Jim Bunning doubts there will be a recession. Seriously. We take back the semi-nice things we said about his crazy ass earlier. Cause, uh, let’s get real here: we’re in a damn recession.
Rates are being by the Fed every five seconds and everyone we know has lost their McMansion. Everything under the sun is 100% more expensive than it was a year ago. No one has a sweet job anymore.
Hello, inflation like woah. Hello, recession. We have it. Right now.
5 responses so far ↓
1 Tony // Feb 26, 2008 at 9:06 pm
I agree we are not in a recession. A period of smaller growth, as we are in now, does not equal a recession. We are still growing, not contracting which is what a recession is.
2 Cyberhillbilly // Feb 26, 2008 at 11:03 pm
Jake:
A majority of economists agree with him:
http://www.usatoday.com/money/economy/2008-02-25-eocnomists-survey_N.htm
3 Steve Coomes // Feb 27, 2008 at 5:58 am
I don’t think we’re in a recession–yet–either. Fed’s fiddling with interest rates is designed to spur borrowing for growth, but it’s also designed to cool inflation, which we’re seeing for sure. But as Tony correctly pointed out, we’re not receding right now; growth is flat to barely positive in most sectors. The train wreck in the housing sector is important, but it’s still a tiny percentage of our total market, valued recently at $100 trillion!
But is that reason to be optimistic? Not really. I’m not terribly pumped about the economy. Long-term looks at commodities prices tell me (sage observer that I’m not) prices only are going to go higher in key categories consumers wont’ like, but have to purchase (food and gas, in particular).
Let’s check back with Bunning in six months. He may be singing a different tune.
4 Cyberhillbilly // Feb 27, 2008 at 9:23 am
BTW, we should be mindful of Bunning’s need to “spin” the economy in a positive light. The last thing we want is 535 doom and gloom members of Congress saying the sky is falling. If that happens, the sky most certainly will.
5 Jake // Feb 27, 2008 at 9:30 am
A SLIM majority. And those were only the folks who were polled. Doesn’t take an economist to recognize that our economy has essentially be fucked for the better part of a decade.
Always interesting to me when conservatives freak out when people talk about what’s really happening with the economy.
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