Each and every day we read or hear something new from our favorite News sources about how the economy isn’t doing so great. In fact we are either in a recession or about to go into a recession or something.
I’m here to tell you, people
WE ARE IN A RECESSION AND HAVE BEEN FOR HALF A YEAR NOW!
I hope that was loud enough to hear in the room next to your computer, because it cannot be said loudly enough until EVERYONE gets with the program and really understands what 7 plus years of “Neo-Con-tax-middle-class-into-oblivion-while-sending-jobs-overseas-so-corporations-can-profit” economic genius has produced.
The trickle down theory is working! Only the liquid trickling down your leg is from a Neo-Con 1%’er pissing on you once again. Well, at least it is working for the 1% of the richest Americans, anyway.
Check this out.
From CNNMoney:
Wall Street slumps, with the Dow down over 200 points on spiking crude prices, a weaker dollar and a rise in the unemployment rate.
Stocks tanked Friday morning after a surprisingly weak jobs report and a 5% spike in oil prices revived fears that the economy is in a recession or heading into one.
The Dow Jones industrial average (INDU) lost mote than 220 points in the first hour of trade, a decline of 1.8%. The broader Standard & Poor’s 500 (SPX) index lost 1.4%, as did the Nasdaq composite (COMP).
Stocks spiked Thursday on a surprise dip in weekly jobless claims, stronger-than-expected May retail sales and a merger in the telecom sector. But the advance was short lived as Friday’s barrage of discouraging economic news and spiking oil prices brought out the sellers.
The unemployment spiked to 5.5% in May from 5% in April, the government said, in the biggest jump since 1986. Economists surveyed by Briefing.com thought unemployment would rise marginally to 5.1%
“The jump in the unemployment rate really caught people by surprise,” said Stuart Hoffman, chief economist at PNC Financial Services Group. He said the report makes it clear that at least for so-called Main Street and the labor market, “we are in a recession, regardless of how we economists define it.”
So, here we are at the end of Bush’s term in office and the house of cards that he and his cronies built is crashing down just a bit earlier than they had hoped for. They were all pulling for a meltdown sometime around, OH, January, 2009.
The people of the USA have finally figured out the game of Three Card Monte that BushCo has been dealing to us is a game only the White house can be expected to win.
What does Bush and his Merry Band of Thieves and Pillagers do? The usual! They spin like tops with the old tried and not-so-true Wingnut talking points to say the “FUNDAMENTALS ARE STILL STRONG” and all that Bull Shit.
I have some news for you Neo-Con Accounting Guru’s. The damned fundimentals are NOT strong. The highest Unemployment jump over a one-month period in 22 years DOES NOT a strong fundimental make.
WE ARE IN A RECESSION AND ITS GOING TO GET WORSE BEFORE IT GETS BETTER!
I’ll leave you with this little fact from today’s Dow meltdown to consider.
Stock declines were broad based, with 29 out of 30 Dow issues falling. The lone gainer was Chevron, which rose on the oil spike. The Dow’s other oil stock, Exxon Mobil, was barely changed.
Those oil companies seem to be weathering the storm pretty well, wouldn’t you say Dick “Halliburton” Cheney?
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x-posted at EENRblog
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We are SO screwed right now. The next President had better be a miracle worker, because a mere mortal is going to have some serious issues to deal with here.
I often wonder if the plundering of our Nation was two-fold.
One: make more money for the 1% that rules America.
Two: Ensure that the likely Democratic President has such a mess to clean up starting in 2009 that they will be blamed for the entire woe’s of the country and another Neo-Con will be back in the White House in 2013.
will never work, the grasp of the ultra-rich will never let anything slip through. I’ve made this point since reading early 20th century history. What people need to pay attention to is the role of the Supreme Court in all this. When the Court is so adamantly pro-business and anti-people there is no relief. We have openly partisan justices that sailed through confirmation even while telling the Senate exactly what their biases were. Good grief, Alito even said he would love to overturn Griswold which upheld the right of married people to have access to birth control.
Who could have EVER foreseen any of this?????? < heavy snark >
Where can one demand the contents of Cheneys secret energy hearings? This is without a doubt the biggest fuck job ever laid on the American people AND the rest of the planet.
IMPEACH-NOW!
as to your point two, Jesus H Christ would have trouble lookin’ good trying to clean up this mess. Hate to admit it but they really got to me today.
Oil over $138/gallon. Local diesel at $5.099/gallon. Dow Jones DOWN almost 400 points today. Unemployment sky rocketing. Foreclosures sky rocketing. First mortgages that are late or overdue sky rocketing. Cost of Iraq sky rocketing. Credit card debt in the stratosphere. In other words, forget what economic word you apply to this, a great many US people are economically f*cked or will be shortly.
This isn’t the result just of the rethuglican tax cuts for the rich, it’s the f*cking war, the out sourcing, the privatizing, the bs mortgages, financial hanky panky, lack of regulation. The list goes on and on. All of the items in the list are things that contribute to taking your assets and giving them to corporations so their shareholders benefit.
Let’s face it. The rethuglicans believe in plundering the US. And They really want to re-distribute wealth. They want the richest 1% to have even more of the pie than they have now. And their plan is simply to take it from everybody else. They take it either directly or indirectly. But you end up with an empty wallet. It’s simply a gigantic reverse Robin Hood.
Funny that there aren’t millions in the streets…
…and call again for drilling in the artic:
Surprisingly, bush failed to mention that it was in part his “don’t tax, but spend like a drunken sailor” and his refusal to develop alternative energy sources, etc that are the crazy policies that are responsible for the current dismal state of the economy.