. They hate Edwards, hate his message, and thus rendered him invisible long ago, only now to declare him dead -- after he came in second place in the first caucus of the campaign.

There are certainly horse-race counterarguments to all of this. This is only one poll. Obama is ahead in New Hampshire, where his support has increased, etc. etc.

But I'm not focusing on the accuracy of horse-race predictions here, but instead, on the fact that the traveling press corps endlessly imposes its own narrative on the election, thereby completely excluding from all coverage plainly credible candidates they dislike (such as Edwards) while breathlessly touting the prospects of the candidates of whom they are enamored. Their predictions (i.e., preferences and love affairs) so plainly drive their press coverage -- the candidates they love are lauded as likely winners while the ones they hate are ignored or depicted as collapsing -- which in turn influences the election in the direction they want, making their predictions become self-fulfilling prophecies.

It's just all a completely inappropriate role for political reporters to play, yet it composes virtually the entirety of their election coverage.

And now for a newsflash from across the pond . . .

BBC: Recession in the US 'has arrived'
Times (London): Merrill calls US recession
Daily Telegraph: US recession is already here, warns Merrill
Scotsman: Banking giant warns US economy in recession

Meanwhile, back at the ranch . . .

New York Times: Bush Admits Economy Faces Challenges

“We cannot take growth for granted,” Mr. Bush said in a speech to a group of business leaders in which he acknowledged that “recent economic indicators have become increasingly mixed.”

On top of it all, the beloved Golden Globe Awards show has been canceled because of some scruffy, sushi-eating, latte-drinking, left-wing, pinko writers out on strike.

(In my book, anyone who can get an awards show canceled should be considered a HERO!)

But don't despair, Jon Stewart and Stephen Colbert have returned.