I guess the definition of recession has changed.
Oh? And just what are the "official numbers" that define and "official recession", Barry?
They’re both dead wrong.
McCain had a decent answer, if only he hadn’t said “Sure”.
I saw it. McCain sounded fantastic. He is really very impressive one-on-one...so much better than on the stump.
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McCain doesn't want to be accused of being insensitive. And Obama loves to lie about the economy, like many Dems, for political gain.
McCain sounded very centrist and as exciting as dishwater. This equivocation of equally blaming Bush and “congress”, not the democrats, especially Obama’s buddies Raines and Johnson for this financial debacle, is just weak. He looks old in this interview. Obama and his empty talk, looks invigorated. The McCain campaign needs to crush this guy and stop with all this bipartisan lame talk.
Lead, Senator McCain!!!
McCain sounded very centrist and as exciting as dishwater. This equivocation of equally blaming Bush and “congress”, not the democrats, especially Obama’s buddies Raines and Johnson for this financial debacle, is just weak. He looks old in this interview. Obama and his empty talk, looks invigorated. The McCain campaign needs to crush this guy and stop with all this bipartisan lame talk.
Lead, Senator McCain!!!
The brilliant Ethanol from Corn move was a clincher. It drove the market.
Had they said we could drill or use other assets 10 years ago....we'd never be in this mess. They made us dependent....and there's no short term correction.
Naturally the weakened dollar has proven to be a plus for US manufacturing.
While perhaps a blank check for $700 bil to the Treasury to buy up crap paper isn’t the greatest idea, the Fed at some level will need to make sure enough liquidity remains in the banking system such that credit doesn’t dry up and take the economy with it. That’s the danger here and why the Fed and Treasury are spazzing out.
McCain has to walk a fine line between showing enough concern for the economy while at the same time calming people and policy makers down. McCain has to be the adult while Obama runs around like a headless Chicken Little. This is not 1931 nor 1921, etc. The Fed has been doing its job as it relates to making sure banks can still operate, unlike the clueless Fed during the Hoover administration.
But this bailout needs to be modified because the last thing we need is an Obama taking office with a Democrat Congress and a $700 billion blank check.
McCain is beginning to irk me.
Shame on McCain. Words have meaning. Yes, the actual technical meaning of recession DOES matter. There is no recession.
At least McCain says that it may not be a technical recession while Obama says it’s “official”...it’s not and he is an idiot (as is Kraft for not questioning him on it) Does it feel like a recession to some?? Yes,but it also doesn’t fit the real definition AND there are many sections of the country that are doing well or at least okay.
Obama is an idiot, but it was a gotcha question to McCain who, if he answered truthfully, would be portrayed as uncaring, blah blah blah
Blah.....
I missed The Simpsons in order to watch the hatchet job that Steve Kroft just had — COMPLETELY IGNORING anything that had to do with Obama’s upbringing and education, GPAs, SAT & LSAT scores, etc. — yet Scott Pelley went into details with McCain as it relates to his 4 years at the Naval Academy and being in the bottom five of his class....
HOGWASH!
Meanwhile, most reputable economists agree that we are not in a recession.
We clearly appear headed towards a recession, especially with both Obama and McCain talking down the economy. But unless the generally accepted definition of a "recession" has changed, we aren't in one until the gross national product has declined for two consecutive quarters.
We are still waiting for the first quarter of negative growth, of the two quarters that we would need to have a recession.
What I think doesn’t matter. The fact is we are not in recession. The fact that we are not in recession still permits significant areas of weakness in our economy.
So, should we tax the strong areas, skim off the usual government inefficience, and then spend to turn the weak into the strong? I don’t think so. As usual, the government created the bubble, and the government should (but won’t) refrain from trying to solve it.
McCain's answer is the PC one.
The hacks at 60 Minutes (I won't dignify them with the title "journalists") were trying to play "gotcha" here. Too bad McCain didn't have the cajones to say, "No, we've got problems in the economy caused by the failure of the Democrat Congress to deal with spending...etc. etc. etc."
OTOH, McCain did say something that can keep him out of hot water in the LameStream Media on the subject, and since politics is the "art of the possible", he probably did the right thing.
Hussein is deserving a good arse-kickin' at the ballot box, and I hope McCain and Palin deliver. I'll certainly be on their side.
There’s ignorance on display. A recession is 2 straight months of negative growth. Last month revised numbers had the economy growing at a 4.4% rate, iirc. Even before the revision it was growing...I think at 1.9%.
Each knows that the public has been told for months that there’s a recession even though there isn’t one. Now they both have to act like there is one or the media will make fun of them and the people will join in.
If a recession is now “how the media feels,” then everything we’re told is a suspect.
And it is.
LLS