Removed from reality, Bernanke, Bush deny recession

March 8, 2008

Don’t believe any comment is necessary from my part. What do you think?

“The Federal Reserve is not currently forecasting a recession,” Bernanke said. “We are forecasting slow growth.” (MSNBC)

On one issue particularly worrisome to American consumers, there are indications that paying $4 for a gallon of gasoline is not out of the question once the summer driving season arrives. Asked about that, Bush said “That’s interesting. I hadn’t heard that. … I know it’s high now.” (AP)

“I would say, by any commonsense definition, we are in a recession,” Buffett said.(AP)

Home foreclosures hit new highs and the amount of equity in homes reached new lows as the housing crisis escalated across the country in 2007, new figures showed Thursday.

The number of foreclosures was at the highest level since the Mortgage Bankers Association began keeping records in the 1970s. (LAT)

A jobs report yesterday showed that employers nationwide slashed 85,000 jobs since the beginning of the year, in the clearest sign yet that the economy has entered or is verging on recession. (WashingtonTimes)

The dollar sank to a new low Friday against the euro, which extended its first-ever rise above $1.54 after data showed U.S. job cuts hitting the biggest monthly number in five years.(SOS)

With prices continuing to march higher for commodities ranging from corn to wheat, food companies are cutting costs, raising prices and otherwise adjusting to tighter margins for the long haul.

For consumers, it means higher grocery bills and restaurant tabs. Consumer food prices are expected to increase 3% to 4% this year, on top of the 4% increase in 2007, according to the Agriculture Department. (WSJ)

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3 Responses to “Removed from reality, Bernanke, Bush deny recession”

  1. Santosh Says:

    Seriously I don’t know why these people can get their heads out of their collective a@#es and see the writing on the wall. A recession and the purging that comes with it may be exactly what this nation needs.


  2. The policy makers are on the first stage of grief: denial. While the rest of the nation are on the third and fourth: bargaining and depression.

    Once we all come to terms with the fact that we f’ed up, perhaps then we can begin the process of restoring our country’s deteriorating health.

  3. Fast Ben Says:

    An economy built on debt is a false economy.


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