April 30, 2008

Still No Recession

From my cousin Steve I got the link to this article.

The government reported Wednesday that the U.S. economy grew at a rate of 0.6% in the first quarter of 2008, which was basically in line with expectations on Wall Street.

While GDP growth of 0.6% reflects sluggish activity in the U.S. economy as it muddles through a slowdown in the national housing market and a credit crunch on Wall Street, it also suggests that the nation did avoid recession in the first three months of the year, when many investors were predicting that a recession was underway.

Now let me explain to those of you who know nothing about economics (that would be TDO and any other liberals who stop by) that a recession is defined as two quarters of negative growth in GDP. For the economically illiterate, GDP stands for Gross Domestic Product which is the total amount of goods and services produced by this country. Currently it is about $14.2 trillion.

In the 4th quarter of last year GDP grew by an anemic .2 percent. In the 1st quarter of this year GDP grew by an anemic .6 percent. This means that we are still not in a recession, as much as the LSM amd those suffering from BDS would like us to believe. We are in an economic slowdown. Not a recession.

When you look what has been thrown at our economy, the double whammy of the burst of the housing bubble and the rise in gas prices, (Thanks Nancy and Harry for not allowing us to drill in ANWR and off the coast), it's amazing that we are not in a recession. This just shows how resilient our economy is.

I still think the tax rebates are a waste of money and are not needed, especially since SRF©s like me don't get a rebate. Instead, they're gonna give them to people who don't even pay taxes. Hello lottery tickets, cigarettes, and booze. The nice thing about lottery tickets is that they are a tax on the stupid. A nice irony is that we use the Georgia Lottery to pay for education. Stupid poor people pay to put smart middle class people through college. How neat is that?


Posted by denny at April 30, 2008 02:34 PM  
Comments

Indeed!

you know money talk always turns me on, specially out of the mouth of a hot snotty rich fuck. you are the man.

and quit dogging us lucky sons of bitches that don't pay taxes. i freely tell everyone i know that they are going to take away my republican id card since i don't pay shit. finally deadbeat+divorce=big money, all is right with the world. HOH is just the bomb, my friend. add in the fact that i live in texas, state income tax free, and life just isn't so bad. God has blessed America. I wish you could see it that way.

so Hellooooooo lottery tix (stocks, in my case), cigarettes and booze!! It's a wonderful life!!

Posted by: supergurl on April 30, 2008 04:53 PM

oh, and forgot....

"i'm gonna get me a big screen tv"

heard that at walmart. it's like the prisoners rising up getting ready to storm the bastille. you know i don't agree with the stimulus package. it's flds style conservative molestation, no matter how you slice it. it's sick!

Posted by: supergurl on April 30, 2008 05:04 PM

I agree that this stimulus package is a complete waste of money. Remember, though, that the government is in the business of wasting money, so this additional waste shouldn't be a surprise to anyone. I can't change this bomb of a bill, so I will let them waste some money on me directly, and not send it through the vast channels of agencies designed to screw the public. My mortgage company thanks the federal government for providing 2 extra payments this year. I figure the extra money going towards the principle will save me about $7500 in interest over the next 25 years. Works for me.

Posted by: John C on April 30, 2008 06:42 PM

Money? Someone gets money from the government? Well, even when I was flat broke and supporting 3 people on $500 a month I couldn't get help from the government so it can't be me...

As for the economy, that's some news you don't hear much, even in the WSJ (which is definitely a liberally biased paper except for the op-ed pages I don't know why people seem to think it's conservative... they are as dour and depressed as any other newspaper out there - heh)

Posted by: Teresa of Technicalities on April 30, 2008 09:33 PM

Anyone remember when the big problems of the moment were the homeless and the unemployed? We all said to give the jobs of building homes for the homeless to the unemployed and build them on government owned land with lumber that was being sold cheaply to Japan? A few people would laugh and say, "That's too much common sense for our government!". It's not isolationism to try to fix your home problems more than trying to fix the world's. I sadly shake my head at the hundreds of billions of our tax dollars wasted in trying to buy peace and prosperity for all the other countries of the world. Does any one of them appreciate our history of giving aid wherever we are focused on at that moment? I wonder.

Posted by: Alfred on April 30, 2008 09:40 PM

“Economic growth has almost come to a complete halt: “The bruised economy limped through the first quarter, growing at just a 0.6 percent pace as housing and credit problems forced people and businesses alike to hunker down.”

That actually requires you to believe the Commerce Department figures, which has a demonstrated bad habit of recalculating their numbers a few days later (usually, late on Friday; usually, adjusted to the negative) rather than do a solid job of calculating them the first time.

Any of you "people and businesses alike" finding yourself "hunkering down" a bit? I know I am; you can probably gain a clue from the economy of my postings. Indeed, their postings neglected to mention food and/or fuel impacts.

McCain 08. Get Used To It.

Posted by: DanS. on April 30, 2008 11:06 PM

DanS - I just pulled my net worth. It's the highest it's ever been. God! I love capitalism! I guess it's from oppressing all of the masses. I'm not hunkering down a bit. Hell. I just bought a new car. I wanted to get a 2008 BMW 325i, but I couldn't afford it (Gonna put in a new master bath later this year. Maybe I am hunkering down a bit.) so I bought a 2005 for half the price.

The lack of a recession is good news for McRINO since if there is a recession, the party in power usually loses the presidency. Looks like he might not have to worry about it since the Dimocrat Party is committing suicide right in front of our eyes. Best. Campaign. Ever.

If McRINO wins, Teresa (TDO) will prolly turn into a full scale alcoholic or will have to check into the funny farm.

Posted by: Denny on May 1, 2008 12:05 AM

The tax rebates coming to this household have already been assigned to various "Feed The Poor" organizations 'Round the World that have been throughly vetted to insure that 95% of the funds go to food for the throughly-hungry.

Den, one day I want to sit down with you and get to brass-tacks about something: the visible-versus-the invisible economies of this existence we call life.

50,000 of your Readers can call me a fool and all the other names I am exposed to, but a belly far away, fueled by donations from this house, have caused prayers to be answered.

Truly: I would extend to you an invitation to a one-on-one meeting in a place of your choice at a time of your choosing to lay out for your approbation the simple idea that there might be an economy at work that you may not be aware of.

I say this in light of nothing other than what I've always said:

Your value is in that you have a Voice and you Post each day.

Should I have my people and businesses alike contact your people and businesses alike? If so, you have my email-info. I'm hesitant to post my phone, mail, and the like here. I understand you are in Dunwoody; I'm over to Lilburn. Perhaps meet in Northlake or Tucker? I will be in the Buckhead area on 20 May for yet another surgery; maybe then?

Posted by: DanS. on May 1, 2008 12:20 AM

Very funny Denny. I don't want Dubya's last ditch effort check. To bad so sad that you are not getting one. It must suck to be rich. I have to claim it as earned income credit next year so wtf is your gripe?

Posted by: Teresa on May 1, 2008 01:00 AM

Well ... our stimulus check went to stimulate our local government. It covered part of the property taxes!

Posted by: Peggy U on May 1, 2008 01:40 AM

1:00 am ramblings that maybe only DanS can follow:

Recession is just a term. very inflamatory and subjective. There is no doubt that the increase in fuel prices is like a "phantom tax" on many. ditto with the food prices. It is sad. The government though is much more part of the problem then the solution. they reduced interest rates. great. tax rebates. whatever. turning corn into gas, not drilling in ANWR, not fast tracking nuclear plants are all just stupid.

talked to a realtor friend of mine who is having his best year ever (wtf?) roofers around here are going gang busters. The parking lots at the mall, chili's, and bars are still full. so a lot of people are doing ok.

Posted by: patrick on May 1, 2008 02:17 AM

(Sigh)

Have it as you will.

I just got off an hour of phone-conversation with one who is still as optomistic as I was no more than 5 years ago.

Posted by: DanS. on May 1, 2008 02:42 AM

Denny, for that sit down meeting with DanS, tin foil hat is optional just so you know.

Posted by: Ray on May 1, 2008 07:53 AM

Is DanS, a movie CIA agent? Everything he says is always so mysterious, solemnel, death-and-life, cloak-and-dagger situation. I'm just curious...

Posted by: Claudia in Toronto on May 1, 2008 08:49 AM

Supergurl you intrigue me. Are you Shirtless Gurl from the Bob and Tom show? Do you ride to work on the Hooter Scooter?

/just wonderin'

Posted by: KentuckyJoe on May 1, 2008 09:13 AM

"Very funny Denny. I don't want [President Bush's] last ditch effort check. To bad so sad that you are not getting one. It must suck to be rich. I have to claim it as earned income credit next year so wtf is your gripe?"

His gripe is that it is HIS money they are giving to OTHER people as a rebate. In other words, the people that paid the most into the system are not getting it back.
An analogy:
10 people are in line to buy ice cream. It is supposed to cost $1 but due to an incompetent cashier, everyone is charged $2. Well, it turns out the first 8 people in line cannot afford the ice cream. So the last 2 people in line decide, "Hey, we'll cover for you guys."
As everyone is happily eating their ice cream, the manager comes out and informs them of the mistake and hands out refunds to the 8 people who didn't pay the full amount anyway. When the other 2 people ask where their refund is, the manager tells them if they can afford to cover the other 8, they don't need a refund. So, even though it was the 2 people who basically paid for everything in the first place, they get nothing, while the other 8 people not only get ice cream they didn't pay for, they get money back on ice cream they didn't pay for.
Welcome to liberal economics.

Posted by: Jim on May 1, 2008 10:18 AM

Ohmigod. If the GDP is $14.2 dollars, I think I just spent it all on lunch!

Posted by: steve on May 1, 2008 10:29 AM

But, but DENNY, Rodent and Hussein say we are in a recession!
Some portions of the economy are in a serious slow down. Its the four year itch. Dem candidates start clamoring recession and folks tighten their belts a notch. In this region, the advertising industry is having adjustments. I know several sign shops that are not getting business because their clients are cutting back for fear of a recession.
Talk about a self fulfilling prophecy! The dems did it in 1992, almost pulled it of in 2004, and are hard at it again. They need a poor economy to thrive, and their dollar masters will do what ever it takes to get them elected, no matter how much it hurts them. They know they will get it back after the election in the form of pork.
Had one local group in 2004 who spent like crazy to get kerry elected, going into debt on the premiss that they would get it back after the elections. They still owe me arround $8,000 in back rents and damages from their fiasco.

Posted by: Jeremy on May 1, 2008 10:46 AM

TDO & DanS.....

You both will be sorry to read that this year my Business is now well ahead of last year "my # 2 year" & slightly ahead of 2 years back "my number 1 year"....It is great to be an evil Republican Capitalist, I am hoping John McCain turns out as well as GWB.

DanS a movie CIA agent?....BWAHAHAHAHAHA! Good one Claudia, very Good one!.....In reality DanS &TDO are more like Boris & Natasha.

Posted by: dudley1 on May 1, 2008 11:21 AM

Dudley, I'm right there with you partner. I opened my Vet clinic in November of 2000 and have grown exponentially since then. First three years had 75-100% growth (new business, that's to be expected), last year grew 22% and so far this year, I'm up 18% from the same time last year. I wouldn't be able to get all the work done if the economy wasn't doing this poorly? :)

Posted by: Ray on May 1, 2008 11:53 AM

Steve - Fixed it. Thanks!

Teresa (TDO) (AKA the Nebraska Nitwit) - Maybe if you weren't dumber than a box of rocks (Which you demonstrate here every time you comment) and didn't have more kids than you could afford you wouldn't get the EITC. My gripe is that this "rebate" is going to people who do not pay any taxes! Only in the mind of a liberal could giving people money who don't pay taxes be called a "tax rebate".

You really are stuck on stupid aren't you? I'm sorry about your son's hearing problem, but he was a volunteer. No one forced him to join the military. Thank him for me for his service. It is greatly appreciated. Too bad his mother is a dingbat.

DanS - For this sit down are you hoping for me to educate you or vice versa? I'm heading off for another road trip next week and I'm not sure if I'll be back May 20th. I have to check the dates with my sister.

Posted by: Denny on May 1, 2008 12:41 PM

Jim, excellent job of explaining how the Earned Income Credit works.

I saw someone recently write that the Economic Stimulus checks should all be sent to teenagers. That's the only way to be certain they'll all be spent immediately. Personally, I believe the government should stay out of it and let the economic cycle ride by itself. They're bound to only screw things up even more.

As for the alleged recession, I believe that the media is trying to talk us into one by repeatedly telling people how bad things are. My steel mill is running well above our budget, and there is no end to it in sight. I credit Bush for actually trying to devaluate the US dollar. It's keeping foreign steel out of our country.

Like Denny, I intend to buy a new car this year. It's a buyers market out there. Plus, it gives me a way to waste my Economic Stimulus check.

Posted by: Steve (the other Steve) on May 1, 2008 06:33 PM

I really don't understand TDO Teresa. I thought she was griping all the time because her son had been forced to go to Iraq. Now I'm learning that he volunteered. Good for him! But she certainly didn't help much by putting the war down 2-3 times a week.

I remember my mother when my brother was overseas in WW2.He had volunteered and she was all for him. Every night, the whole family, we talked about him. We didn't have much news. Now and again, we would receive a slim blue airmail letter from him. We would read it, and read it, and read it. My mother never swore but she would raise a fist in the air and she would say, "On va la gagner la maudite guerre." "We'll win this damn bloody war." She was on the battlefield with him. It was "her" war. She didn't like it. But for her, it had to be fought and it had to be won. Her son was risking his life for this.

Posted by: Claudia in Toronto on May 1, 2008 06:38 PM

Claudia - Yep! We have an all volunteer army. Of course, the Nebraska Nitwit claims that since the recruiters were at the high school they somehow brainwashed her son into enlisting. She really lives in some sort of alternate reality.

Posted by: Denny on May 1, 2008 07:11 PM

I don't know, Denny. Those 2008 325i's are SA-WEET. Maybe you should buy one too...

Posted by: Marksman2000 on May 1, 2008 10:20 PM

Marksman2000 - I know. I drove one the last time I had some work done on my Z3. I positively drooled.

Posted by: Denny on May 1, 2008 10:38 PM

Denny I missed it last night...but you said you were richer that ever, and then DanS asked you to a "LunchDate" Watch out big Guy!!!!

O' and I fell over on the Boris and Natasha...and this coming from Dudley1 (DoRight)

You know Dudley1 I love ya', and could not resist that one!!!!!!

Posted by: ty guy on May 2, 2008 03:34 AM

Ty Guy......
My blog handle of Dudley1 was derived from my radio handle of Dudley Doright when I was a Deputy State Conservation Officer "Crick Dick /Bunny Cop". All of us had handles & there was both Boris & Natasha in the crew. We had a ton of fun back in them days before institutional bureaucrats took over administration.

Posted by: dudley1 on May 2, 2008 08:36 AM

Phoney, phoney, phoney-phoney.

I have no other words to describe how you are or how you come-across:

except 'wannabe'

Posted by: DanS. on May 3, 2008 04:17 AM

DanS....

Now you have degenerated from senseless commentary to "Who the hell are you posting about"?

Posted by: dudley1 on May 3, 2008 08:34 AM

DanS is ranting 'bout Teresa TDO I am sure
But since he did not state who for sure, can we even guess he knows which bolg he is on..

I am not sure he knows what Meds he is on!!!

Posted by: ty guy on May 4, 2008 12:51 AM

dudley1-
You're in my thoughts and prayers, man...

CD

Posted by: CharlieDelta on May 7, 2008 12:53 AM

Poor TDO-She's claiming an 'Earned Income Credit' next year? So do welfare recipients. TDO, must have went to H&R Block this year... I know that she didn't spend hours pouring over the tax code to find that one. Hey TDO, if you had half a brain cell you wouldn't blame the rich and want to penalize their successes, by taxing them out of biz. Where do you think the revenues come from anyways?

Posted by: LisaKay on May 7, 2008 07:13 AM
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