Jay Bookman

By RealityKing

May 27, 2008 1:43 PM | Link to this

Recession…, maybe. A minor slowdown at best, according to most economists. Even Sorso and Buffet are currently investing long on America.

i.e… It’s a GREAT opportunity for those who wisely saved and invested the last 7 years of historical economic expansion! Expansion that has seen our GDP grow from 7T to 13T…, that’s T for Trillions, almost doubled the GDP!! Under the Bush’s tax cuts, remind you..

No, it’s not the economy stupid! It’s the government’s spending habits!!

By Michael

May 27, 2008 2:01 PM | Link to this

So RealityKing says we’re “maybe” in a recession and then mentions Warren Buffett’s investment in America. Buffett just said last month that we’re in a recession.

You must really be dense to think that gasoline at $4/gallon and the collapse of housing prices is a “minor slowdown.” GDP matters very little to someone who just got kicked out of a home and can’t afford gas and food.

You also can’t seriously praise Bush and then complain about government spending. How much money do you think Iraq is costing us? Do a little research before trying to score points with fellow GOPers.

By sunshine and thunder

May 27, 2008 2:49 PM | Link to this

It’s Jay’s favorite subject next to global warming: Bush’s economic failure. It really is pitiful how the lack of economic education is so rampant among journalists - especially the editorial page writers.

If a president can have any effect on the economy at all it is to leave it alone and veto congressional meddling. Three major tax cuts by three presidents in the last 60 years have proven that leaving the people’s money alone will pay dividends in the long run by increasing jobs, growth and revenues to the government. Who doesn’t want those things?

By Dave

May 27, 2008 2:50 PM | Link to this

and you believe Obama is going to make decisions which will result in a better economy? Right…

By sunshine and thunder

May 27, 2008 3:05 PM | Link to this

Interesting how Bookman picks his news from today’s release. The figure for new home sales was actually UP from the previous month to the surprise of many economists.

By Matthew

May 27, 2008 3:09 PM | Link to this

Dave, of course he is. Everyone knows that higher capital gains rates will restore faith in the market. Raising corporate tax should do wonders for hiring.

Obama (and liberals generally) believe that the government is inherently entitled to your earnings, and that anything the government allows you to retain is by way of legislative grace. Thus, they feel comfortable determining what we should live on (hence the “Does Exxon or Michael Dell really need $XXXXXXX?). It is quite obvious that enterprise economics will not be Obama’s running mate this November.

By RealityKing

May 27, 2008 3:14 PM | Link to this

My taxes are already entitling the poor Michael. So, excuse me if I feel no concern what so ever for the unwise free spenders of this current economic expansion.

And as for Iraq, it has not cost us a dime! Brave volunteers yes, war debt yes, dollars out of our budget no. For you see, future generations will easily pay off this Iraq freedom war debt, just as we easily paid off the European/Asian freedom war debt of our grandparents. Which was approx. 120% of the then GDP, by the way…

It’s called long term national security, Michael! Something that needs to be approached wisely and followed through thoroughly, not ran from or talked about over governmental circle jerks. It’s kind of like long term saving, you don’t just talk about it.

Yes, yes, I do look forward to the day when I have to explain this very same thing to the progressive Iraqi’s looking down their liberal noses at us backwards thinking free and prosperous Americans. I will consider it a badge of honor, just as I do with the Euros, return on our war debt..

By Jay Bookman

May 27, 2008 3:19 PM | Link to this

To Sunshine:

You’re seeing journalists say it’s a surprise. You’re not seeing economists saying it. Economists understand that the relevant number is the year to year, April to April comparison, because that’s apples to apples. Home sales always rise from March to April because the weather improves. If you click on the link above, you’ll find that from March to April of ‘07, sales rose about 10 percent.

By Jim's a Cherry Picker

May 27, 2008 3:21 PM | Link to this

Nice mortar there Jay.

I’m hesitant to give any credit or blame to slimeball who happens to be living in the White House. Economics is a pretty funny thing.

But I do seem to recall GW having a pretty easy fix for them Oil Ministers in Arabia when discussing it with Kerry…That El Presidente should just call up Opec and “jawbone” them down on price.

Is he going to do that?

It’d be nice if he did. We could use a break of some kind.

By CJ

May 27, 2008 4:31 PM | Link to this

Sunshine said, “Three major tax cuts by three presidents in the last 60 years have proven that leaving the people’s money alone will pay dividends in the long run by increasing jobs, growth and revenues to the government.”

If only it were so, my friend. If only it were so.

In fact, with a $9 trillion national debt (over 300 percent of the feds annual income), the tax cuts Sunshine likes so much are actually tax hikes for us, our kids, their kids and so on. We have third-world debt now, and current conditions are just the beginning of what is likely to be our third-world lifestyles.

When Obama is elected, I won’t be expecting him to fix anything. I’m only hoping that he might be able to mitigate the damage.

By Blind Homer

May 27, 2008 5:37 PM | Link to this

Okay, I actually passed a couple of econ classes. 1) The national debt increased much faster than the economy during the Reagan, Bush I and Bush II presidencies and the ratio decreased during LBJ and Clinton. In short, supply side ecomonics appears to be just what Bush I called it when he was running against Reagan, voodoo economics! 2) Anyone that says something about bankrupting our children and grandchildren doesn’t understand economics. Our children won’t pay for the debt any more than we have paid for the WWII debt. One reason is that it usually doesn’t get repaid, it just gets refinanced, much of the WWII debt still hasn’t been paid off, although it was paid down in the 50’s and 60’s. Secondly, most of it is still held by Americans, the interest and principal (during the times when we run a surplus) is just paid back to ourselves and our economy. Lastly, the amount held by foreigners is not even a real concern. Ultimately, the only way they can spend those dollars is to buy our goods and services. Otherwise, it’s just a bunch of foreigners holding a bunch of paper!

By sunshine and thunder

May 27, 2008 5:46 PM | Link to this

Jay:

New home sales in April of 07 was in the middle of the peak. Of course it’s going to be less today.

The Department of Commerce reported that new home sales actually rose 3.3% in April from a downwardly revised annualized rate of 509K units in March to an annualized rate of 526K units. Separately, median home prices rose 1.5% to $246,100 and the supply of new homes for sale dipped slightly to 10.6 months from 11.1 months.

BTW, it is now accepted that there is a very LOW correlation between consumer confidence and spending.

By sunshine and thunder

May 27, 2008 5:55 PM | Link to this

CJ

It’s too bad this board is so primitive that I can’t post a few charts for you. For all three of the tax cuts from JFK, Reagan, and Bush the revenues to the treasury increased. I know it’s hard for some of the libs around here to believe because it hurts so much to discover that supply side economics works.

By CJ

May 27, 2008 6:40 PM | Link to this

Yeah, too bad about those charts, Sunshine. I’d like to see the inflation-adjusted/population-adjusted (i.e. apples-to-apples) chart comparing economic growth (GDP), jobs growth, and revenue growth after the Clinton tax hikes vs. the same data for the same period after the Bush tax cuts.

Blind Homer, congrats on passing your econ classes. Did you get a D or a C? How did you do in your Finance class? Did they teach you about the magic of compound interest?

For the record, the amount borrowed during WWII has been paid-off (with interest). But interest payments are currently the second largest discretionary expense (defense is number one). I’m talking about interest payments only…no principal. If we don’t balance the budget and pay down a significant portion of the principal, the interest payments alone will swallow the budget whole.

Blind Homer and Sunshine will be emigrating to Afghanistan for a better life. Me? I’m going to Rio.

By RealityKing

May 27, 2008 6:46 PM | Link to this

“I believe that we are already in a recession,” Buffet was quoted as saying. * “Perhaps not in the sense as defined by economists…. * But people are already feeling the effects of a recession.”

I wonder whose definition of a recession Buffet is using to define his opinion elitist liberal opinion? The progressive media pushing a liberal agenda perhaps??

By Charles

May 27, 2008 8:55 PM | Link to this

It’s the Global economy stupid - and its Liberal morons like Jay Bookman who make things that much worse.

And Jay, it was the beginning of the worst mistake of 20th century when Clinton got into the White House and allowed Osama Bin Laden to get away because he was too busy playing with another bimbo. We don’t need another mistake with another Liberal in the White House (Obama the Slogan Master).

By War Eagle

May 27, 2008 9:22 PM | Link to this

Clinton received the economy in shambles, 1992, and left it in shambles, 2000.

By Mike In Woodstock

May 27, 2008 9:27 PM | Link to this

You’re over the top today Jay.

You’ve managed to recycle the 1992 Clinton Slogan…Give people that nostalgic giddy feeling eh? Why don’t you just come right out and write a column about how much you hate Obama? When will the AJC investigate how much the Clinton’s are paying Bookman to write his suck up columns?

By Egor

May 27, 2008 10:39 PM | Link to this

Jay, give me a break please! No more good times with Bubba. You sound like Sean with the what would Reagan do? It’s over. The liberals took over in 2006 and other than a necessary face lift for the Speaker what have they done? Gas is how much? And those house prices have dropped how far? Just an indication of where we are going in 2009 with Barack at the helm. Fun times ahead.

By KQuark

May 28, 2008 5:13 AM | Link to this

Not a good time to elect a person who says the economy is not his strong suit. Even worse McCain has the father of the housing crisis Phil Graham as one of his main economic advisers who thinks MORE deregulation of banking is the answer. McCain is four more years of Bush which means four more years of disaster.

By Houckster

May 28, 2008 6:42 AM | Link to this

It is amazing to me that when Mr. Bush had a Republican Congress willing to bend over backwards to pass his legislation for six years,all the conservatives can talk about is how the Democrats have done so little in a year and a half.

Do these reality-challenged people know what a filabuster and presidential veto are. Do they expect massive changes when the there is only a 51% majority in the Senate and not much better in the house? Of course they do because they can point the finger at the Democrats and distort the truth again and again. They know that if something, however silly, is repeated often enough, people will begin to believe it.

For these people, fairness was never the point.

By sunshine and thunder

May 28, 2008 9:06 AM | Link to this

CJ

Well we have another genius convinced that higher taxes during Clinton’s term was the reason for economic growth. That can only be taught in public school.

Clinton presided over a bubble and, if you can read a chart, go look up any stock index for the 1990’s and you will note that the markets took off after 1994. Do you know what happened in 1994?

By RealityKing

May 29, 2008 10:51 AM | Link to this

meanwhile…

* Economy grows faster than first believed *

GDP, the broadest measure of the nation’s economic activity, stood at an annual rate of 0.9% in the first quarter, STRONGER than initial 0.6% reading.

Whoops! It’s not the economy stupid!!