Wednesday, August 3, 2011

Excuses and false hope...sure signs of a desperate White House.

But the president assured us that raising the debt ceiling will save the economic recovery... What's that? There never was a recovery?

Dow Breaks Below 12,000, Stocks Slide on Economic Concerns - AP
The Dow Jones Industrial Average dipped below 12,000 and the Nasdaq fell more than 2% Tuesday with stocks on pace for their longest losing streak in two years despite passage of the long-awaited debt-ceiling deal.

"Seriously, is Tim Geithner retarded?"

NEW YORK (MarketWatch) — The Treasury Department said Wednesday it will auction $72 billion in notes and bonds next week in the regular quarterly refunding of the federal debt, but officials noted the possibility of reducing future bond sales based on recent budget forecasts.

They will probably be selling less debt to foreigners, and more to the Fed.

White House: No Double-Dip Recession Seen- AP
WASHINGTON (AP) -- President Barack Obama's spokesman is discounting talk that the economy may be headed back into recession, despite recent concerns of economists.

Spokesman Jay Carney says there is no question that economic growth and job creation have slowed over the past half year.

But, Carney told a White House briefing, "We do not believe that there is a threat of a double-dip recession."

The recession that began in December 2007 officially ended in summer 2009 and the economy has seen growth since then. However, that growth has slowed to a trickle in recent months.

He blamed the earthquake and tsunami in Japan, higher energy prices, default worries in Europe and recently resolved uncertainty over raising America's borrowing limit. Carney said, "We believe the economy will continue to grow."

Excuses and false hope...sure signs of a desperate White House. 

The Treasury selling "less" debt" and no double-dip Recession?


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