2001 Slump May Not Have Been Recession at All

[Train]

Text

Not only was the U.S. recession in 2001 the shallowest on record, it may not have been one at all -- at least in the classic sense of two straight quarterly declines, new government data show.
In annual revisions to U.S. gross domestic product numbers released on Friday that could fuel a politically charged debate, the Commerce Department rewrote the history of the recent downturn by revising away a decline in the second quarter of 2001.

The new figures, which reflect more complete source data, show economic activity peaked in the second quarter of 2001, not the fourth quarter of 2000.

Measured from the new peak, the economy shrank just 0.4 percent, keeping the recession as measured by GDP the mildest on record. The 1969-1970 recessionary period, in which the economy contracted 0.6 percent, comes in a close second.
...
"If I were describing this, I'd say it's essentially a flat period," said Brent Moulton, who is in charge of compiling the GDP data at the department's Bureau of Economic Analysis.
Over the 2000-2003 period, the U.S. economy advanced at a sluggish annual rate of 1.9 percent, the same as in the unrevised data.

And "they" say they arent just spewing Doom and Gloom, turns out it wasnt even an official recession.

 

[dmcowen674]

Yep, now the NeoCons will try and Brainwash the millions that have lost their jobs that we've been in a Boom and the Economy has been Sizzling all along with the Fearless Liar in Office.

Oh and the pay cuts that those that have gotten back into jobs, never happened, it's like the shower scene from Dallas, they were never making that money to begin with. :roll:

 

[Fingolfin269]

Originally posted by: dmcowen674
Yep, now the NeoCons will try and Brainwash the millions that have lost their jobs that we've been in a Boom and the Economy has been Sizzling all along with the Fearless Liar in Office.

Oh and the pay cuts that those that have gotten back into jobs, never happened, it's like the shower scene from Dallas, they were never making that money to begin with. :roll:

Actually, that's not what the article said at all. But since you prefer to be extreme in all of your analysis I guess I should have expected nothing less.

 

[shiner]

Originally posted by: dmcowen674
Yep, now the NeoCons will try and Brainwash the millions that have lost their jobs that we've been in a Boom and the Economy has been Sizzling all along with the Fearless Liar in Office.

Oh and the pay cuts that those that have gotten back into jobs, never happened, it's like the shower scene from Dallas, they were never making that money to begin with. :roll:

Not that I agree with your post....but...

BEST PATRICK DUFFY REFERENCE IN A POLITICS THREAD EVER!!!!

 

[dmcowen674]

Originally posted by: Fingolfin269

Originally posted by: dmcowen674
Yep, now the NeoCons will try and Brainwash the millions that have lost their jobs that we've been in a Boom and the Economy has been Sizzling all along with the Fearless Liar in Office.

Oh and the pay cuts that those that have gotten back into jobs, never happened, it's like the shower scene from Dallas, they were never making that money to begin with. :roll:

Actually, that's not what the article said at all. But since you prefer to be extreme in all of your analysis I guess I should have expected nothing less.

Yep, I'd prefer "Extreme" over being Brainwashed anyday. Amazing what a little Tin Foil can do to ward off those nasty waves.

 

[Train]

Originally posted by: dmcowen674

Originally posted by: Fingolfin269

Originally posted by: dmcowen674
Yep, now the NeoCons will try and Brainwash the millions that have lost their jobs that we've been in a Boom and the Economy has been Sizzling all along with the Fearless Liar in Office.

Oh and the pay cuts that those that have gotten back into jobs, never happened, it's like the shower scene from Dallas, they were never making that money to begin with. :roll:

Actually, that's not what the article said at all. But since you prefer to be extreme in all of your analysis I guess I should have expected nothing less.

Yep, I'd prefer "Extreme" over being Brainwashed anyday. Amazing what a little Tin Foil can do to ward off those nasty waves.

Don't worry. To be brainwashed, first you need a brain.

 

[dmcowen674]

Originally posted by: Train
Don't worry. To be brainwashed, first you need a brain.

Ahhhh, so that's the NeoCons problem, they were Scarecrows to begin with, that expalins a lot, thanks

:thumbsup:

 

[Train]

Originally posted by: dmcowen674

Originally posted by: Train
Don't worry. To be brainwashed, first you need a brain.

Ahhhh, so that's the NeoCons problem, they were Scarecrows to begin with, that expalins a lot, thanks

:thumbsup:

wow, did you pay a 6 year old to come up with that comeback?

 

[Fingolfin269]

Originally posted by: Train

Originally posted by: dmcowen674

Originally posted by: Train
Don't worry. To be brainwashed, first you need a brain.

Ahhhh, so that's the NeoCons problem, they were Scarecrows to begin with, that expalins a lot, thanks

:thumbsup:

wow, did you pay a 6 year old to come up with that comeback?

Shh, he's really a talking doll. You've just gotta pull the string!

 

[Todd33]

I'm not sure the name you call the slump is important if you were/are out of work. If it makes you feel better, so be it.

 

[villager]

Originally posted by: Train
Text

Not only was the U.S. recession in 2001 the shallowest on record, it may not have been one at all -- at least in the classic sense of two straight quarterly declines, new government data show.
In annual revisions to U.S. gross domestic product numbers released on Friday that could fuel a politically charged debate, the Commerce Department rewrote the history of the recent downturn by revising away a decline in the second quarter of 2001.


"If I were describing this, I'd say it's essentially a flat period," said Brent Moulton, who is in charge of compiling the GDP data at the department's Bureau of Economic Analysis.
Over the 2000-2003 period, the U.S. economy advanced at a sluggish annual rate of 1.9 percent, the same as in the unrevised data.

And "they" say they arent just spewing Doom and Gloom, turns out it wasnt even an official recession.

WMD and now the economy. MMM. Used reports that overstated the facts but dovetailed with his policies to justify his tax cut.

 

[Crimson]

Originally posted by: dmcowen674
Yep, now the NeoCons will try and Brainwash the millions that have lost their jobs that we've been in a Boom and the Economy has been Sizzling all along with the Fearless Liar in Office.

Oh and the pay cuts that those that have gotten back into jobs, never happened, it's like the shower scene from Dallas, they were never making that money to begin with. :roll:

Millions of people probably change jobs every year.. Just saying people lost their jobs is not a indication of any sort of problem.. If 1 million jobs are cut, and 999,999 are created.. You can only say '1' person lost their job.. the other 999,999 just found new ones.

Unless you are making the claim that there is 'millions' of people out of work now, who were not out of work a few years ago?

 

[Arsynic]

Originally posted by: dmcowen674
Yep, now the NeoCons will try and Brainwash the millions that have lost their jobs that we've been in a Boom and the Economy has been Sizzling all along with the Fearless Liar in Office.

Oh and the pay cuts that those that have gotten back into jobs, never happened, it's like the shower scene from Dallas, they were never making that money to begin with. :roll:

I can't take anyone who uses "NeoCon" in a sentence seriously. It reeks of leftist brainwashing and radio talk show propaganda.

 

[Vic]

When expectations grew to the point that a runaway economy was considered the norm, even a "flat period" can seem like the Great Depression.

 

[sMiLeYz]

Originally posted by: Arsynic

Originally posted by: dmcowen674
Yep, now the NeoCons will try and Brainwash the millions that have lost their jobs that we've been in a Boom and the Economy has been Sizzling all along with the Fearless Liar in Office.

Oh and the pay cuts that those that have gotten back into jobs, never happened, it's like the shower scene from Dallas, they were never making that money to begin with. :roll:

I can't take anyone who uses "NeoCon" in a sentence seriously. It reeks of leftist brainwashing and radio talk show propaganda.

NeoCon was actually coined and frequently refered to by conservatives.

FIGHT THE BRAINWASHING MANG!

edit: You know if you want to sell yourself as nonpolitical, try not to say stupid things. Failing that stay out of P&N.

 

[sMiLeYz]

Oh now we're fudging definitions now? Recession is just a slump. Weapons of mass destruction are just aluminium tubes and water treatment trailers. People who disagree with Bush are liberals.

Please go buy yourself a clue.

 

[Vic]

Originally posted by: sMiLeYz

Originally posted by: Arsynic

Originally posted by: dmcowen674
Yep, now the NeoCons will try and Brainwash the millions that have lost their jobs that we've been in a Boom and the Economy has been Sizzling all along with the Fearless Liar in Office.

Oh and the pay cuts that those that have gotten back into jobs, never happened, it's like the shower scene from Dallas, they were never making that money to begin with. :roll:

I can't take anyone who uses "NeoCon" in a sentence seriously. It reeks of leftist brainwashing and radio talk show propaganda.

NeoCon was actually coined and frequently refered to by conservatives.

FIGHT THE BRAINWASHING MANG!

Uhh... yeah, the term neocon was actually coined by the real conservatives and Libertarians in order to distance themselves from the Bushites and the Limbaughites (who call themselves conservatives but IMO are not). Real conservatism does not embrace massive budget deficits, escalating government spending, increased government powers reducing civil liberties, and interventionist foreign policy, among other big government policies that the neocons love to champion.

Naturally, the liberals have picked up the term and ran with it the last couple of years, but it is hardly "leftist brainwashing and radio talk show propaganda".

 

[dmcowen674]

Originally posted by: sMiLeYz
Oh now we're fudging definitions now? Recession is just a slump. Weapons of mass destruction are just aluminium tubes and water treatment trailers. People who disagree with Bush are liberals.

That pretty much sums it up quite well :thumbsup:

 

[alchemize]

Originally posted by: Vic
When expectations grew to the point that a runaway economy was considered the norm, even a "flat period" can seem like the Great Depression.

Good point. Ah yes, when we are bouncing around between this massive unemployment range of 4 percent to 6 percent in the last 15-20 years, it's easy to forget that in rates in the early 80's were over 10%

 

[XZeroII]

Originally posted by: alchemize

Originally posted by: Vic
When expectations grew to the point that a runaway economy was considered the norm, even a "flat period" can seem like the Great Depression.

Good point. Ah yes, when we are bouncing around between this massive unemployment range of 4 percent to 6 percent in the last 15-20 years, it's easy to forget that in rates in the early 80's were over 10%

No one here remembers 15-20 minutes ago. I've pointed that out to them tons of times and they still don't understand. I honestly think that some people here (Dave, for instance) have serious long term memory damage.


Anyway, any luck finding a job yet Dave? How's that lawsuit or jailtime thing or wahtever it was going? I wonder if you realize that if you didn't spend 16 hours per day reading news on the internet and posting it here, you might actually find a job :Q

Keep your sarcastic "concern" about Dave's actual personal life off this forum. More than anything else, that IS a truly personal attack, and will be dealt with by us.

AnandTech Moderator

 

[BaliBabyDoc]

I guess Bush is down to two excuses for the deficit; war and national emergency. Granted, he started both of the wars . . .

 

[Train]

Originally posted by: sMiLeYz
Oh now we're fudging definitions now? Recession is just a slump. Weapons of mass destruction are just aluminium tubes and water treatment trailers. People who disagree with Bush are liberals.

Please go buy yourself a clue.

whos fudging definitions? the definition is still the same; a recession is defined as 2 consecutive quarters of economic decline. Its just that now they have real numbers to work with, not estimates, and it turns out there werent 2 declining quarters back to back.

 

[OneOfTheseDays]

does that make the situation any better? The economy still is in a slump, does you changing definitions around mean anything or even change the facts?

 

[Train]

Originally posted by: Sudheer Anne
does that make the situation any better? The economy still is in a slump, does you changing definitions around mean anything or even change the facts?

There were no facts, only estimates, only now are the real facts coming out. Since the consumer confidence is ruined by just uttering the word "recession" it would have made things quite different if that word was never repeated over and over on every news network in the country for what seemed like years. Especially since it turned out to not be true.

 

[preslove]

Originally posted by: Vic

Originally posted by: sMiLeYz

Originally posted by: Arsynic

Originally posted by: dmcowen674
Yep, now the NeoCons will try and Brainwash the millions that have lost their jobs that we've been in a Boom and the Economy has been Sizzling all along with the Fearless Liar in Office.

Oh and the pay cuts that those that have gotten back into jobs, never happened, it's like the shower scene from Dallas, they were never making that money to begin with. :roll:

I can't take anyone who uses "NeoCon" in a sentence seriously. It reeks of leftist brainwashing and radio talk show propaganda.

NeoCon was actually coined and frequently refered to by conservatives.

FIGHT THE BRAINWASHING MANG!

Uhh... yeah, the term neocon was actually coined by the real conservatives and Libertarians in order to distance themselves from the Bushites and the Limbaughites (who call themselves conservatives but IMO are not). Real conservatism does not embrace massive budget deficits, escalating government spending, increased government powers reducing civil liberties, and interventionist foreign policy, among other big government policies that the neocons love to champion.

Naturally, the liberals have picked up the term and ran with it the last couple of years, but it is hardly "leftist brainwashing and radio talk show propaganda".

Neoconservatism as a term was coined by Irving Kristol, who considers himself a NeoCon. He wrote a book about it, "Neo-Conservatism: the Autobiography of an Idea." Real conservatives are sometimes called Paleo-Conservatives, a term originated by Neoconservatives.

Neo-Conservatives are the real fvcked up ones that want to continue the Counter-revolution against the Progressives policies that were put into effect from the 1930's into the 1970's. The are really crazy.