Comments on: On the Bunning Crazy Train Today…

By: Jake

Jake — Wed, 27 Feb 2008 14:30:45 +0000

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.

By: Cyberhillbilly

Cyberhillbilly — Wed, 27 Feb 2008 14:23:59 +0000

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.

By: Steve Coomes

Steve Coomes — Wed, 27 Feb 2008 10:58:25 +0000

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.

By: Cyberhillbilly

Cyberhillbilly — Wed, 27 Feb 2008 04:03:36 +0000

Jake:

A majority of economists agree with him:

http://www.usatoday.com/money/economy/2008-02-25-eocnomists-survey_N.htm

By: Tony

Tony — Wed, 27 Feb 2008 02:06:37 +0000

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.