Thursday, October 30, 2008

Defining Recession Down.

The economy contracted a tiny .3% in the last quarter and the media is calling it proof that we're in a recession. Traditionally, a recession was marked by two consecutive quarters of economic decline, but in the Newthink times we live in, the need to elect fascists to power requires the R-word to be slung around even when the economy was still growing. Of course, if Obama is elected Fuhrer, we'll be skidding rapidly past the R-word to the D-word.


Anonymous said...

The recession of 2001 didn't have 2 consecutive quarters of contraction unil the data was revised(well after the recession was called); so it wasn't one?

Isn't that a bit simplistic?

The NBER FAQ goes into a nice bit of detail.

The nation has been shedding jobs since the 3rd quarter of 2007 according to the BED survey and been shedding jobs in the establishment survey since January. A $300bn stimulus was the peak in the double dip recession that's been going on since the credit crunch began last August.

Dirk Belligerent said...

True, but the point is that the propaganda machine was roaring for quite some time a redux of Clinton's "worst economy in 50 years" meme. It was crucial to frighten people into voting for radical socialism, and lucky for the Left, the economy melted down on cue in time for the election.

The radicals' plans to rework the system depend on the system to collapse in order to make their schemes acceptable to their subjects. That Obama was able to float the idea that the crash - caused by ACORN-Dem shenanigans - was the verdict on capitalism means that when he offers socialist-fascism as the solution, a frightened populous will be amenable to given it a try since nothing else seems to have worked.

Please refer to the Cold War history of Eastern Europe to see what's coming.

Anonymous said...

So Alan Greenspan(the Randian) & Phil Gramm(the free marketeer) were looking to set up a workers paradise?

And the Democrats plan was what, give em enough rope?