Sunday, May 4, 2008

Stupidity and Ignorance (in just one short paragraph)

The quote below comes from a blog entitled "The Natural Truth" by someone named Michael Graham, a "right wing" radio jock in Boston. Anyone who has spent any time parsing government employment stats knows that (due to the absolutely dishonest metrics used by the Bureau of Labor Statistics, such as The Birth/Death model, Hedonic price adjustments, and sundry seasonal factors, to name but a few of the deceptions employed) the employment and inflation numbers presented by the government are more divorced from reality than a Marvel comic book. But what can one expect from someone who trumpets the words of a clueless President Shrub and the absolutely least respected economist around, Larry Kudlow. Try reading Paul Kasriel sometime, Mr. Graham, he knows what he's talking about, and he says we are in recession now, and it's going to get worse.

Your Natural Truth For Today “[O]n Friday, after the most recent jobs report — which produced a much-smaller-than-expected decline in corporate payrolls, a huge 362,000 increase in the more entrepreneurial household survey (the best gain in five months), and a historically low 5 percent unemployment rate (4.95 percent, to be precise) — the president told reporters: 'This economy is going to come on. I’m confident it will.' We’re in the midst of the most widely predicted and heralded recession in history. Problem is, so far it’s a non-recession recession.

[Says] Stanford professor Robert Hall, who heads the recession-dating committee at the National Bureau of Economic Research: 'It seems unlikely that we would ever declare a peak-date when real GDP continued to rise.' Interesting — isn’t it? — just how durable and resilient our low-tax, free-market, capitalist economy truly is. Hit by soaring food and energy prices, a bad housing downturn, and a Wall Street credit crunch, the economy continues to expand, albeit slowly.” -- Economist and CNBC host Larry Kudlow.

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