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So, We’re Already in a Recession

By Larry Johnson on June 5, 2012 at 9:49 PM in Current Affairs

Remember that clueless turd, PPAA aka LOLA828? Do you like apples?
Well PPAA LOLA, how about these apples?:

Former President Bill Clinton told CNBC Tuesday that the US economy already is in a recession and urged Congress to extend all the tax cuts due to expire at the end of the year.

In a taped interview aired on “Closing Bell,” the still-popular 42nd president called the current economic conditions a “recession” [cnbc explains] and said overzealous Republican plans to cut the deficit threaten to plunge the country further into the debt abyss.

“What I think we need to do is find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now, and then deal with what’s necessary in the long term debt-reduction plans as soon as they can, which presumably would be after the election,” Clinton said.

That’s what is known is professional economic circles as a “double dip.”

The United Kingdom already is there. We are following.

What is ironic about this is that Scott Walker is working some miracles in Wisconsin by virtue of cutting taxes and cutting the spending of the State Government.

We can have a legitimate debate with President Clinton about what the best course of action is going forward to deal with the global economic downturn. But one thing is clear–Barack Obama is a goddamn fool and does not have a clue about what to do.

Whoops. One final thought for Public labor unions–KISS MY ASS.

  • http://www.theindependentview.com/ Matthew J. Weaver

    I challenge anyone to say we left the recession but if this is what it takes to make this “Obama’s Recession”, fine.

    And, oh so sweet that it is called by Bill Clinton.

    • KenoshaMarge

      The Clinton Democrats and the Obama Democrats having at each other didn’t do the GOP a whole of good in 2008.

      One suspects that the Romney campaign will take advantage of it in ways that McCain never did.

  • TeakWoodKite
  • BuzzLatte2

    Love the last sentence…they were/are the bane of public education

  • JohnnyTwoDog

    Another thing is clear, judging from the faces and pursed lips, Obama loathes sharing a stage with Clinton.

    • HELENK2

       PUMA purring scares the hell out of him

      Bill does that southern ladies do  you know
      ” bless his heart” with a smile

  • twobits2

    Would like to believe that Walker’s win would give Jerry Brown some balls here in CA.

    • FormerLiberal9

       He is to zen to have testicles.

    • KenoshaMarge

      Not without a surgical transplant.

  • Hokma

    Bill (and others) are not-so-carefully making sure Obama does not get another term. So Clinton continues to do his one-step-forward followed by one-step-backward campaign for/against Obama.

  • Flop_Flipper

    I agree with your last sentence 1000%.

  • KenoshaMarge

    I think that what has started here in Wisconsin may mean that Public Labor Unions had best pucker up, bend over, and kiss their own asses good by.

    Of course if they want to give yours a kiss too that’s fine and dandy. Somehow I suspect they will not accept the invitation.

  • Popsmoke

    “What is ironic about this is that Scott Walker is working some miracles in Wisconsin by virtue of cutting taxes and cutting the spending of the State Government.”

    This is to early to judge yet. In Indiana the cuts left a $2 billion surplus. But that was not without hurting many local communities whose service cuts are devastating. Mitch also used federal dollars to balance that budget…. Twin edged sword.

    Lets not jump to fast ole man… We agree that we have to cut spending. But not just on targeted issues and not without additional revenues and if that means taxes so be it.

    As far as the unions go? Bye, bye…. BUT! We need to make sure that workers are protected and that means oversight by OSHA and EPA.

    • EllenD818

       I like your comment a lot Popsmoke.

      I have been in Government Unions and I also have owned a company that became a target for a Union to try to unionize.
      I’ve seen pretty much both sides – Employer and Employee.
      I don’t believe in the pendulum swinging too far either way.

      Extremes are the danger. I’d like to see some reasonable careful thinking on both sides.

  • no_longer_a_democrat

    Gee, I wonder if Bill is still pissed at being called a racist at every turn by Barry and his “finally proud to be American” wife in 2008?

    LOL.

  • lola828

    Given that all your economic predictions have not come true, you now have to move the goal post and redefine “recession”.
     
    How is the U.S. in a recession or a “double dip” if we are growing at 2%?
     
    There are very very few economists that are saying the U.S. is heading to a recession, nevermind that we are already in one. More bullshit from Larry Johnson.
     
    In fact, most of the recent concerns are about externalities like Europe and China, but there are few who are saying that China or Europe alone will push the U.S. into a recession.
     
    Significant tailwinds in the U.S. like a stabilizing and improving housing market and much lower gasoline prices are likely to help the U.S. economy from here. So not only do we have record corporate profits in the U.S., but the single biggest drag on the U.S. economy over the last four years is turning a big corner.
     
    “News articles about multiple offer situations in local real estate markets in California – not just in Menlo Park where Facebook is located – highlight that the state of the US housing market has changed this year. Add to that some signs of stabilization in housing data – for example, slightly increasing existing home sales and stable Case-Shiller home prices. Moreover, our economists and mortgage strategists suggest that we have experienced the trough in home prices in the first quarter.
     
    None of this is to suggest that we are expecting rapid increases in home values – we are not – but we have arrested the expectation that home prices will continue to decline. This change from the past five or six years has two important implications. First, from an investment perspective, stable home values means an end to the negative impacts on fundamentals for companies that are sensitive to the housing market.
     
    Second, expected stable home prices mean the end of expected wealth erosion for the middle class. As Figure 12 shows the wealth of the middle class (say, 40th-90th percentile) is predominately tied up in residential real estate. Thus the middle class has been a drag on the economy since the financial crisis as they had to retain conservative spending patterns when faced with expected wealth erosion. However, with stability in home prices that has now changed – not in a major way but in our (unofficial) opinion enough to turn a slight head wind for the economy into a slight tail wind. Maybe some middle class households now move to finally replace that old car or dishwasher.”
     
     
    Scott Walker working economic miracles in Wisconsin? More BS from you.
     
    “One final thought for Public labor unions–KISS MY ASS.”
     
    Funny coming from a guy who has built is career and wealth off the back of taxpayers.
     
    You have no respect for the firefighters, police officiers, teachers, sanitation workers, etc. of this country who work hard and only want a fair middle class wage, but I assume you have no problem loading the pockets of defensive and security contractors like yourself with billions.