Q2 GDP Comes in at -0.9%

Another half truth. The 2001 recession never saw 2 consecutive quarters of negative growth ... yet it was official declared a recession by NBER ... thereby proving that 2 quarters is not their only criteria. Point made.

 

If Cons want to call it a recession, cool. Admit that you are clapping for Biden to fail… just like when Libs clapped when Trump failed with Covid deep down inside.

Now that everyone has clapped for their respective party and the failure of the other guy’s guy… Let’s all refocus on how China, India, Brazil, and Russia are making off with the bank loot.

The best thing to do for the US economy and jobs is focus on crucial supply chain products and components and US Govt and States handing out contracts to US industries and companies to build infrustructure in the US and allies now!

 

We’ve all seen this coming, nothing earth shattering about the news. Biden’s conference today was beyond strange though. I get it, that he Probly doesn’t totally understand, but you would hope his handlers could coach him up just a little before sending him out.

 

hey, they at least got him on stage, baby steps, baby steps.

 

"Deflector Man". LMAO!!!!

 

re·ces·sion
/rəˈseSH(ə)n/
Learn to pronounce

noun

1. 1.
   a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
   "the country is in the depths of a recession"

 

That is very incorrect...

The recession that began in March 2001 was relatively mild by historical standards when measured by total output. The recession saw just three quarters of negative growth and a cumulative output decline of less than 1% of gross domestic product (GDP). By the end of 2001, GDP had fully recovered to pre-recession levels.

 

WRONG. But I’ll give you a chance… please point to the two consectutive quarters of negative growth.. there was barely one quarter.

 

He doesn't understand simple economics. He's a dumb politician who really has nothing to do with the economy because he is not running the show. Very few believe he is a leader.

 

One of these 'recessions' is not like the others:

Unemployment rate during our current 'recession': 3.6%
Peak UE rate during/shortly after 2020 recession: 14.7%
Peak UE rate during/shortly after 2008-2009 recession: 10.0%
Peak UE rate during/shortly after 2001 recession: 6.3%
Peak UE rate during/shortly after 1990-1992 recession: 7.8%
Peak UE rate during/shortly after 1981-1982 recession: 10.8%

 

Although neither alternative would be good news for the Democrats the difference between a small Republican majority in the House and an overwhelming Republican majority is that with the former bipartisan legisaltion would be possible, with the latter there would be virtually no chance of any bipartisan legislation.

 

This is the technical definition of a recession, but there has never been a convention that accepts this as the only definition, or true 100% of the time. The 2 straight quarters of negative growth is more of a benchmark, that if/when it happens, it usually marks the beginning of a recession. But as I said it before, this period of two straight negative growth quarters doesn't feel at all like the last one in 2008. Likely because unemployment is still very low, and job growth numbers continue to be strong. May not stay that way, but so far, no indications of mass layoffs and high unemployment as of yet.

 

Meanwhile my stocks are on a serious tear. So strange.

 

Was that the one where he went for like a minute without blinking?

 

I think it was. Lol. I was talking more about how he just spouted off some random numbers and asked if that sounded like a recession

 

so 9 1/2 out of 10 times

 

One exception shows that it's not the hardened, inflexible, universal truth that some are claiming it be, though. But like I said above, I think there is a good chance this will eventually be named a recession, although it's certainly lacking in some characteristics. A recession with super low unemployment caused by consumers not willing to slow their spending when the supplies dwindle ... pretty usual circumstances.

 

Agreed that there are clearly unique circumstances that lead to this. Once in a century global pandemic. This is certainly not like the last 10 times.

 

Caused by unneeded stimulus money. Trumps was bad enough. Biden’s was just insanity.
There was already signs of inflation after the initial stimulus. It was so blatantly obvious what was going to happen on the second. It almost seemed intentional