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« Dane Cook Damn Well Is Funny | Main | Right Wing News' Best Blogs Poll »
December 05, 2005

New York Times On The Economy: Doom, Disaster, & Depression

Looks like Pinch Sulzberger has ordered his reporters to start submitting a story-every-week about how bad the apparently "booming" economy (by their own admission, last week) really is.

We can expect one of these economic hatchet jobs every week from now until Novermber 2006. So get used to the form. Here, we'll just ignore all the postitive data and conduct an interview with a single sourpuss.

What's Ahead: Blue Skies, or More Forecasts of Them?

The nation's economic forecasters are all but unanimous in predicting that the coming year will not bring a recession. It isn't so clear, however, whether that forecast has any meaning.

Wall Street economists are notorious for insisting that all is fine even when a downturn is just around the corner. The few pessimists who regularly prophesize doom are only occasionally right.

Even the actual start of a recession does not always help. Alan Greenspan, the chairman of the Federal Reserve, spent much of early 2001 saying that a recession was avoidable. In fact, one had already begun.

Trying to predict recessions - an effort that drives much of forecasting - turns out to have little practical use. The more relevant question might be whether growth is likely to speed up or slow down in the coming year, and most of the signs, like still-high energy costs and a cooling housing market, are pointing to a slowdown.

Slowing economies matter because they often set the stage for recessions, and they usually drag down stock prices in any event. By the time a recession begins and job losses are mounting, stocks are frequently rising again....

4.3% GDP growth? Dow approacing new historic highs? Deficit falling by a $80 billion in one year due to rising tax receipts? Unemployment at 5.0% and falling?

akbar1.jpg
It's a trap!!!

Admiral Akbar should be the Democratic nominee in 2008. After all, he's got the military experience the liberals need to help convince the public they're not total weenies on defense.

As a bonus, he's a minority. At least I think he's a minority. Who knows.

Coincidence? According to Drudge:

SOURCE: Bush set to go on offense Monday re the economy; hit Dems for seeking to raise taxes ... Developing...

And, goodness gracious, the NYT is right there playing defense for them. What were the odds.


posted by Ace at 12:19 AM
Comments



Is there any chance that someone taking their cues from the Times wouldn't already be voting (D)?

Posted by: Knemon on December 5, 2005 12:35 AM

Wait a sec - how could the recession have started by early 2001? Are Bush's economic policies so bad that they actually propagated backwards in time to taint the end of the Clinton administration?

First time I ever use 'Clinton', 'end', and 'taint' in the same sentence, and I'm talking about the economy. And time travel.

Posted by: bgates on December 5, 2005 02:11 AM

golly. have I been so conditioned that the second I saw the good Admiral, the first thing that came to my mind was "IT'S A TRAAAAAP!!!"

thanks Fark.

Posted by: MacStansbury on December 5, 2005 04:27 AM

"...Deficit falling by a $80 billion in one year due to rising tax receipts? ..."

Yeah, sure, like rich people are better at making money than the government or something....

Posted by: B Moe on December 5, 2005 07:21 AM

Ace,

You mean to tell me that The New York Times is in cahoots with the Democratic Party?

Now, now. The next thing you will be telling me is that Andrew Sullivan is gay or that the Pope is Catholic.

There goes my innocence.

Posted by: WunderKraut on December 5, 2005 07:42 AM

The few pessimists who regularly prophesize doom are only occasionally right.

Physician, heal thyself.

And what's with the crack about dating a recession? From what I can tell, you don't know you're in a recession until 6 months after it has started, by definition. So, you're always going to be caught by surprise by it...

Posted by: Zorachus on December 5, 2005 09:24 AM

One thing that is great about this economy is that there are no major imbalances that need correction.

Clinton's economy was based on the internet hysteria and it was a crash waiting to happen. In late 1999, it crashed.

Posted by: Jake on December 5, 2005 10:18 AM

Admeral ackibar could never be a liberal he is a military leader

Posted by: spurwing plover on December 5, 2005 10:36 AM

I'm thinking that Candidate Ackbar would be a real fish-out-of-water in politics.

Besides, he would have cut and run from Endor unless convinced by Calrissian.

Anyone know how Lando votes? Even if he's a bit of a scoundrel, we could always use another black Republican. Although that whole Bespin turncoat thing makes me wonder if he's really a RINO.

Cheers,
Dave at Garfield Ridge

P.S. Whaddya know, my blog is the first site that comes up when you Google images of "Lando." This is like the proudest day of my life, even better than that day when I met Judd Nelson.

Posted by: Dave at Garfield Ridge on December 5, 2005 10:53 AM

Besides, he would have cut and run from Endor unless convinced by Calrissian.

The Ewoks are savages; they can't handle democracy. But their culture is equal or superior to ours, because they are closer to nature. Those rebel insurgents keep killing our boys with their trecherous "aiming." When are we going to be finished with the up-armoring of our AT-ST walkers? We need to pull out immediately and mind our own business in the inner worlds.

Posted by: Sue Dohnim on December 5, 2005 11:06 AM

"treacherous", pardon.

Posted by: Sue Dohnim on December 5, 2005 11:07 AM

Is that picture from the Star Wars exhibit at the Smithsonian ca. 2000? 'Cuz I wuz there. In the shit. The Star Wars shit.

Ace, Ackbar is a Calamarian. You remember - they had a century-long war with the Escargotte, whom they defeated after forming an alliance with the Antipastons.

Posted by: Les Jones on December 5, 2005 11:21 AM

Dave: did he stutter?

Posted by: Knemon on December 5, 2005 11:52 AM

NYT isn't alone in mischaracterizing the economy. Much as I hate to say it, it looks like CBS screwed the pooch again.

The local talk radio station here is a CBS affiliate and I wound up listening to the 8:00 news this morning. They had a story on Bush's visit to Kernersville, NC today. CBS described Kernersville as a small town of about 20,000 which had lost several thousand textile and furniture manufacturing jobs in the last few years. I happen to live less than 10 miles from Kernersville, so I was shocked to hear that news. I was unaware that Kernersville had ever had a mill or a furniture plant. I am aware that the new Dell plant just opened there and hired a couple thousand people.

I suppose if you consider Kernersville as a part of a larger regional community, you could get away with talking about loss of tectile and furniture industry jobs. That has had an impact in Virginia and North Carolina, as well as other parts of the South. However, if you are going to broaden the focus there, you also have to broaden the focus to look at Kernersville not as "a small NC town", but as a rapidly growing, economically vibrant community that is intertwined with neighboring Winston-Salem and Greensboro and other communities in the third largest metroplex in North Carolina, behind Charlotte and Raleigh-Durham.

Quite opposite from the image CBS conveyed of a small town hard hit by economic disaster, Kernersville is a typical town in a booming economy. According to a real estate site I snatched from Google, the unemployment rate is 3.38%, 70.88% of residents own their own home, with a median value of just over $150,000.

We're still waiting for the new FedEx hub, in the works for Piedmont Triad International, adjoining Kernersville. That should help reduce the unemployment somewhat and bring in some more business.

Posted by: Dave on December 5, 2005 11:52 AM

As a bonus, he's a minority. At least I think he's a minority. Who knows.

Jeez, Ace, that's not exactly a hard question. Ackbar is Mon Calamari, and the Empire had long had a policy of official discrimination against non-humans.

http://www.starwars.com/databank/character/admiralackbar/

This stuff is canon. Duh.

Posted by: Pompous on December 5, 2005 12:03 PM

Anti-Squiddites. Humph.

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MacDonald's old partner Adam Egot revealed that MacDonald repurposed a bit with one of his ventriloquist dolls -- that he was a "bad guy" who "didn't believe the Holocaust happened" -- for the Norm MacDonald show, in which he claimed Egot didn't believe in the Holocaust.
Funniest thing I've read about the Virginia mess. Back when they were hustling the referendum through the assembly both Senators, Warner and Kaine, advised them to go slow and play by the rules. Louise Lucas said she respected them but didn't need advice from the "cuck chair" in the corner. The gerrymandering was overturned and Louise is heading for the big house. Edward G. Robinson voice "where's your cuck now?"
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"Ahhhhh ahh I put my career on the line for Louise Lucas and Jay Jones thinking they'd vault me into presidential contention and we ended up costing Democrats 20 House seats and unleashing a Reverse Dobbs ahhhhh ahhh"
Forgotten 80s Mystery Click That Sums Up the Democrat Communist Party Today
Something is wrong as I hold you near
Somebody else holds your heart, yeah
You turn to me with your icy tears
And then it's raining, feels like it's raining
"It's f**king f**ked."
-- reportedly a genuine comment offered by a "senior Labour source"
Correction: I wrote that Labour is losing 88% (now 87%) of the seats it is "defending." I think that's wrong. The right way to say it is the seats they are contesting -- that is, they don't necessarily already hold these seats, but they have put up a candidate to run for the seat. It's still very bad but not as bad as losing 87% of the seats they already held.
Basil the Great
@BasilTheGreat

🚨ED MILIBAND [a Minister in Starmer's government] SAYS KEIR STARMER WILL RESIGN AS PRIME MINISTER

He has reportedly reassured Labour MP's that Starmer will be resigning following the disastrous results tonight

It's over
"The end of the two party system in the UK" as first the Fake Conservatives and now Labour chooses political suicide rather than simply STOPPING THE INVASION
Incidentally, the only reason this didn't already happen in the US is because of the Very Bad Orange Man (who is right on 85% of all policy calls and extremely, existentially right on 15% of them)
No political party that is NOT also a doomsday religious cult would EVER choose a cataclysmic loss -- and possible extinction as a party -- to support a toxically unpopular favoritism of NON-CITIZEN ILLEGAL MIGRANTS over actual citizen voters.

Only a cult does this.
Now they've lost 84%.
Annunziata Rees-Mogg
@zatzi
If this continues Labour loses 2,148 seats tonight.

That is much worse than the worst case predictions I’ve seen.

Cataclysmic

Update: They've now lost 88% of the seats they're defending. As I mentioned earlier, I think I heard that London will not bail them out, as many of those Labour seats will probably flip to "Muslim Independent" or Green. Detroit's 5am vote will not save them.
Yup, Labour is losing 80% of its seats...
The British Patriot
@TheBritLad

🚨 BREAKING: Labour have lost 80% of all seats contested as of 2:25 AM.<
br> If this continues, Keir Starmer will be out of office next week.

Reform has surged and projected to pick up between 1700-2100 seats.


Wow, up to 1700-2100 seats. It's not incredible that this is happening. It's incredible that the Davos crowd is so absolutely determined to privilege Muslim "migrants" over the actual native population who elects them, no matter how loudly the natives scream that they want to be prioritized, that they will gladly self-extinguish as a party rather than simply representing the interests of their own voters. Astonishing.
Remember, when they call other people "cultists" -- they are the ones so imprisoned in their social reinforcement and discipline bubbles that they will choose political death rather than dare upset the Karen Enforcement Officers of their cult.
Update: Now they've lost 83% of the seats they were defending.
(((Dan Hodges)))
@DPJHodges

Reform are basically wiping Labour out in the North. It's not a defeat. It's not even a rout. Labour are simply ceasing to exist.


Nick Lowles
@lowles_nick

Tonight’s results are calamitous for Labour. Not just for Keir Starmer's leadership, but for the very future of the party
STARMERGEDDON: In early returns, Reform gains 135 seats, Labour loses 90, the Fake Conservatives lose 36 (and I didn't even know they could fall any further), the Lib Dems lose 4, and the Greens gain 6. Note that the only other party gaining seats is the Greens and they're only gaining a handful of seats.
Update: Reform now up 145, Labour down 98.
Labour projected to lose Wales -- where they've ruled for 27 years.
Fulton County Georgia just discovered 400 boxes of ballots for Labour
Update: REF +156, LAB -107, CON -45
Brutal: In four out of five council seats where Labour is defending, they've lost. 80%.
I'm sure it's not this simple, but Reform is straight taking Labour's and the "Conservatives'" seats. They've lost almost exactly what Reform gained. If understand this right (and warning, I probably don't), all of London's council seats are up for election, and Labour might lose hugely there, as their old voters abandon them for Reform, Muslim Indenpendents, and the Greens.
REF +190, LAB -134, CON -56.
Updates on the Labour collapse in council elections -- which wags are calling #Starmergeddon -- from Beege Welborne. There are about 5000 seats up for grabs, Labour is expected to lose 1,800, Reform will probably gain 1,580, up from... zero. So this would be more than that.
People claim that while Labour has adopted the Sharia Agenda to appeal to the million Muslims it allowed to migrate to the country, those voters are ditching Labour to vote for the Muslim Independent Party or the Greens. Delicious. This shadenfreude is going straight to my thighs.
Oh, and if Starmer loses about as badly as expected, Labour will toss him out of a window Braveheart style and replace him. He will announce he is resigning to spend more time with his Gay Ukrainian Male Prostitutes.
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That was written by Denny O'Neill and illustrated by, get this, Frank Miller. Editor to the Stars Jim Shooter was in charge at the time.
I always thought the gag was original to the comic book, but in fact the "Threat or Menace" headline was a satirical joke about media bias and sensationalism for a long while. The Harvard Lampoon used it in a parody of Life magazine: "Flying Saucers: Threat or Menace?"
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