Republican Recession Watch: Fed Outlook

1:53 pm EST May 21st, 2008 | Republicans | 6 Comments

Once again, only a fool would say that this isn’t Good News For John McCainTM

The Federal Reserve on Wednesday sharply lowered its projection for economic growth this year, citing blows from the housing and credit debacles along with zooming energy prices. It also expects higher unemployment and inflation.

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6 Responses to “Republican Recession Watch: Fed Outlook”

  1. The Reality-Based Dave says:
    May 21, 2008 at 3:01 pm

    No problem! McSame will say that more tax cuts will keep the US out of a recession. The talking heads on the teevee will agree!
    Nevermind that many economists agree that the US is already IN a recession…
    Nevermind that tax cuts will not work…
    Nevermind that McSame has already stated he knows nothing about economics…

  2. Joyful Alternative says:
    May 21, 2008 at 4:15 pm

    You’re right, Dave. It must be that the talking heads know nothing about economics.

  3. durablend says:
    May 21, 2008 at 5:09 pm

    “It’s all the Democrats fault!!!!!!”

  4. anotherbozo says:
    May 22, 2008 at 7:28 am

    History: bad economy = install the other party

  5. Dave in SoCal says:
    May 22, 2008 at 1:49 pm

    At least part of the Fed’s prediction has failed to come true:

    U.S. Initial Jobless Claims Unexpectedly Decline

    “Fewer Americans than forecast applied for unemployment benefits last week, indicating companies are reluctant to fire more workers even as the economy slows.

    First-time jobless claims fell 9,000 to 365,000, from a revised 374,000 the prior week, the Labor Department said today in Washington. The total number of people collecting benefits was unchanged at a four-year high of 3.073 million for the week ended May 10.

    The figures signal that companies are responding to the current economic slowdown by cutting back on hiring rather than letting go of more staff, in contrast to previous downturns.”

  6. C.S.Strowbridge says:
    May 24, 2008 at 7:40 pm

    Dave, please tell me you don’t think that’s good news.

    “Not every single indicator is down, therefore the economy is fine!”

    There are enough stats that you can find something positive even at the worst of time. Looking at one and ignoring the many others is foolish, at best.