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Bush denies U.S. economy in recession


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NEW ORLEANS, Louisiana (CNN) -- President Bush denied Tuesday that the United States' economy is in recession, calling it instead a "slowdown."

He pointed out that the economy grew in the last quarter of 2007 and that figures are not yet in for the first quarter of 2008. A common rule of thumb says a recession is two consecutive quarters of the gross domestic product shrinking.

But in the United States, an official declaration of a recession is made - often after a recovery has already begun - by a committee from the National Bureau of Economic Research, a private organization.

It defines a recession as "a significant decline in economic activity" over a period of a several months, and takes into account the depth of the decline, not just the duration, according to the NBER's Web site. It also uses a broad array of indicators in addition to the GDP, it says.

The United States has not been in recession since 2001, but many economists expect a recession this year. Some economists have said the United States is already experiencing one, and surveys suggest much of the public agrees.
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35 responses // Bush denies U.S. economy in recession

  • You know, every time you think maybe people are making too big a deal about Bush and his antics... Captain Oblivious steps forward (or there is a new corruption story) and proves otherwise.
    jpfdeuce
  • Ya right BUSH tell us another joke you want us to suck down on all fours.

    You are have lied to place us into an economic situation so as to grease the wheels of your daddy's unfinished administration thinking this would put you back into his good graces, and show him along the way that you could really do something you set out to do.

    Damn you screwed the pooch on this one to Georgie boy and you have almost destroyed the economy of this country and you still do not realize that we have not gotten the one responsible for the act of terrorism that caused 911 that George Bush's younger Brother played at part in.

    Marvin P. Bush, the president’s younger brother, was a principal in a company called Securacom that provided security for the World Trade Center, United Airlines, and Dulles International Airport. The company, Burns noted, was backed by KuwAm, a Kuwaiti-American investment firm on whose board Marvin Burns also served. [Utne]

    According to its present CEO, Barry McDaniel, the company had an ongoing contract to handle security at the World Trade Center "up to the day the buildings fell down."

    The company lists as government clients "the U.S. Army, U.S. Navy, U.S Air force, and the Department of Justice," in projects that "often require state-of-the-art security solutions for classified or high-risk government sites."

    Stratesec (Securacom) differs from other security companies which separate the function of consultant from that of service provider. The company defines itself as a "single-source" provider of "end-to-end" security services, including everything from diagnosis of existing systems to hiring subcontractors to installing video and electronic equipment. It also provides armored vehicles and security guards.

    The Dulles Internation contract is another matter. Dulles is regarded as "absolutely a sensitive airport," according to security consultant Wayne Black, head of a Florida-based security firm, due to its location, size, and the number of international carriers it serves.

    The airport were the planes took off that hit the twin towers.

    http://216.177.7.126/911security.html
    maltesetitan
  • We are already well into a recession. We are staring down the barrel of a hyperinflationary depression. Anyone interested in preserving any of your wealth and purchasing power should check out Peter Schiff. He is the author of Crashproof: How to Profit From the Coming Economic Collapse. In the meantime, here are a few of his weekly editorials.

    Bail Me Out Bennie
    http://www.financialsense.com/fsu/editorials/schiff/200...

    Viva la France - The Road to Hyperinflation
    http://www.financialsense.com/fsu/editorials/schiff/200...

    The Collapse of America's Service Economy
    http://www.financialsense.com/fsu/editorials/schiff/200...

    "During times of universal deceit, telling the truth becomes a revolutionary act." ~George Orwell
    Hawkmang
  • jpfdeuce,

    Here is another one that you will find very enlighting that BUSH has screwed up.

    This was when President Clinton was in office and the great work he did repairing the economy.

    Look at the damage BUSH did to it. And Bill Clinton to my understanding was not an accountant. But he did what other presidents for 25 years have not done and that doe not make any sense.

    Why is it other Presidents just spent money like kids in candy stores and not tried to save it.

    We can not do that and live. We would be on the street in no time.

    But only one President and his administration in 25 years lowers the deficit and works to save jobs and lower the unemployment rate, look at what this man did and he found time to do other things so to speak.

    And look now he is the only President of the United States that does not accept his retirement from the Presidency so it will go towards the national dept.

    Does any other President do this NO! But he gets cut down left and right.

    And this country should back Hillary because they know how to correct what has been broken.

    Bush vs. Clinton: An Economic Performance Index


    http://www.ppionline.org/ppi_ci.cfm?knlgAreaID=107&...
    maltesetitan
  • No surprise here. He and his administration have no idea the support they could gather if they did just ONE positive thing that gave middle class America some hope.
    Wreyeter
  • watch this comment being used here, here, here and here
    Bush speaks in opposites. The things he denies - are true. The things he proposes - are false. If he says there is no recession going on, you can bet your whole house there is.
  • Well we all know he is infamous for his comment when asked about the high gas prices that will reach over $4 this summer. "Really? That cant be right...I havent heard that...Thats something I'll have to look into" Hello??? What your boggled down with problems that you cant drive past a gas station??

    --Jade
  • Totally ridiculous. Bush calls it a slowdown, not a recession. Oh, okay. That makes all the difference to people losing their jobs, losing money in the stock market, etc.

    This is just like how he fended off the ongoing Iraq civil war by refusing to call it a civil war. He thinks that just by labelling things differently that makes any difference at all to the reality.

    So let me end by saying Bush isn't an idiot, he's just a dope.
    LarzNero
  • add to the list of misconceptions and misstatements from this administration.

    maybe we should cut taxes for the wealthiest americans again?
    chet_arthur
  • bush is awesome..

    remember when he nominated harriet miers because he knew her heart?

    and when he claimed to trust vlad putin because he looked into his eyes and saw his soul?

    i bet he just feels like things are slowing down.. but not completely recessed.. that would explain his in-depth analysis of the economy..

    haha.. oh my..
    chapter12
  • oh he's credible...I am so ready to believe what he says.

    I wonder if he has ever even taken an economics class. They didn't have those Idiots guide books back when he was in school did they?
    Incredulous
  • Hey, hes the Prez, and he says it so it must be true, right? Lord. Where are my meds . . .
    patsarts
  • One thing to say. Get your eyes checked Bush.
    Greg_Bunker
  • There are two possible reasons for this. The first, and I think more likely, is that Bush doesn't care because he is one of the rich who would be minimally impacted by a recession. The second has to do with a river in Egypt.
    Varex_Sythe
  • We've gone from, "bush inherited a recession", to "soft patches", and now to "slowdown"...

    Let's get this straight, did he forget about the "stimulus" package a few weeks back?

    Not that this will do anything, since it's like taking water from the deep end of the pool, dumping it into the shallow end, and expecting the water to rise.
    JT247
  • Well, what did you expect someone like Bush to tell the people? The truth?
  • Well, he also still thinks going to war with Iraq was a great idea. Nothing he says surprises me anymore.
    Neghie
  • and i deny his presidency. unfortunately, blind eyes don't make annoyances go away.
    dahnae
  • dahnae, haha, I like it. How can he deny this fact...
  • Do any of you know what the definition of a recession is?
    jawnybnsc
  • jawny --I'll admit there is a strict definition of an economic recession that hinges on several key market indicators and what not...

    But for anyone who is not an economist, who is actually living the effects of the Economy, you feel the effects of an economic recession long before a "Recession" is declared by the economic powers that be that seem as oblivious to the common man as... well, as George W. Bush.

    And they don't officially know when a recession has started until after it's passed and they've analyzed all the data. Data is one thing, living life and seeign energy costs exploding, seeing insurance costs exploding, seeing the dollar weaken, seeing food prices soaring, seeing the housing and real estate market collapse, people losing jobs to both the economic downturn and off shoring.

    You don't need an economist fromt eh central bank to confirm a recession then. What you need is someone to fix it. And dropping the interest indicator to jog Wall Street doesn't help Joe and Jane Q. Public so much.

    In the end, the official definition of a recession and all the conditions that officially mark one don't need to be in place in order for people to experience an economic recession. Eventually, someone declares one is happening or had occured. It just might happen 2-3 years after it occurred before anyone officially says it.
    jpfdeuce
  • watch this comment being used here, here, here and here
    I'm with you there . . . and again, I'm not denying that there are problems. Further, I don't think that anyone within the Bush Administration is denying that there are problems, but when you say recession, that has a technical meaning. Technically, Bush is correct, we are not in a recession. You must also realize that this is campaign season and that prophesies of economic doom are part of this season like snow is part of Christmas. I also subscribe to the belief that Presidents get too much blame or credit for the economy.
    jawnybnsc
  • Deal or No Deal, pal ..
    jdimino
  • I've denied him as president for the last eight years. I really don't care what he thinks.
    JanforGore
  • What What? Busy working at wallmart to pay my gas, can someone explains?
    vladbox
  • "Now if you will excuse me, my family and I have a much needed, 24 day vacation to attend to."
    StuntBunny
  • Denial is Dubya's real middle-name.
    Vierotchka
  • I think that George Bush is facing only his own self and the world revolves around that. System is for system and Mr. Bush is leaving us out.
  • No matter who wins the upcoming election, the United States will be much better off with President Bush out of office. When you consider his doublespeak, his incompetence, and overall stupidity, the white house will be much better with him gone. Not to insult him personally as an individual, but I believe the U.S. can do much better when it comes to picking their leaders. He was not the wisest choice.
    dkl165
  • "He was not the wisest choice."

    That's the understatement of the year!
    Vierotchka
  • Jus not intouch with reality, he is not listening to the people, a typical republican!
    johnlocke
  • I DONT BELIEVE ANYTHING HE SAYS. HONESTLY !! HE SEEMS TOO IGNORANT TO BE PRESDIENT . HE IS JUST SOME COUNTRY REDNECK WHO HAS A POWERFUL MACHINE BEHIND HIM.
    ROCSTAGIS
  • He's no country redneck, he's not even Texan.
    Vierotchka
  • 1st Quarter numbers are in. The economy grew .6 percent. So when is this recession going to start? Maybe it started April 15th?
    jawnybnsc
  • 360 thousand jobs added in April.

    A working recession?
    jawnybnsc