GDP shrank at revised 0.6% rate in second quarter, signaling US remains in technical recession

https://www.google.com/amp/s/www.fo...-pace-second-quarter-revised-figures-show.amp

Looks like the recession is here.....thanks Biden!

The dems have ran the economy into the ground.

What is next? Housing crisis? Massive unemployment?

You will own nothing and be happy!

 

Progressives will just claim that truth as racist. Carry on.

 

I’m tired of all this bad news. I’m going to turn on CNN and find out how great things are.

 

Find out how you will own nothing and be happy.......

 

Yes, the revised number .6 retraction is BETTER than the originally estimated .9 retraction.... This is positive news...

Sorry you didn't seem to catch the impact of your own article... I assume neither did the otherwise unemployable folks at Foxbusiness...

 

Lol...is the administration going to celebrate zero inflation again this month?

 

The point is even when democrats try to "revise" the numbers it is still negative......we are in a recession no matter how you slice it.

 

What's next?

A deeper recession.

 

GDP growth 4th quarter 2008: -8.4%!!!

Under GWB!!!

I bet, back then, you claimed it was just because of the normal market cycle.

 

I love when rightists self own themselves in their own threads.

Nothing will ever top Condors masterpiece though.

 

By some strange working technical definition of the word recession, OK fine.... However, nobody of any importance in the economic world (or PF.com), calls today's situation a recession...

And it's not "democrats" who determine the final number....

 

RETRACTION

 

GWB is president today?

 

I can't believe I read that, everyone and I mean everyone was scared as hell. Market crashed three times what it did today, Banks were crashing due to Fannie's sub prime loans, literally every company was on the brink. Today we're staring at false positives, GDP was up but inflation made up a large number of that. Unemployment is down but we have 6m less people working than we did before the pandemic. Inflation is still at a 40 year high, the fed is scared to death it's not stopping and announced today, AFTER BIDEN"S FREEBIE, that they are going to make a major move on interest rates and the housing market is already starting it's crash. Crazy times

 

Bottom line; No recession until NBER says it is so

 

If teh socialists sya it was -0.6% then the actual number is much worse.

 

In addition to the above, I will unquestionably accept NBER’s decision.

However, if no recession, the mentally sick people will all be saying “NBER has been politicized”.

 

BREAKING: Powell declares war on inflation, predicts "pain" ahead; Updated: PCE index still near 40-year highs

"Joe Biden’s “Inflation Reduction Act” left Jerome Powell as underwhelmed as everyone else. Faced with the worst and longest inflationary cycle in decades, the Federal Reserve chair issued an unusually blunt statement this morning. The Fed will continue with its large rate increases until inflation entirely subsides, he pledged, regardless of how “pain”-ful it becomes."



"That’s a big vote of no-confidence in Biden’s new Inflation Reduction Act, and for good reason — it doesn’t reduce inflation at all. Thanks to Biden’s decision to toss $500 billion or more at student-loan forgiveness, it doesn’t reduce the deficit either, but all of that government spending will worsen inflation, and Powell knows it. He has no choice but to use monetary policy to fight inflation since Biden and the Democrats in Congress refuse to fight it with fiscal and tax policies that would either limit consumption or — better yet — increase production."

"A number of people argued at this release that inflation was finally bending back in the right direction. Powell clearly doesn’t agree with that assessment, and just as clearly doesn’t see Biden and his administration moving in the right direction either."

'Has Powell seen data that makes this unusually blunt statement even more necessary? The combination of a useless “Inflation Reduction Act” and Biden’s bailout of Academia might have been enough for Powell to declare war via interest rates and recession on their own, but I’d bet he’s seen data to suggest that things will either remain as bad or get worse on prices.'

'From the same month one year ago, the PCE price index for July increased 6.3 percent. Prices for goods increased 9.5 percent and prices for services increased 4.6 percent. Food prices increased 11.9 percent and energy prices increased 34.4 percent.'

Savage increases.

 

Democrats answer to inflation is more inflation.

 

Being an 'old guy', this "ain't my first rodeo" -- and, this one has the potential to be even worse than the one we endured through in the 1970's and very early 1980's which featured breathtaking inflation, "stagflation", wage-and-price "freezes" (which froze only wages), and aggressive expansion and belligerence throughout the world by our adversaries -- chiefly, the Soviet Union!

It's worse this time because, on top of everything else, since 2008, the economy has developed a malignant, cancerous tumor caused by our wonderous central bank, the Federal Reserve system, which 'printed' WAY too much imaginary money and shoveled it out all over the world at zero-percent interest rates in order to protect grotesquely-overvalued "equities" in the stock markets (and the European Central Bank pulled even worse crap over there, too).

The 'tumor' is a central bank 'balance-sheet' of ~$9,000,000,000,000 which comes at the same time that the United States Gross Federal Debt to GDP is ~137.2%.... Oh, and the 'tipping-point' that the most respected economists warn against is no more 78%.

You can't allow yourself to breathe a sigh of relief that at least we don't have the Soviet Union threatening all of Eastern Europe anymore (Ronald Reagan took care of that problem) -- but, unfortunately we do have Putin's Russia in that role now, and we've got got CHINA poised to take advantage of our endless weakness and stupidity in Asia and the Pacific. Oh, and then there's Iran, right on the cusp of 'coming out' with nuclear weapons. Ain't life grand?!

Just WAIT until the November elections are over... for that is when 'the **** will hit the fan', unless there's a miracle... but since about the beginning of the 21st-century, "miracles" have been in damned short supply for us....

 

It is vital that the economic news is still bad in November. I know if I were running under a red banner I would want that. But with all of them running, we're not seeing any offers of what they would do differently. Again, no policy. Its much easier (and more beneficial) to run on the issues that are easier for the voting public to understand. Things like religion, schools, LGBTQ and guns. So until I start hearing substantive discussions of what they will do about the economy when/if they win, I will continue to believe that this is just a fortuitous issue for Republicans come November - they truly don't care about how hard it might be right now for Americans.

 

As you say, it is hard right now for Americans... and you want "substantive discussions" about what Republicans must do to explain "what they will do about the economy when/if they win". I haven't been a Republican Party member for five years, but I feel that Conservatives in all ranks would agree that the first thing we MUST do is to 'stop the bleeding'! We are shoveling billions upon billions of dollars THAT WE DON'T HAVE on every hyperliberal, Loonie-tunes idiocy imaginable. This must stop -- dead in its tracks -- before we can even begin to do anything more constructive.

The single, most-effective thing that ruling Democrats could have done (but didn't) would have been to go through the U. S. Tax Code like an avenging angel and get totally rid of all the loopholes, shelters, exemptions, exclusions, and deductions that ensure "the rich get richer" -- and stay that way! Instead, Geriatric Joe's handlers and stooges pissed-away that opportunity, and instead passed through some milque-toast 'changes' in the taxing system which the usual armies of tax lawyers will be able to thread their way around easily. And so, unsurprisingly, "the poor get poorer".

We are drowning in debt, and the current waves of Democrat "Spend-a-thons" and vote-buying extravaganzas have only made things much, much worse. Think: the United States Gross Federal Debt to GDP was last measured in 2021 at 137.2%.... And the 'tipping-point' that the most respected economists warn against is no more 78%. So, you ask what Republicans would do? First and foremost, it would be wise for them NOT to continue any of this DEMOCRAT nonsense, which has only made everything far worse than it was!

 

It's too bad that the FBI fixed the 2020 election by pressuring Social Media to suppress the Biden International Bribery scheme documented on Hunter's laptop. Without this FBI fixing of our election, we would be enjoying inflation free growth rather than an economy on recession watch as Biden takes from the Working Class and gives to the privileged Gentry with education degrees.

Zuckerberg Reveals the FBI Told His Company to be Wary of “Russian Disinformation”

'Meta CEO Mark Zuckerberg discussed how the FBI warned Facebook about “Russian propaganda” before the Hunter Biden laptop story dropped in 2020. This follows reports that the FBI told agents not to pursue the laptop and to slow walk any investigation into Hunter Biden’s influence peddling schemes.'

 

Weird, F/F performed 350%+ better than those private sector loans that they didn't back? Hmm

Subprime loans by Fannie, Freddie performed ‘better’, FCIC says

Fannie Mae and Freddie Mac’s portfolio of subprime loans “performed significantly better” than those packaged into mortgage-backed securities by private issuers, the Financial Crisis Inquiry Commission found in a report.
https://www.housingwire.com/articles/subprime-loans-fannie-freddie-performed-better-fcic-says/

In fact, Fannie and Freddie lost market share as the bubble grew: The companies backed roughly half of all home-loan originations in 2002 but just 30 percent in 2005 and 2006.
https://www.americanprogress.org/article/7-things-you-need-to-know-about-fannie-mae-and-freddie-mac/


LESS EMPLOYED? LMAOROG

Employment in the United States from 2013 to 2023 (in millions)
Characteristic Employment in millions
2022* 158.28
2021 152.58
2020 147.81
2019 157.53
https://www.statista.com/statistics/269959/employment-in-the-united-states/