Originally posted by: ProfJohn
Originally posted by: NeoV
"Nothing creates intelligent and free thinking that that!"
And you were picking on my grammar?
What are you even talking about by the way? Many of us have been saying - for months - that the economy was in dire shape - but the likes of you and PJ were trying to say - no, it's all good - "recession my ass" and a whole bunch of other complete drivel.
Finally, when even the die-hard right admits the recession is taking place - you are going to blame it on the media?
Get a clue already - and here's a novel idea for you - admit you were wrong -don't sugarcoat it, or misdirect it - admit you were wrong.
Actually my argument was against the idea that this was the worst recession since the great depression.I even admit in the OP that we were in a recession. However, the popular notion on P&N at the time was that the world was coming to an end economically. And the data, as presented in the OP, did not match that idea.
This was written in August BEFORE AIG needed to be bailed out and the $700 billion bailout for the banks etc etc. At that time all the evidence suggested that we were in a normal economic slowdown fitting with a typical recession. Not some once in a life time economic meltdown with millions of people out of work.
Even today with all the bad news of the past two months we are still a long ways from Great Depression part 2.
Finally, the question that NO ONE, not even the geniuses of P&N, can answer is where we are in the economic cycle. Are we at the bottom? Are we close to bottom? Or are we looking at another 6 months of job losses and stock market decline?
BTW read the last line of my commentary:
My guess is that we see a decent 3rd quarter and then another poor 4th quarter (4th quarters tend to suck) and then perhaps next year we get a real rebound.