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Obama not yet prepared to declare recession over
AP via Yahoo! ^ | 9/20/09 | AP

Posted on 09/20/2009 6:53:19 AM PDT by Brilliant

President Barack Obama isn't ready to close the book on the recession.

Only last week Federal Reserve Chairman Ben Bernanke said the worst recession since the 1930s was probably over.

But Obama tells CNN's "State of the Union" that he's going to leave it up to the Fed chairman to say whether it's officially over or not.

Obama says all the signs are that the economy is going to start growing again. But he says jobs are a challenge.

The president says job figures usually are the last to catch up in a recovery and he says that making up for all those jobs that have been lost will require really high growth rates.

He's warning that the jobs picture could get even a bit worse ... and that there might not be enough job creation until next year to deal with the rising population.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Politics/Elections
KEYWORDS: economy; obama; recession
I thought it was the NBER that determines when a recession begins and ends. Maybe Obama is taking over that job as well.

Sure would be nice if Nixon, Ford, Reagan, Bush, and W could have just announced "the recession is over," and that's the end of it.

Well at least he's leaving it up to his appointee, Bernanke, to announce instead of him. Big of him.

1 posted on 09/20/2009 6:53:19 AM PDT by Brilliant
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To: Brilliant

This RULER thinks he can mandate and declare “his reality”.


2 posted on 09/20/2009 6:55:14 AM PDT by EagleUSA
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To: Brilliant

Without Bush to blame he has nothing.


3 posted on 09/20/2009 6:57:31 AM PDT by depressed in 06 (Idiotcracy has arrived 400 years early.)
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To: Brilliant

Gotta keep that crisis mentality alive and well!


4 posted on 09/20/2009 6:59:00 AM PDT by Right_in_Virginia
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To: Brilliant

Obama code speak for ‘gotta get my peeps their card check’!...or if you think the unemployment rate is bad now, wait ‘til my union buddies wipe out the rest of the economy!...or Bush had his recession, I want my recession...


5 posted on 09/20/2009 7:01:32 AM PDT by CRBDeuce (here, while the internet is still free of the Fairness Doctrine)
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To: Brilliant
There is no doubt that the recession now is not as bad as in the 1st qtr of 2009, when GNP contraction was -6.3%. It's been a long time since our economy suffered such terrible negative growth.

Until job growth resumes (hopefully by next year), it is not possible to determine with any certainty whether our current recession is continuing, abating, or double dipping.

6 posted on 09/20/2009 7:02:30 AM PDT by MaPitt
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To: depressed in 06

“Without Bush to blame he has nothing.”

Actually, that is the reason he does not want to declare an end to the recession. Not only does it give him an opportunity to rant about Bush, but if he declares it over too soon, he gets the blame for what comes next.

The truth is that while the NBER is supposedly nonpartisan, the NBER has not exactly been even handed in declaring the beginning and end of recessions. They refused to declare an end of the 1991 recession until after the election because they did not want to help Bush in the race against Clinton. They announced that the current recession began in Dec. 2007 even though the economy grew by more than 3% between Dec. 2007 and August, 2008. They will probably announce the end of this recession the minute it’s clear that the economy has turned the corner, rather than at the time it reaches its pre-recession level, as they have typically done when Republicans were in control.


7 posted on 09/20/2009 7:04:01 AM PDT by Brilliant
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To: Brilliant

What? I thought he told us it was over more than a month ago.


8 posted on 09/20/2009 7:09:48 AM PDT by bgill (The framers of the US Constitution established an entire federal government in 18 pages.)
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To: bgill

Oh , it’s over, all over the world!


9 posted on 09/20/2009 7:11:11 AM PDT by norraad ("What light!">Blues Brothers)
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To: Brilliant

“Canute is famous for the tale of the incoming tide.

“According to legend, Canute’s courtiers flattered him into believing that his word was so powerful that even the tide would recede at his command.

“Canute is said to have taken this compliment literally and had his throne placed by the shore and vainly attempted to command the waves to recede until he almost drowned.

“The event is commemorated by a plaque at Bosham.”


10 posted on 09/20/2009 7:11:23 AM PDT by Cicero (Marcus Tullius)
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To: Brilliant

thought he declared it over last week


11 posted on 09/20/2009 7:13:36 AM PDT by dalebert
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To: Cicero

Well, that story is told a few different ways. I believe some people tell it in a way that is complimentary to Canute, showing that the King understood that there were limits to his power, and put his throne by the shore to demonstrate to others that he was not all powerful, and that the waves would pay no attention to his orders.


12 posted on 09/20/2009 7:15:01 AM PDT by ClearCase_guy (Play the Race Card -- lose the game.)
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To: EagleUSA

“This RULER thinks he can mandate and declare “his reality””

Psychonurotic, megalomaniacal communist. Yeah boy, we are in great shape ;-)


13 posted on 09/20/2009 7:15:17 AM PDT by stephenjohnbanker (Pray for, and support our troops(heroes) !! And vote out the RINO's!!)
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To: stephenjohnbanker

Would any FReeper franchise owners hire this guy as a clerk?


14 posted on 09/20/2009 7:16:21 AM PDT by stephenjohnbanker (Pray for, and support our troops(heroes) !! And vote out the RINO's!!)
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To: Brilliant
Never let a crisis go to waste. Boama is still milking his stock market crash to trick people.
15 posted on 09/20/2009 7:16:53 AM PDT by mountainlion (concerned conservative.)
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To: Brilliant

Sure he is not going to claim it’s over. Once he does he can’t blame Bush for the upcoming double dip.


16 posted on 09/20/2009 7:28:04 AM PDT by catfish1957 (Hey algore...You'll have to pry the steering wheel of my 317 HP V8 truck from my cold dead hands)
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To: MaPitt
it is not possible to determine with any certainty whether our current recession is continuing, abating, or double dipping.

These might assist you in taking a guess:





17 posted on 09/20/2009 7:44:45 AM PDT by Oatka ("A society of sheep must in time beget a government of wolves." –Bertrand de Jouvenel)
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To: Brilliant
Was probably is really a definite answer. LOL
18 posted on 09/20/2009 7:51:21 AM PDT by org.whodat (Vote: Chuck De Vore in 2012.)
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To: Oatka
Yes, it looks over, that is any improvement in the economy is over for the next several years.
19 posted on 09/20/2009 7:53:08 AM PDT by org.whodat (Vote: Chuck De Vore in 2012.)
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To: Brilliant
Here's why:

US Credit Shrinks At Great Depression Rate Prompting Fears Of Double-Dip Recession

20 posted on 09/20/2009 8:06:38 AM PDT by blam
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