Sirotablog

David Sirota is a political journalist and nationally syndicated newspaper columnist at Creators Syndicate. David writes about political corruption, globalization and working-class economic issues often ignored by both of America's political parties.

  • January 9, 2008 7:28 AM

    Welcome to the Recession

    In in the real world outside the presidential campaign bubble, there's some really big, bad news from the BBC:

    "The feared recession in the US economy has already arrived, according to a report from Merrill Lynch. It said that Friday's employment report, which sent shares tumbling worldwide, confirmed that the US is in the first month of a recession."

    This is very troubling - as is the fact that it is basically being ignored by the American media. I mean, really: It's pretty sad that our celebrity-obsessed media is so consumed in its efforts to turn the presidential contest into a glorified television show that we have to rely on British news outlets to deliver this huge news about our economy.

    (h/t Peak Dems)

    Posted by David Sirota
    Permalink | Comments (7) | del.icio.us | digg
    Tags: economy

Discussion

  • JumperPin [TypeKey Profile Page] :

    Isn't this when insurance companies bump up their premiums to keep our GDP in the black?

    Posted on January 9, 2008 8:15 AM
  • waltc [TypeKey Profile Page] :

    There is no recession according to the business mandarins on CNBC.

    And what they say goes.

    And even if there was it will have no impact on the election since both parties no longer represent the working class but the upper middle-class and wealthy.

    Besides talking to the people about the economy and job situation only bores them. Its like lecturing a pig on nuclear physics. It wastes the lecturers time and annoys the pig.


    Posted on January 9, 2008 9:21 AM
  • ewode [TypeKey Profile Page] :

    We're the last to know about everything except the rest of the world that is also delusional. That's the way it is under American Fascism to paraphrase Ron Paul. If you want to connect to reality read "Parity Democracy" by Ed Wode, available worldwide at Amazon, Barnes and Nobel (BN.com) Borders and zillians of other booksellers. key words Parity Democracy or Ed Wode. I also have four books available at lulu.com (key word Ed Wode) including a book of photos. There are lengthy free previews on lulu.com not available elsewhere.

    Posted on January 9, 2008 10:32 AM
  • below_mason_dixon [TypeKey Profile Page] :

    Who gives. We are gonna get screwed over if it is a recession. We are gonna get screwed over if if it is a boom economy. And then our choices are limited to the dempublicans, the republicrats, and the "outsiders" like tycoons Ross Perot and Lou Dobbs. Oh, and if you are REALLY "radical," you can join up with some national socialist party that, while good on economic issues, spends all its time obsessing over race, ubernationalism, Hitler, islam, the end of the West as we know it, and whatever the latest internet/YouTube rightwing fad is. And of course they attack the left which actually defeats the economics goals they set forth.

    WHY oh WHY the eff can't their be a sane, relaxed, non-apocalyptic, non-race-obsessed, non-islam-obsessed populist leftwing party that focuses strictly on economics, and that criticizes globalization and mass immigration strictly based on economics and not culture war? Oh, I know. Because then the media would not allow them!

    Posted on January 9, 2008 11:36 AM
  • FLGibsonJr [TypeKey Profile Page] :

    What the heck have we been in over the last couple of years? And it is going to get worse? My God!

    Regards,

    Posted on January 9, 2008 3:00 PM
  • KRitt from WA [TypeKey Profile Page] :

    Recessions/ expansions are determined from economic production data (GDP, GNP) not employment numbers. Leading economic indicators are production orders and stock/ bond market prices. The latter led to the former in the mid-1990s I believe because a lot of early baby boomers decoded the should actually start saving and investing for retirement rather than buying BMWs to impress their friends. Unfortunately, many were after quick bucks and bought Yahoo and other dotcom stuff at $100s or evem $1000s per share. Their apparent 'wealth' evaporated and the y still had to pay the bills on the massive credit they ran up. Less well off folk bought houses with ARM financing. Dumb. Everybody likes to make a lot of money fast, but like the Casino, you better hedge you bets. Despite what politicians say, those days like the roaring 1920's are not coming back. The aging boomers money is going to go to doctors, hospitals, nursing homes and funeral directors. The big party is over. I'm a late baby-boomer. Most good jobs were filled when I graduated but then I didn't have to deal with Vietnam either. Life has its good and its bad no matter what conartist politician promise which is Nirvana i.e everthing anwith no cost. People are gullible enough to believe this garbage.

    Posted on January 9, 2008 11:58 PM
  • below_mason_dixon [TypeKey Profile Page] :

    I took AP economics recently. I learned one basic thing: economic indicators like GDP indicate the SIZE of the economy, NOT how good things are for the individual working person. A good economy means richer rich people, and a very slight raise for some of us (which will not keep up with inflation).

    Recession/Schmesession ... who gives a fark ... focus on what to do in the general social/economic/political scene ... NOT on what ever Larry Kudlow happens to be vomiting at the moment

    Posted on January 10, 2008 6:01 AM

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