How many neo-cons are still in "the Nile" in reference to a looming Bush-deficit recession?

Question

Some months back I posted a prediction that the 4th quarter would open in recession. I also predicted (time will tell) that retail sales would drop off this holiday season and cause the bottom to drop out no later than Feb 2008. Neo-cons disputed these predictions and quoted Fox News propaganda about Bush's "booming economy".

Are any neo-cons still in denial? If so, I'd like to hear a summary of your reasoning.

gustooch (below) LOL

The Wiz (below) Great follow up. I thought that the info you are sharing was common knowledge. Apparently Fox News is the only place neo-cons turn to for information.

JimSock (below) You may be confusing "bottom dropping out" with "Insurgents are in their last throes" AGAIN.

Answer 1

In testimony to the Joint Economic Committee of Congress, Fed Chairman Bernanke said:

"Our assessment is for slower growth, but positive growth going into next year," Bernanke said. "We think that by the spring, early next year, that as these credit problems resolve and as, we hope, the housing market begins to find a bottom … the economy (will) recover to a more reasonable growth pace."

Slower growth is still growth. Better questions are: Why do you so gleefully hope for recession? Why do you need the failure of others to make your ideology even a consideration? Do you think pointing out Bush's miscalculations and failures after-the-fact somehow indicate that Liberals will be competent?

Answer 2

Comptroller General of the United States David Walker because congress and the president have spent more of our money then they have managed to raise in revenue the deficit is more than 7 trillion or more than two thirds that of the US Economy When you factor in entitlement programs like social security and other entitlements Americas debt is near 46 trillion thats: 4 times the size of the US Economy More than $150,000 for every man , woman and child in America $350,000 dollars for every full time worker in the nation According to Walker every American would have to give up 90 percent of their income to fund just the current liabilities and unfunded promises in the future Wake up Democrats and Republicans did this to us its not ones fault or the others but both. Maybe we should go Libertarian

Answer 3

Deficits, alone do not cause recessions. If it were that simple, we wouldn't have recessions. The business cycle is unavoidable - it can be softened and nudged a bit, but it's going to happen as long as we have any vestiges of a free market economy. It does /not/ correlate to government deficits. Liberal (not in the political sense) fiscal policies, like deficit spending do provide some economic stimulus, though, and do increase the risk of inflation. So can theoretically help or hurt the economy.

Answer 4

This is easy to answer to you Neo-coms 4.5% unemployment and still dropping 2-3 % inflation rate and this is after 911 and the recession that followed biggest economic boom in the last 8 years thanks mostly to this president, yes the housing market has tanked, but he did not cause the motgage institutions to write bad loans to some borrowers.
Now the republicans did a lousy job when it came to spending, but the democrats Neo-coms are making them look like amatuers I could go on and on but it is too easy.

Answer 5

The funny thing about whats going on is that the deficit is falling because the dollar is weaker and more countries are buying American goods. Jobless rates continue to either fall or hold steady each weak. And people are still shopping, though not for tainted Chinese products.

What is happening right now is the economy is fixing itself in order to maintain growth, while it is purging at the moment this happens more often then not no matter who is president.

If you want someone to blame for the purge wouldn't you say that the Democrats are to blame, I mean it was stronger when Republicans held Congress and the Presidency.

Answer 6

Gloom and doom. The stock market is falling because of bad mortgages. How is this the presidents fault? The mortgage companies extended credit to a bunch of non worthy people, and the dummies that borrowed either did not lock in, or over extended themselves. I am up almost 10% this year in my retirement accounts. And I am sure alot of people have done better than that. What am denying again?

Answer 7

The bottom is going to drop out AGAIN?

If only I had a dollar for every time I heard a prediction of impending doom I could be the economy.

Yes, count me in the nile navy. Anchors aweigh.

Answer 8

I just bought a new kayak to row the nile,
help the economy,
enjoy my freedoms
and beat the holiday rush.
Am I YOUR average neo- con?

Answer 9

you forgot the 2 Trillion in credit card debt we Americans are holding and that we spent $1.11 for every $1.00 we earned in the last two years . in the past 5 years 20%/yr of our gdp has been people pulling equtity out of there homes . it can't go on forever . the chinese hinted this week at going with 'other than u.s. dollars' . the stock market dropped 360 points on the fear of this . dow will bottom at 8,400 by 1-19-09 . and its "da nile" .

Answer 10

They are, but chances are you won't hear from them with any reasonable answers. All they know is name calling as you can see.

Fed Chief Warns of Worse Times in the Economy
By EDMUND L. ANDREWS
Ben S. Bernanke told Congress that the economy is going to get worse before it gets better, a message that got a chilly reception from both Wall Street and politicians.