It is always good to see positive rather than negative numbers but it does help to know where the numbers come from. That growth you banner in 6 point type came at the expense of a strangled, weak dollar which helped contribute to the exports. It also came at the expense of much higher Energy and Food prices across the board.
So while the aggregate numbers are still positive, how anyone celebrates "we are not in a recession-period" based on that aggregate being buoyed by sky high food and gas prices is beyond me.
Basically you are saying "If it was not for 250% inflation of gas prices and 120% inflation of food prices over the past eight years we would be in a recession".
So those that do claim to be economists [but don't claim to be politicians or Neocons] know that there is more than one definition of recession. Seems only those 28% still trying to defend Bushie still cling to that singular view of the economy. But hey, if it makes folks feel better to say we are NOT in a recession, so be it.
You say "...that number comes at the expense of a strangled, weak dollar ... and much higher Energy and Food prices across the board..." I say it came in spite of them, which just goes to show how strong and dynamic our economy really is.
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The quote is a contortion at best and is a distortion of the facts.
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Small-sized businesses, those with fewer than 50 workers, added 55,000 jobs in March. Large businesses, on the other hand, cut 52,000 jobs.
The increase in small business jobs is not surprising, according to Molly Brogan, a spokeswoman for the National Small Business Association.
"When you're looking at an economic downturn, starting your own business becomes a more viable option," she said.
Brogan thinks a "large chunk" of the 55,000 jobs added in the small-business segment came from workers exiting large businesses. Moreover, the survey counts business operated by individuals as small businesses, which could also account for the large increase.
So the Fed cuts rates, and why you thinks it's good? You know damn well it is bad for Joe Citizen but good for big businesses. Not everyone has investments like you, Jay. I bet 65% of the people rely on the passport savings still, if they have any savings at all. Oh shit, you are going to blame people who can hardly make ends meet not saving enough too? Go fuck yourself.
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In keeping with the spirit of the title of this thread, here is more good news for Jay............
Three Chinese institutions were among the world's top four banks at the end of 2007 at a time when the market capitalisation of Western banks was suffering from a global financial crisis, a study showed Wednesday.
The number one spot in the rankings, compiled by the Boston Consulting Group, was occupied by the Industrial and Commercial Bank of China, with market capitalisation of nearly 340 billion dollars (218 billion euros).
In second place was China Construction Bank, followed by HSBC of Britain, Bank of China, Bank of America and Citigroup of the United States.
The study found that banks in North America and Western Europe had suffered a loss of 695 billion dollars in market capitalisation at the end of 2007 while their counterparts in emerging market countries Brazil, Russia, China and India had seen their market capitalisation increase by 753 billion dollars.
Citigroup Increases Stock Offering to $4.5 Billion
April 30 (Bloomberg) -- Citigroup Inc., under pressure to bolster capital depleted by mounting losses, sold $4.5 billion of stock, 50 percent more than it planned.
Citigroup fell 4 percent in New York trading after the biggest U.S. bank said in a statement that it priced 178.1 million shares at $25.27 each, a discount to yesterday's closing price of $26.32. The sale represents about 3 percent of the bank's shares outstanding as of March 31.
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"France has neither winter nor summer nor morals. Apart from these drawbacks it is a fine country. France has usually been governed by prostitutes." ---Mark Twain
The flight of capital is just another example of how America got screwed by "free trade", which chases jobs to the cheapest source - China and India. It is destroying the middle class in America. It is championed mostly by the GOP. Leftists are calling it on the carpet. And you know what - the middle Amerian worker is increasingly embracing that "leftist" position. Why have populist dems won special elections in traditionally conservative GOP districts recently? Denny Hastert's district, Tom Delay's district, hell, going to the Dems. Why?
Its not ideaology. its family, providing a living lifestyle for a family. The middle American worker/family is abdanoning the GOP because the GOP has another
agenda. And they ain't foolin middle America anymore. In a surprising reversal, the Democratic Party is now the party of "family" in America, based on economics, instead of religious bullshit. Wonder why the growing shift in red/blue America? Because the left is offering real-world solutions. McCain offers "tax credits" to alleviate the healthcare crisis. Hell, most of the people without health insurance are too poor to pay taxes. The Left is hammering the "free traders" for the disaster they have created. The Left sees the disaster that is Iraq. The Left sees the disaster of our so-called "energy policy" of simply trying to drill more and more holes.
Will the Dems deliver? Who knows. It will all depend on whether they can get the whole ball of wax come November. But they are at least talking to middle America. The GOP is talking past middle America. Which is why they are about to get the biggest ass kicking they've ever had. Jayhawk talks about "recession" like it is some nice round number that applies to everyone. The real truth is the middle class in this country has been in recession for a long time. The real "growth" in this economy for the last seven years has been going to the rich and the very rich. The middle class has seen it's income, it's savings and its standard of living in decline while it's costs continual go up. There is a revolution coming.
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During times of universal deceit, telling the truth becomes a revolutionary act.
-George Orwell
Last edited by FeelTheLove : 05-01-2008 at 06:36 AM.
You say "...that number comes at the expense of a strangled, weak dollar ... and much higher Energy and Food prices across the board..." I say it came in spite of them, which just goes to show how strong and dynamic our economy really is.
I think you misunderstand.
The weak dollar allows exports to grow as US products can sell better in foreign markets. That is good for companies that EXPORT, bad for everyone that IMPORTS. Since we run a consistent Trade Deficit you can see that it hurts more people than it helps BUT in the case of Q1 sales, folks like Boeing and IBM did well as they moved product with the help of the weak dollar.
The Higher Energy and Food costs boosted the economy by shear rise in prices, churning more revenue, hence more profits for folks like Kraft and Exxon and the chain that drives them. So it is not "in spite" of them but because of them that those sectors were green instead of red. Again, good for Exxon and Kraft but bad for the 300 Million that are not stockholders or management and just have to pay 250% inflation in Energy prices.
The real "growth" in this economy for the last seven years has been going to the rich and the very rich. The middle class has seen it's income, it's savings and its standard of living in decline while it's costs continual go up. There is a revolution coming.
I agree. Jaybirdshit4brain is part of those who sells out our middle class. Look at the profit Exxon makes when we are paying almost $4 for gas. If it is not greed, what is it?
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