Meanwhile, Back At The Economy . . .

By Big Tent Democrat, Section Economy
Posted on Mon Aug 01, 2011 at 11:47:49 AM EST
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Now that the Beltway is satiated with their Debt Ceiling Follies, consider this:

Stocks on Wall Street briefly followed European and Asian financial markets higher Monday, but any relief over the last-minute agreement on a framework in Washington to raise the United States debt limit was short-lived. After a short burst that put the three main Wall Street indexes up more than 1 percent, they turned negative as the reality of the challenges ahead for the recovery caught up with investors.

The dip coincided with the release of new data that showed American manufacturing growing more slowly. [. . .] “Now that the debt-ceiling deal, assuming it passes, has averted an imminent catastrophe, attention can return to the underlying state of the economy,” said Nigel Gault, the IHS Global Insight chief United States economist. “The news there isn’t good.”

(Emphasis supplied.) Which explains why we are cutting government spending of course. Insanity from the VSP.

Speaking for me only

< The Problem With the Defense Spending Triggered Cut | The Opposing View On The Debt Ceiling Deal >

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Meanwhile, Back At The Economy . . . | 7 comments (7 topical)

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From Dave Wiegel at Slate (5.00 / 1) (#5)
by ruffian on Mon Aug 01, 2011 at 02:25:27 PM EST

This is sheer insanity. My bold.

On Sunday, after he'd been schooled by leaders on the automatic cuts that could make a debt deal possible, Senate Budget Committee Chairman Kent Conrad, D-N.D., talked to reporters. He was tight-lipped on the details but broadly optimistic about the bargain. There was one nagging question I wanted to ask: All the discretionary spending cuts in the plan--did they threaten to slow down growth, to drive up unemployment?
"Sure they do," he answered. "Now, what we don't know is: What will the offset be of improved certainty and confidence? And we'll just have to see."

Yes, I guess we will wait for the Certainty Fairy to sprinkle the magic dust.

Oy Vey (5.00 / 1) (#6)
by CST on Mon Aug 01, 2011 at 02:30:32 PM EST

I hate it when I read something written by a Republican, and they sound more like a Democrat than the president.

Frum pretty much nails it. Only he could've changed the title to "wake up politicians"

Let's start with #1 on his list:

"Unemployment is a more urgent problem than debt."

No $hit sherlock.

: Wow... I'm gonna post that juicy part... (none / 0) (#7)
by jeffinalabama on Mon Aug 01, 2011 at 04:40:34 PM EST

[I}...see some things I don't believe in:
Forcing the United States to the verge of default.
Shrugging off the needs and concerns of millions of unemployed.
Protecting every single loophole, giveaway and boondoggle in the tax code as a matter of fundamental conservative principle.
Massive government budget cuts in the midst of the worst recession since World War II.
He and I don't agree on point three, but geebus. Talk about complete agreement with the other three, and conditional agreement on the fourth, I'm at a minimum of 80 percent agreement with Frum.
I'm glad to read that other folks, even on the other side, see the world the way I and to some extent, we do, even if we may differ on the solutions.

So much for (none / 0) (#1)
by oldpro on Mon Aug 01, 2011 at 11:56:28 AM EST

American exceptionalism...

Insanity from (none / 0) (#2)
by Warren Terrer on Mon Aug 01, 2011 at 11:58:57 AM EST

the President, you mean. Don't hide him behind the label 'VSP'. He's leading the charge on deficit-cutting nonsense.

: Very Special President, silly... (5.00 / 1) (#3)
by Anne on Mon Aug 01, 2011 at 12:56:43 PM EST

I'm still trying to wrap my head around his boast that the deal lowers spending to Eisenhower-era levels - in what world does that make any sense at all?
On second thought...maybe swap out the "Special" for another S-word?
Yeah, I think that works.

Just wait... (none / 0) (#4)
by kdog on Mon Aug 01, 2011 at 01:21:51 PM EST

Hearing "Standards R Poor" might downgrade our arse anyway, cuz they are so "ethical" in giving their "opinions" and all...lol.

Beats me what it really means, but I know Wall St. makes a killing in fees as they are contractually obligated to sell the downgraded US paper from funds that demand AAA. For that reason alone I wouldn't be surprised if "Standards R Poor" pulls the trigger.