1. mikethemadbiologist
  2. Other Than These Little PeopleThings, The Economy Is Doing Great!

Other Than These Little PeopleThings, The Economy Is Doing Great!

By mikethemadbiologist on August 9, 2010.

I don't know whether to laugh or cry over this recent speech by Fed Reserve Chairman Bernanke:

A report last week showed that the American economy, recovering from the worst recession since the 1930s, slowed to a 2.4 percent annual rate in the second quarter, less than forecast, as a scarcity of jobs eroded consumer spending.

The economy "is now expanding at a moderate pace," Mr. Bernanke said at the Southern Legislative Conference, a group of lawmakers from 15 states. "To be sure, notable restraints on the recovery persist," including housing, commercial real estate and the labor market, he said.

Housing, commercial real estate and the labor market--yes, those are quite 'notable': hell, what's left?* Considering most of us are the labor market, I would say the recovery is still 'restrained.'

*I forgot that the FIRE sector is doing well, and we should all be very thankful for that. Damn us uppity serfs.

Tags
economics
We're Really Fucked

More like this

More Second-Derivative Flights of Fancy: The Home Price Edition
Housing prices suck. In fact, they suck worse than they did last month. But the good news is that the rate at which the suckitude is increasing is slowing (this is the second derivative). From The Washington Post: Home prices fell again in April, but at a slower rate, suggesting some parts of…
Yes, The Gold Standard Is Dead
Roger Lowenstein discusses the problem with the 'goldbugs', those who want to return to the gold standard (italics mine): Let us interject that in any monetary system, some authority must fix either the price of money or the supply. McDonald's can either set the price of a hamburger and let the…
Disco. Inst. Financial Planning
Discovery Institute boss Bruce Chapman has some ideas about your financial future. In September, while declaring that President Bush's stock was on the rise, Disco. frontman Chapman insisted the growing financial crisis was awesome: The disappearance of Lehman Brothers and the transformation of…
But the Recession is Over...Right? Revisiting Tinkerbelle Economics
I have a pretty good track record on the economic crisis. In 2007, I pointed out that the "slowdown" that people were saying was absolutely not a recession, was, in fact, a recession. In 2008, I pointed out that most major economic downturns of the past century haven't been very brief - although…

More evidence that when liberals talk about "the economy" and when conservatives talk about "the economy" they are talking about very different things.