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July 9, 2008

Seven Year American Recession Watch Remains On High Alert


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Thank you. We now return you to regularly scheduled Chicken Little programming.


Posted by Kate at July 9, 2008 1:40 AM
Comments

Oh you mean go over to the National Newswatch don't you. That is Chicken Littles personal news/skewer. A new Harris Decima poll has found that Canadians want Stephan to don a cape and personally slow the present rotation of the earth as lieberals are having a hard time keeping up, because as Ann Coulter said "For Liberals, history begins every morning", and if Stephan could just slow it down it would help in liberal comprehension of things like bowel movements, waking up, reading etc. And as all liberals know, especially the youth wing, Stephan can stop global warming. By the way where is global warming, only a liberal is stupid enough to scream all week about global warming and hope for a hot hot weekend.

Posted by: bartinsky at July 9, 2008 2:05 AM

This is one scam that will end up a scandel in the end. I really don't know anyone who dosent think its a scam. Even NDP Union guys can smell skunk.

Posted by: Revnant Dream at July 9, 2008 2:17 AM

Just think how truly good, productive and creative life could be IF WE JUST DID AWAY WITH THE MSM AND LIBERAL-THINK.

Posted by: Doug at July 9, 2008 2:46 AM

Chicken Little "The Globe Is Warming!"
...with south pole Santa cameo:

http://fr.youtube.com/watch?v=mWnMlUPqnas

Posted by: lilli marlene at July 9, 2008 3:21 AM

lilli marlene....LMFAO....my ciggy went flying out of my mouth, and my stomach is still sore from the laughing.

I know of many leftarded moonbats who resemble that hilarious chicken....well done!

VOTE REFORM!
GO ARMY!

THE SKY IS FALLING, THE SKY IS FALLING !

Posted by: kingstonlad at July 9, 2008 6:18 AM

Thanks, Kate the Economist!

Suggestion for future thread topic: using tortured data and misleading graphics to explain away these June 2008 numbers (from the US Bureau of Chicken Little Labour Statistics's Economic Situation Summary):

- Total nonfarm payroll employment continued to trend down in June (-62,000). Since peaking in December 2007, payroll employment has fallen by 438,000.

- Employment in construction fell by 43,000 in June, as job losses continued across the industry. Since its peak in September 2006, construction employment has fallen by 528,000.

- In June, manufacturing employment fell by 33,000. Job losses were wide-spread throughout the industry, with notable declines in fabricated metal products (-9,000), printing and related support activities (-6,000), and wood products (-6,000). Employment in motor vehicles and parts edged up by 6,000 over the month, largely reflecting the return of workers from strikes and related shut-downs. Over the past 12 months, manufacturing has lost 353,000 jobs.

- Within professional and business services, employment services lost 59,000 jobs in June; about half of the decrease (-30,000) occurred in temporary help services. So far this year, monthly job losses in temporary help services have averaged 26,000 compared with average declines of 7,000 per month in 2007.

- Retail trade employment changed little in June. A job gain in general merchandise stores (9,000) was offset by small declines elsewhere in the sector. Since its most recent peak in March 2007, retail trade has shed 194,000 jobs.

[And in a bit of good news...]

- Employment in mining rose by 8,000 in June. Support activities for mining and
oil and gas extraction accounted for most of the increase. Mining employment has expanded by 208,000, or 42 percent, since its most recent low in April 2003.

- Health care employment continued to grow in June (15,000), although the increase was half the size of the average monthly gain during the prior 12 months. In June, employment rose in ambulatory health care services (13,000). Since June 2007, health care has added 348,000 jobs.

Posted by: QE at July 9, 2008 8:50 AM

Isn't it funny how all the green areas of the map happen to be free and democratic societies and you shift to orange and yellow in authoritarian rule regions and to red and white under regions of tribal law and Islam. Coincidence....... Dismissed as chance.

Posted by: wade at July 9, 2008 9:06 AM

If you look really, really, really closely at the map, you'll see a single bright red pixel just north of Toronto.

That's my house.

Posted by: Lickmuffin at July 9, 2008 9:16 AM

"Isn't it funny how all the green areas of the map happen to be free and democratic societies and you shift to orange and yellow in authoritarian rule regions and to red and white under regions of tribal law and Islam. Coincidence....... Dismissed as chance."

Except for Venezuela and Burma and what is that big green round country in the Pacific?
There are still a lot of poorer democratic countries ex. South America that are not green. Including the largest democracy in the world, India.

Posted by: Right of centre at July 9, 2008 9:32 AM

I forgot to mention Uganda? is green????

Posted by: Right of centre at July 9, 2008 9:35 AM

I think I see a tiny sliver of green in the middle east. would that be something other than an islamic nation ?

Saudi with its huge average income ( distortedly distributed) must charge a lot for goat and rice.

Posted by: cal2 at July 9, 2008 9:37 AM

Kate

Are you saying that everything is just fine because 15%(I'm guessing here) of the world's population is green?

Posted by: Right of centre at July 9, 2008 9:58 AM

The more I look at this map the more I realize that Wade's comments were poorly thought out.

By population there are more democractic people in yellow than green. probably by 3 times as much.

Posted by: Right of centre at July 9, 2008 10:09 AM

RoC;

Things are finer now than they have ever been in the history of the world.

They really ramped up when the GATT began and accelerated even more as more and more of the world adopted market economic theory (freidman et al) and abandoned the pseudo-socialism of Keynes and galbraith.

Literally a billion-plus people have been lifted out of abject poverty since the Reagan tax-cut and a billion more have moved up to first-world standards of living. The notable exceptions are the islamic middle east and parts of africa, however some african countries that are more liberal in trade practice are starting to improve.

You got a better idea? Do you have any eexaples of where this idea has been put into practice and achieved better results?

Posted by: Gord Tulk at July 9, 2008 10:16 AM

"Isn't it funny how all the green areas of the map happen to be free and democratic societies and you shift to orange and yellow in authoritarian rule regions and to red and white under regions of tribal law and Islam. Coincidence....... Dismissed as chance."

I like how even in the countries with a glut of oil this is true.

Posted by: dinosaur at July 9, 2008 10:20 AM

There seems to be a thought among some that somehow if the green countries spread their wealth,the yellow and red countries would be better off.Did you ever think that if the green countries go into a depression that there may be other colours to put on the map? Like blue to represent 100% for food and black to represent starvation?There are pockets of black now.

Posted by: spike 1 at July 9, 2008 10:35 AM

Gord-
I dont think there is a better system nor did I say we need to change it. I also didn't say it was worse than ever or getting worse.
Way to fill in the blanks to fill in your daily rant quota.
But if the vast majority of the people on earth struggle do you really think everything is ok?

What is it with some posters on here that think everything is an attack against democracy and our way of life. Is there something wrong with wishing a better standard of life for all?


Posted by: Right of centre at July 9, 2008 11:00 AM

"Literally a billion-plus people have been lifted out of abject poverty since the Reagan tax-cut "

You never fail to entertain, Gordo :-) A billion people have also been lifted out of poverty since I hit puberty, and I didn't write $200 billion worth of hot cheques annually; where's my praise?

Posted by: Yeah, Right at July 9, 2008 11:46 AM

"A habit of basing convictions upon evidence, and of giving to them only that degree or certainty which the evidence warrants, would, if it became general, cure most of the ills from which the world suffers." Bertrand Russell - Philosopher Logician Mathematician!

It would also leave the MSM with nothing to do and no one to give a crap......

Posted by: OMMAG at July 9, 2008 12:42 PM

yeah right.

and have you had problems with premature commenting since?

200 billion for a billion folks, thats 200/ person, a cheap lift by lefty standards where adminstrative costs would be more than 200 /person.

Posted by: cal2 at July 9, 2008 3:19 PM

The point is, that although there is an economic slowdown ... there is not a recession ... or anything even close to a depression. The media and some economists are moaning about the economy for strictly political reasons. Here are some basic stats from real recessions of the past:

In the early 1970s, economic output was falling. But today, despite the sluggishness, GDP is still inching ahead.

In the early 1980s, unemployment hit 10.8%.Today, the rate is 5.5%, or about half that.

Inflation topped 12% in the 1970s and 14% in the early 1980s. Today, it's at 4%.

http://money.cnn.com/2008/06/27/markets/bear_market.moneymag/index.htm?section=money_topstories

Posted by: Paul at July 9, 2008 5:01 PM

Thanks Kate for reminding me.

I wanted to revise my Dow numbers from my previous comments on when a recession officially starts from the Dow hitting under 12,000, or 11,000 or 10,000 or 9,000.

I want to add, or 8000 or 7000.

Just to cover all the bases since financials are my 101.666th most favorite subject.

BTW, Dow down 236 pts today, putting it at 11147.

The glue is getting thicker fast.

Posted by: rockyt at July 9, 2008 5:27 PM

Er... a bear market is a bear market, and no amount of denial will make it otherwise.

http://www.nytimes.com/2008/07/10/business/10stox.html?hp

"Widespread fear about the health of the mortgage industry took hold Wednesday afternoon, and investors could not shake the jitters. The Dow Jones industrial average, already swimming deep in negative territory, dived 75 points in the final 30 minutes of trading and finished down 2.1 percent at its lowest close of the year. The sell-off marked the third consecutive day that trouble at big mortgage lenders has resulted in steep volatility in the stock markets. Slumping shares of financial firms dragged the Standard & Poor’s 500-stock index, the broadest measure of the equity markets, into its first official bear market since 2002."

Posted by: John at July 9, 2008 7:54 PM

Funny how the us economy problems put me into commodities-four years ago.

Funny how i was right.

Funny how if i told you today to do the same today you wouldnt.

Funny is the scream that will come to your faces not to long from now when your days wage wont buy aloaf of bread.

Funny how this has happened thousands of times in the historie of the world but no one learns.

Posted by: morningstar at July 9, 2008 11:51 PM

"Initial Jobless Claims Show Surprising Drop"

"The number of U.S. workers filing new claims for jobless benefits dropped by a much bigger-than-expected 58,000 last week to 346,000 on a seasonally adjusted basis, as there were fewer applications than expected this time of year filed in several states, a Labor Department report showed."

Don't worry though: as Libsoc Marxist-Leninist Citoyen Dion says, the worse the better. >>>

"It was the 11th straight week that these continued claims were above 3 million, in a sign the slow U.S. economy is make it harder for U.S. workers to find jobs."
http://www.cnbc.com/id/25619008

Posted by: maz2 at July 10, 2008 12:40 PM

Maz2,

If there is a "good" thing to come out of the falling US dollar, it's the fact that this is good news for US exporters. A lower dollar gives the rest of the world more buying power for American goods. So this probably will give the US a temporary boost.

Trouble is, with the rest of the world's economy going into the pooper due to rising energy and food costs, not to mention a globally declining housing market, people won't have much spare dough for American products.

In the end, we have a recession coming, and it's going to smart. People were living outside of their means, and this was stupid.

I thought "conservative" meant that you were cautious and smart with you money? When exactly did it mean spend money you don't have on stupid shit you don't need?

Posted by: John at July 10, 2008 12:52 PM

And look at what the prancing lefties over at the Financial Times have to say:

"US stocks slumped decisively into bear market territory on Wednesday as investor sentiment buckled on concerns about the health of the financials sector and fears that slowing economic growth would hurt earnings at technology firms.

Nine of the ten leading industrial sectors fell, knocking the benchmark S&P 500 down 2.3 per cent to 1,244.63 - its lowest level since July 2006 and its first bear market since 2002."

http://www.ft.com/cms/s/0/ca3d8c48-4db5-11dd-820e-000077b07658.html

To paraphrase Stephen Colbert, don't you just hate it when reality has a known leftwing bias?

Posted by: John at July 10, 2008 12:59 PM

Nothing to see here:

"Fannie Mae and Freddie Mac, the mortgage lenders at the heart of the nation’s housing finances, fell to their lowest share prices in 17 years on Thursday on concern that the companies could face the possibility of a government bailout."

http://www.nytimes.com/2008/07/11/business/11fannie.html?hp

Crazy lefty bastards. Next thing you know they'll be telling you that some skyspirit didn't create the earth 6000 years ago over a period of six days.

Posted by: John at July 10, 2008 1:08 PM

"Thanks, Kate the Economist!"

Seconded.

Posted by: Gary Gulrud at July 11, 2008 11:39 AM
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