August Job Numbers: Zero

This is bad.

The US economy created no jobs and the unemployment rate held steadily higher at 9.1 percent in August, fueling concerns that the US is heading for another recession. It was the first time since World War II that the economy had precisely net zero jobs created for a month.

But hey, that jobs speech could wait another day, right?

Seriously though, let's see what the President has to say, and how the Republican Party will react. Are they going to work with the President for the sake of the country, or are they going to obstruct anything that may help dig the economy out of the recession hole?

I know. Stupid question.

President Obama's Weekly Address - August 6, 2011

Getting the Economy Growing Faster

The Right Wing Noise Machine Continues

So not only is the push for the situation we're in being characterized as the "Obama Recession," now we have wingnuts like Mary Matalin claiming that the Reagan 1981 recession was worse and for that matter, so was the Bush 2001 recession.

MATALIN: I don’t want to say I’m panic-free... but I do have the perspective we’ve been through worse. Reagan had a worse recession, and arguably George W. Bush, I was there in that pre-9/11. We inherited a recession. We acted quickly, and the recession, in combination with 9/11, was shallow and short, and we went on to have 52 months of consecutive growth. I’m not doing talking points here.

Nice qualifier, huh? "I'm not doing talking points here." Except for the "we inherited a recession" part and the "52 months of consecutive job growth" part.

Well, Matalin must have not seen February's 651,000 job losses which officially puts us at a deeper loss than the '81-'82 recession. And do I need to remind anyone that we weren't in a 18 month nose dive when Bush took office, nor was 9/11 to blame for the mild (in comparison) recession Bush oversaw which started in March of 2001?

(Chart from TIME Online)

That brown line, which only shows losses through December 2007, is the current recession as opposed to the Bush recession shown by the orange line. In fact, this chart also shows that every other recession was deeper and recovered faster than that of Bush's two term clusterfuck.

Oh, to be a fly on the wall in the Mary Matalin/James Carville household.

(H/T Think Progress)

RECESSION

So after a year of mortgage meltdowns, burning banks, unravelling unemployment and economic exigency, we are now officially considered in a recession. And we've been in one for the past year. No shit, Sherlock.

The NBER — a private, nonprofit research organization — said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December.
By one benchmark, a recession occurs whenever the gross domestic product, the total output of goods and services, declines for two consecutive quarters. The GDP turned negative in the July-September quarter of this year, and many economists believe it is falling in the current quarter at an even sharper rate.
But the NBER's dating committee uses broader and more precise measures, including employment data. In a news release, the group said its cycle dating committee held a telephone conference call on Friday and made the determination on when the recession began.

Now I'm not a financial guru, I don't have a Ph.D. in Economics from some fancy school, I don't even budget very well, but even I could figure out what was going on over the last year or so. I watched as my 401K was flipping out every time we had a 300 point gain or drop in the stock market. Hell, that's considered normal now. It wasn't like that 10 years ago was it? And yet the "experts" working in and for the White House didn't want to cause a panic and use the 'R' word.

• “We don’t believe we’re going to have a recession though.” [Vice President Dick Cheney, 1/30/08]

• “I think the experts will tell you we’re not in a recession.” [President Bush, 2/10/08]

• “The answer is, I don’t think we are in a recession right now.” [Council of Economic Advisers Chairman Edward Lazear, 2/11/08]

• "First of all, we're not in a recession." [President Bush, 4/22/08]

• “The data are pretty clear that we are not in a recession.” [Council of Economic Advisers Chairman Edward Lazear, 5/7/08]

• “I don’t think we are” in a recession. [Director of the National Economic Council Keith Hennesy, 6/3/08]

• “I think we have avoided a recession.” [White House Budget Director Jim Nussle, 7/31/08]

• “I don’t think anybody could tell you right now if we’re in a recession or not” [Dana Perino, 10/7/08]

I mean, shit, if I knew what was going on, and I knew that the White House was bullshitting us the whole time, (because really, when was the last time something truthful came out of the Bush Administration, if ever?) then what happened? How did we get into this situation?

Oh, yeah. Deregulation of the markets. Thanks, Bushies. To me, it's common sense that people in power will get away with as much as they can. I don't know if greed is in our human nature - it takes a special person to hold to his/her morals and regulate themselves (simple examples are spending an extra hour at the casino slot machine, cheating on your diet, or skipping an occasional class in college). But when you are part of a conglomerate there will always be the one rotten apple (or more) that will infect the rest of the barrel. That is why true self regulation does not work in the free market.

Look at that list of quotes above denying a recession. You expect it from Bush, Cheney and Perino. And maybe even the White House Budget Director because we've seen that no one inside the walls of the Bush gang is immune to corruption and deception. But Council of Economic Advisers Chairman Edward Lazear? Director of the National Economic Council Keith Hennesy? Shouldn't these be non-partisan positions?

I have tried this before, but have been unsuccessful. Now I want you to try to think of one positive accomplishment executed by the Bush Administration. Really think about it... I can't think of one thing in the last eight years, ONE THING, that this administration has touched that has gotten better or has benefited anyone other than the cronies they work for. It's the Reverse Midas Effect - everything they touch turns to shit.

(H/T Bob Cesca for the quotes)

-500 And Counting

This is truly frightening.

Dow Jones 1 year ago: 14,020

Dow Jones now: 8,758

In the time it took me to write this post, it moved from -611 to -469 to -510.


UPDATE (4:27pm):



... for fuck's sake!

Bush: NAFTA Good. Me Want Banana

Chimpy tried to act all smart and presidential-like today by trashing Clinton and Obama on their NAFTA stances.

Although he did not name Clinton or Obama, he left little doubt who he was talking about, at one point even mocking Clinton's promise to take a "timeout" from free trade agreements if she becomes president. "You know, some have called for a 'timeout' from trade," he told the U.S. Hispanic Chamber of Commerce shortly after Clinton addressed the group. "I guess that's probably popular with the focus group. You know, they toss out the word 'timeout' from trade -- it's got this kind of catchy little title to it. In the 21st century, a timeout from trade would be a timeout from growth, a timeout from jobs and a timeout from good results."

Growth, jobs and good results for what country, Raisinbrain?

Worst Dow Jones Day In A Year

Did Bush have a speaking engagement?

NY Times: Stocks plummeted on Wall Street on Tuesday after a business survey provided another strong signal that the United States may be in the early stages of a recession. The Dow Jones industrial average closed down 370 points.

The Institute for Supply Management reported that activity in the non manufacturing sector contracted in January for the first time since March 2003. The institute’s non-manufacturing business activity index fell from a seasonally adjusted 54.4 in December to 41.9 in January — the lowest level since October 2001. Readings below 50 indicate a contraction.

What was it that Bush the Incompentent said in his State of the Union Address?

In the long run, Americans can be confident about our economic growth. But in the short run, we can all see that that growth is slowing. So last week, my administration reached agreement with Speaker Pelosi and Republican Leader Boehner on a robust growth package that includes tax relief for individuals and families and incentives for business investment.

Boy, am I glad we're all getting $300 to offset that "non-manufacturing business activity."

UPDATE: Just heard Tom Brokaw say this was the worst stock market day in two years.

Recession - Schmecession!

All We Need Is More Tax Cuts

NY Times: President Bush, in a marked shift from his usual upbeat economic assessments, conceded here on Monday that the nation faces “economic challenges” due to rising oil prices, the home mortgage crisis and a weakening job market.

...After months of insisting that the economy’s fundamentals are strong — a theme he reiterated on Monday — Mr. Bush did not mince words. He acknowledged that “many Americans are anxious about the economy,” and he noted that “jobs are growing at a slower pace.” He said core inflation was low — “except when you’re going to the gas pump, it doesn’t seem that low.”

...If the past is any guide, Mr. Bush is likely to favor broad-based tax cuts of the sort he pushed through early in his presidency. Democrats are discussing more targeted relief — tax cuts, spending programs or a combination of the two — to help lower- and middle-income Americans who would be hurt the most if the economy falters.

...Still, the White House is not convinced it must act. The deliberations are tightly held, and aides to Mr. Bush say he will not make a decision about whether to offer a stimulus package, or what it should contain, until later this month, in time for his State of the Union address scheduled for Jan. 28.

That last time he had an announcement during the State of the Union, it was about the surge. He just loves spreading the good news during his State of the Union address, doesn't he? I can tell you in two words how the state of union is: it sucks.