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Recession News Continues

Durable Goods orders down 4.5% in August. That's significant, almost disastrous, up against the expected 1% drop. It's a major sign of declining consumer confidence.

And new unemployment claims continue to skyrocket. New claims are up 32,000 to 493,000 for the third week of September. This is the highest level since September 29, 2001.

Meanwhile George Bush is waving his voodoo dolls at the American public -- claiming that unless prompt action is taken in bailing out the rich Wall Street bankers and financiers (and addressing the core issues of the credit crunch) -- well, the American economy just might fall into a recession.

We're in a recession. The recession started in January -- we've just been lied to by the likes of John McCain and George Bush with their repeated lies over the last 9 months about the condition of the economy. We're in a crisis that McCain now says is the worst since the depression and just last week John McCain was telling us the fundamentals of the economy are sound.

Total Republican lies and bullshit. The economy has been tanking for some time, and the Republicans who have been lying and asleep at the switch over this are suddenly waking up just in time to throw billions upon billions of tax dollars at their pals on Wall Street before their sorry asses are run out of town in the November election.

The Republican fleecing of America continues. If you're not as mad as hell about his, you're not paying attention.

Update: New homes sales figures for the month of August were just released -- and they are at a 17 year low:

Sales of new homes in the U.S. fell in August to a 17-year low, signaling the housing market suffered another setback even before the latest turmoil in financial markets.

Sales dropped 11.5 percent, more than forecast, to an annual rate of 460,000, the fewest since January 1991, the Commerce Department said today in Washington. The median sales price dropped to a four-year low.

A financial meltdown that prompted the government this week to ask Congress for $700 billion in emergency funding to buy up troubled bank assets may continue to clog the flow of credit to homebuyers and businesses. Shrinking credit availability threatens to extend the three-year housing slump and deepen the economic downturn.

The Republican administration has been asleep at the wheel for the last year, and the country is paying an enormous price for the bungling.

John McCain's pal Phil Gramm worked hard with McCain to deregulate the banking industry, and then he calls Americans losing their jobs and homes a "nation of whiners." Meanwhile Bush and McCain continue to show that they haven't a friggin' clue as to the nature and extent to which the US economy has been in a recession for many months.

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Comments (2)

Like father like son, for the Bush recession administrations. And like the Bush's like Hoover.

big earl:

According to the MSM and the Dems, we have been in a non-stop recession since Bush took office in 2000.
After 9/11 the MSM was all but ready to declare that the end of the financial world had occurred - and yet we're still here. Several times thereafter (especially near election time) the same doom and gloom crowd comes out to point fingers and roll their eyes.
Looking further back I recall lots of MSM cheerleading and "cooked books" which didn't start to emerge until 2000 as well. Perhaps it is better to not know the truth?
Given Obama's "vast experiential base", what do we expect from him to do besides line the pockets of his fellow "community organizers?" (oops, that's a nasty word these days isn't it?)


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