Biden Declares U.S. Is in a Depression

Discussion in 'Economics' started by Tauvros, Oct 22, 2009.

  1. Tauvros


    Biden Declares U.S. Is in a Depression

    Tuesday, October 20, 2009 3:18 PM

    Vice President Joe Biden says the U.S. is in a depression, contradicting the view of virtually all economists, not to mention his own previous statements.

    "My grandpop used to say: There was a suburb of Scranton called Minooka,” Biden explained in a speech.

    “He said, ‘When the guy in Minooka's out of work, it's an economic slowdown. When your brother- in-law's out of work, it's a recession. When you're out of work, it's a depression.'”

    So how does Biden view it? "Well, it's a depression. It's a depression for millions of Americans, through no fault of their own," he said.

    Certainly, the U.S. economy shrank by 0.7 percent in the second quarter. Yet nearly all economists now forecast an expansion for the third quarter.

    Former Federal Reserve Chairman Alan Greenspan goes so far as to predict third-quarter growth of 3 percent.

    Even Biden himself in recent weeks had said the economy has been in "a great recession," explicitly stating it’s not the same as a depression.

    Biden's economic policy advisor Jared Bernstein tried to take the vice president’s foot out of his mouth.

    Bernstein told reporters Biden was "very accurate" that "in an economy with over 15 million people unemployed, there's a lot of folks out there that are facing deep economic struggles."

    Economists, meanwhile, are coming to believe that the recession, great or not, has already have ended.

    The Moody’s Adversity Index shows that 20 percent (79) of the nation’s 384 metropolitan areas emerged from recession in August.

    © 2009 Newsmax. All rights reserved.
  2. the1


    Oh boy, his boss ain't gonna like this :D
  3. MattF


    looks like Joe slipped up again :p

    Or just actually decided to tell it like it is...
  4. clacy


    Biden is a complete moron, but I kind of like him.

    He does make George Bush look like a genius at times.
  5. LOL ....the fool speaks again and the vix is right around 20.....

    VIX @ 20?

    Ut hoooooohhhhh Watch the movie folks...its gona be a good one.
  6. "Depression."

    Well no shit, Sherlock.

    Why did you not tell the truth last year at this time? Ass wiper!
  7. Lethn


    It doesn't matter how many times we say it people aren't going to listen until it actually happens.

    Arrogant wankers
  8. pspr


    I wish Joe were President. It would be a laugh a minute but at least we could expect nothing to get done so we wouldn't have to sweat this nonsense going on now.
  9. He just told the truth by mistake is all. They will beat him up for it and he won't make THAT mistake again.

    The REAL problem is, of course, that the definitions they use for recession and depression are completely wrong, and by the time they declare it a depression we will be in year 10 or 20, with many little fake bounces caused by more and more money printing.
  10. Sounds like a test balloon for further stimulus :cool:
    #10     Oct 23, 2009