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Thursday, July 28, 2022

Biden got the recession he wanted

The American economy shrank in the first six months of this year. We are in a recession. As RNC chairwoman Ronna McDaniel tweeted, "Biden inherited a recovery and created a recession."

That was the plan. Democrats believe economic ruin will help them in the long run. Losing Congress this year is a small price to pay for a big FDR win in 2024.

And the media and the rest happily provide cover for Democrats. 

The official arbiter of recessions, the National Bureau of Economic Research, refuses to call this recession a recession. Six months of economic shrinkage is a recession.

In 2020, NBER could not wait to call a recession. It took only four months of a contraction for NBER to declare a recession.

CNN reported on June 9, 2020, "The longest economic expansion in American history is officially over. The National Bureau of Economic Research declared Monday that the recession began in February.

"The economy collapsed so rapidly that NBER wasted no time in announcing a recession, a stark contrast to previous downturns when the body took upwards of a year to declare what most people already knew. This was the fastest that NBER has declared any recession since the group began formal announcements in 1979.

"Social distancing requirements imposed to fight the pandemic have crushed broad swaths of the US economy, from airlines and cruise ships to restaurants and Broadway shows." 

Why the hurry?

Donald Trump was the president.

But the recession was short. Led by the stock market, which recovered from a bear market in record time, Americans got back to work despite Democrat and RINO efforts to stop economic activity in the name of a pandemic of a virus that 99% of those infected recover. Smallpox killed one-third of those infected. We waged the American Revolution in a smallpox epidemic.

NBER is sitting this recession out.

The media would love to.

CNBC reported, "The U.S. economy contracted for the second straight quarter from April to June, hitting a widely accepted rule of thumb for a recession, the Bureau of Economic Analysis reported Thursday.

"Gross domestic product fell 0.9% at an annualized pace for the period, according to the advance estimate. That follows a 1.6% decline in the first quarter and was worse than the Dow Jones estimate for a gain of 0.3%.

"Officially, the National Bureau of Economic Research declares recessions and expansions, and likely won’t make a judgment on the period in question for months if not longer."

Glenn Reynolds wrote, "It’s not just a recession signal, it’s the actual definition of a recession, which everyone agreed on until this month when the Biden spinmeisters tried to change it."

The midterms are coming up. NBER is in no hurry now to call the recession a recession. And as long as NBER sits on the sidelines, reporters and talking heads have cover to pretend the economy is not shrinking.

By breaking protocol in 2020, NBER changed its rules. While it pretends to be nonpartisan and independent, it does receive government money and he who pays the piper calls the tune. Oh, and NBER is based in Cambridge, Massachusetts.

In 2020, NBER showed its true colors. NBER sold whatever credibility it has. Many people and institutions did because they wanted to dump Trump because he threatened to drain the swamp.

But the truth is the truth.

People know the truth. 

The truth is this is a recession that will likely last longer than any in the past 40 years.

Bloomberg reported, "The 100 Wealthiest Americans Lost $622 Billion Since November."

Those are paper losses that don't matter until you cash in. And considering the trillions they raked in under President Trump, the richest 100 don't mind if they lose a trillion or so to get rid of him. 

We all saw this coming because we all know Biden's anti-capitalist policies would undo the Trump recovery. That was the plan. Democrats want another Great Depression because they believe this will allow them to take over the country once and for all. 

And most of those richest 100 support that. They believe they will have a place at the table, as do the LGBT crowd. History shows this to be folly.

Democrats began by giving us the worst inflation in 40 years. They know the only cure for inflation is a recession. To get that cure, the Federal Reserve raises interest rates.

The Daily Mail reported, "Federal Reserve raises key interest rate another 0.75 percentage point and matches biggest increase since 1994 in push to tame soaring inflation: Fourth increase of 2022 and more expected." 

That will not affect inflation because 2.25% interest rates are well below the 9.1% inflation rate. They are going to have to quadruple that to Whip Inflation Now.

But the higher rates already tanked the housing market during its busy summer season.

"Biden inherited a recovery and created a recession."

That was his plan. Never let a crisis go to waste means Democrats will always create a crisis to get their way.

Two summers ago, the press called riots mostly peaceful protests. Maybe they will call this a mostly peaceful downturn.

It is a recession. Biden got what he wanted.

31 comments:

  1. Not Biden. All he wants is his ice cream. You mean his handlers.

    ReplyDelete
    Replies
    1. The Black Jesus!!!

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    2. The Black imam querido.

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  2. Randy says: “This is not a recession,” Biden fumes, “Just look at the polls, Jack.” (Tomorrow’s quotes today.)

    ReplyDelete
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  3. "And most of those richest 100 support that. They believe they will have a place at the table, as do the LGBT crowd. History shows this to be folly."

    Indeed it does. Look no further than France in the 1790's, Russia in the 1920's, etc.

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  4. Brandon has a hard time knowing what day it is.
    BTW it's about to get a lot worse.

    ReplyDelete
    Replies
    1. It really IS time to start spilling some LibCommie blood.

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  5. In 1929, Herbert Hoover, a Republican was president. The Republicans got wiped out by the Democrats in 1932 because Roosevelt promised the world. The Harvard socialists got into the White House and we had ten subsequent years of a Depression because of their policies. The masses LOVED Roosevelt; he could do no wrong in spite of the high unemployment that persisted until 1942, when the US shifted into wartime production. My point is that if recession lasts for two more years, it's the Democrats and Biden who are in charge now. A big recession will not be the cause to sweep them back into power, unless of course they find the ballots to swing things in their favor. 2024 will come down to Trump and DeSantis. No one but Trump knows what his plans are. Remember, Trump does not telegraph his moves! But Trump is lining up his people for the future with his endorsements. Let's see what happens. But one thing I believe is that this economy will be bad for Democrats.

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    Replies
    1. Good post, brother.

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    2. From your mouth to G-d's ear! -- BJ54

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    3. On top of this China's a dead Panda walking. They have tanks surrounding banks , not provided any information on the financial statements of the economy they will crash biblically great Babylon style.

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  6. Give it a month or so and that .9 percent contraction will be revised a couple times to finalize at 1.2 or 1.3 percent contraction.
    Unexpectedly.

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    Replies
    1. That is the usual game, Spectre. In today’s climate, I don’t think they will come clean with the real numbers.

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    2. Screwing over one's neighbor and lying for gain has been a way of life for the Chinese since before Genghis Kahn .

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  7. I said the exact same thing to my wife this morning, except my timing was sometime after the midterms.

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  8. Raising interest rates will not cure this inflation. Usually inflation is caused by an overheated economy with excessive demand. But this recession is caused by skyrocketing energy costs. In other words, the prices of things are going up not because so many people are bidding on them but because it costs so much more to create them. This is the Green New Deal at work.

    Raising interest rates into this economy will cause a depression. As Don likes to say, that's exactly what the Democrats want. You can't Build Back Better until what you want to build back has first been destroyed. If they aren't stopped, we're looking at an oligarchy run by multinational corporations where our votes matter even less than they do now, where we're eating bugs to survive and where no one owns anything.

    ReplyDelete
    Replies
    1. This is "Build Back Bigger Bucks" for the oligarchy before it all goes Boom!!

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    2. They want it to go boom. Then they can buy up everything on the cheap.

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  9. They’re calling this a mostly upward downturn.

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    Replies
    1. You’ve just given today’s talking point to our brilliant and glib press secretary.

      Delete
  10. No, it's not the black Jesus, or Biden's handlers or even the democrats recession.
    The ultimate criminals are the architects of Agenda 21 and plan to rule over a decimated population as self selected oligarchs. We know them collectively as the WEF.
    Schwab, Soros, Gates, Fink, the whole lot of them should be declared as terrorists. They use their wealth as effectively if not more so than passenger planes to undermine whole governments. (See Italy, Germany, France, Sri Lanka, Canada.....)
    They're the major financiers of the mrna jab currently being used to kill people. Nothing new there, Bill Gates is a wanted man in India for his vaccine to cure polio that's killed over a million of it's people.

    It's no coincidence all those riots in all those cities, or how pallets of bricks magically appeared. (Ever notice all the professionally printed signs they held?). When you own billions, a few million in supplies is nothing. And messaging is easy when there's only six media groups running the show, and they own them.

    They've used their money to turn colleges into group think centers, and boy has that paid off. They creamed their Brooks Brothers when the graduates screamed men can get pregnant. Mission accomplished. The masses are brainwashed and oh so easy to manipulate.

    God, I could go on, but of all people to pin this recession on, it certainly isn't biden.

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    Replies
    1. Yep. Our only hope is that enough people are waking up and willing to fight back. The first problem though is that we have no political candidates talking about it much less willing to fight these people. Trump came the closest but refused to call them out directly, instead pretending the only enemy is the moronic Demonrats. We really need a Seal Team Six at Davos.

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  11. This comment has been removed by the author.

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  12. The truth is this is a recession that will likely last longer than any in the past 40 years."

    Agreed. But this is much bigger than economics; this is the end of an era. The post WWII era is ending. Say goodbye to the American Empire and our reserve currency. Capitalism is creative destruction, first comes the destruction.

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  13. Losing Congress this year is a small price to pay for a big FDR win in 2024.

    And who is the new White Jesus, he asks.

    Idiot is Hoobut Hoover in this soap opera, not Trump. And wait for Chlamydia*. Seems to me like these clowns don't know history.

    If you've seen the heavily edited vid of Brandon talking about his latest plan, the one where he's half asleep in the beginning and jacked up at the end, it's not too hard to believe Chlamydia will be in before November.

    ReplyDelete
  14. why argue against blatant dishonesty is out in the open?
    is 3rd Q going to be any better? just keep hammering facts and not waste time calling names unless interested in getting media to lie for you!

    ReplyDelete
  15. Losing Congress this year is a small price to pay for a big FDR win in 2024.
    ===========
    so D are 100% banking on R Congress screwing up.
    taking bets ? over/under

    ReplyDelete
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    ReplyDelete
  17. The Dems still have a big problem. Back in FDR's day, people still trusted the media and most other institutions. Now, they don't. So even when the media starts trumpeting the "Biden recovery" people will know better. People are angry and they aren't going to take the government BS anymore. Change is coming, and probably not the change that Democrats want.

    ReplyDelete