Bad News............but not for Biden and Obama

 Kliphnote: I wonder what the WH is smoking?

Under Bush we had:

"52 straight months – the longest period of uninterrupted job growth on record."

What does Biden and Obama say? Just how bad Bush was for 8 years.  And the ignoramus on the left (who are too lazy to check) will believe anything they are told       from Obama and Biden. And the MSM.

 

Biden: the Bureau of Labor Statistics released new jobs figures – 18,000 jobs created in December.  Since August 2003, more than 8.3 million jobs have been created, with more than 1.3 million jobs created throughout 2007.  Our economy has now added jobs for 52 straight months – the longest period of uninterrupted job growth on record. The unemployment rate remains low at 5 percent.  The U.S. economy benefits from a solid foundation, but we cannot take economic growth for granted and economic indicators have become increasingly mixed.  President Bush will continue working with Congress to address the challenges our economy faces and help facilitate long-term economic growth, job growth, and better standards of living for all Americans.

http://www.whitehouse.gov/news/releases/2008/01/20080104-2.html 

 

 

Biden: We've seen this movie before'

VP criticizes Boehner as 'nostalgic' for Bush policies

Posted August 24, 2010 12:20 PM

 

by Mike Memoli

Vice President Biden today played attack dog for the White House, accusing Rep. John Boehner (R) of being "nostalgic" for the failed economic policies of the Bush administration.

At an event where he was to unveil a report analyzing the impact of the Recovery Act, Biden broke from prepared remarks to react to the House minority leader's speech in Cleveland today. What was billed as a major economic address for Boehner offered no new policy other than to fire the White House economic team, Biden said.

"[That's] very constructive advice and we thank the leader for that," Biden said sarcastically.

Instead, Biden made the case that voters should not hire Republicans this fall.

"For eight years before we arrived in the West Wing, Mr. Boehner and his party ran the economy literally into the ground," he said. "We've seen this movie before, Mr. Boehner. We've seen it before and we know how it ends."

Biden also defended the administration's plan to let tax cuts expire for the highest wage earners, while extending others for the middle class. To the charge that these decisions would hurt small businesses, the VP claimed it would affect only a minute percentage.

"It's a Wall Street tax cut, not a Main Street tax cut," he said of the expiring law. He also attacked Republicans for blocking in the Senate a planned $12 billion tax cut that Democrats had offered.

Biden conceded that the economic recovery was not proceeding as fast as the administration had hoped, but claimed there was "no doubt we're moving in the right direction."

 Home sales plunge 27% to lowest level in 15 years

	Enlarge	By Seth Perlman, AP
Monday, Aug. 23, 2010.

By Stephanie Armour, USA TODAY

Existing-home sales in July plunged to the lowest level in 15 years, deepening worries that the housing market's tenuous recovery is threatened by buyers' shaky confidence in the economy.

Economic forecasts were plenty pessimistic ahead of Tuesday's report by the National Association of Realtors because of other data pointing to weakening sales since the federal tax credit ended in April.

The actual numbers were far worse — sales fell more than 27% from June and 25% from a year ago to an annual rate of 3.83 million units

 

Economy Caught in Depression, Not Recession: Rosenberg

Published: Tuesday, 24 Aug 2010 | 11:23 AM ET

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By: Jeff Cox
CNBC.com Staff Writer 

Positive gross domestic product readings and other mildly hopeful signs are masking an ugly truth: The US economy is in a 1930s-style Depression, Gluskin Sheff economist David Rosenberg said Tuesday.

Writing in his daily briefing to investors, Rosenberg said the Great Depression also had its high points, with a series of positive GDP reports and sharp stock market gains.

But then as now, those signs of recovery were unsustainable and only provided a false sense of stability, said Rosenberg.

Rosenberg calls current economic conditions "a depression, and not just some garden-variety recession," and notes that any good news both during the initial 1929-33 recession and the one that began in 2008 triggered "euphoric response."

Dow Faces Bouncy Ride to 5,000: Strategist

Published: Tuesday, 24 Aug 2010 | 3:12 AM ET

The Dow Jones Industrial Average will lose about half of its value over the next couple of years as it follows a Nikkei-like pattern of several sharp rallies in an overall decline, according to Charles Nenner, founder and president of Charles Nenner research.

Stocks are currently in a bear-market rally, and looking at charts and past trends, unemployment and leading indicators suggest the Dow will drop to 5,000 in the next two to two-and-a-half years, Nenner told CNBC in an e-mail.

Deflation will arrive, along with a sharp double-dip recession, pushing the Dow lower, although, like the Japanese market, stocks will see several jumps of 30 percent to 40 percent, he said.

- Watch the full Charles Nenner interview above.

"Things look really bad for the next 10 years," Nenner said.

While most stocks will get caught in the downturn, the exception will be those with exposure to soft commodities like wheat, corn and soybeans, he added