Recovery ? After 6 "Summers Of Recovery" Where's...

[obumazombie]

The recovery...

One of America’s most astute businessmen, known for having expanded the Las Vegas strip of resort hotels and casinos in the 1990s, says the U.S. remains mired in an economic funk and any talk of a broad recovery is “pure fiction.

A lie.”

Steve Wynn,  the 73-year-old founder and CEO of Wynn Resorts, made the comments in a televised interview with Jon Ralston of PBS’ “Ralston Live.”
He opened the Wynn Hotel and casino in Macao, China, in 2006, and is known as an international gaming and casino magnate.

Wynn’s Macao operation recently reported a 28 percent quarterly loss in revenue, and a 70 percent downturn in earnings.
He is now building the Wynn Palace in China, which he calls “the nicest, most extravagant hotel in the world,” with 1,700 rooms and a $4 billion price tag.

He cited corruption as his primary concern in China, but in the U.S. he said the economy has never really bounced back from the 2008 financial meltdown.

“You’re not sanguine about Las Vegas, though.
You’ve said the notion of a great recovery is a complete dream here in Las Vegas,” said  Ralston of KNPB, a Public Broadcasting affiliate in Las Vegas.

“Well, the idea that America is in the midst of a great recovery is pure fiction.
It’s a lie.
It’s a jobless recovery,” Wynn said. “Because recoveries are marked by the level of real employment.
And if you count the people who have left the work force, real unemployment is 15 to 20 percent.”

 

full article...

http://www.wnd.com/2015/05/steve-wynn-economic-recovery-pure-fiction/#T3Sgk2HpTdf6jMqV.99

[andaronjim]

http://www.msn.com/en-us/money/markets/why-us-economic-growth-has-disappointed/ar-BBjNNRD?ocid=iehp

WASHINGTON (AP) - Like an underachieving student, the US economy isn't living up to the high hopes it began the year with.

High hopes?  0.2% GDP for the 1st quarter?  I guess when you say "The economy is rocovering 3 times", then it must not be true, as REALISM always outweighs the lies from the liberals  So here we are after 6 1/2 years of Obamanomics, the FED printing 4 1/2 trillion dollars of stimulus, ZIRP(zero interest rate policy) and the train is teetering on the edge of disaster.  Janet Yellow is doing whatever she can to save Obama and his bullshit economy, but it isnt working, and the people will see(like they did with Carter) LIBERALISM, is nothing but failure, always has been, always will be. 

[Belle]

You're right on the money, Jim.  The administration goons kept saying, the recovery, its happening, but its slow, we need to do more....more stimulus would help....& so on.  Then the media mouthpieces chimed in as to make certain everyone was on the same page.  But ya know, many free thinking constitutional conservatives didn't buy into it.

& all that other money taken from taxpayers didn't help at all.  Lavish vacations & conventions, idiot videos just to make egos swell, payback to donors, payback to public unions, no accountability & more waste. 
Oh, well, shouldn't have gotten started.
& be mindful of those deposits & withdrawals, even if its your own money. .

https://russell.house.gov/sites/russell.house.gov/files/wysiwyg_uploaded/Waste%20Watch%20No.%201%20April%202015.pdf

http://dailysignal.com/2015/05/14/federal-government-to-return-107702-irs-seized-from-north-carolina-convenience-store-owner/

[obumazombie]

Great additions to the threads.
Excellent references.

[andaronjim]

http://www.msn.com/en-us/money/companies/big-retailers-cap-earnings-season-against-backdrop-of-weak-sales/ar-BBjT9rT?ocid=iehp 

While consumer spending in April won’t be reflected in earnings reports this week, growth in retail sales has been steadily dropping since the beginning of the year. 

When people vote because of "WHITE GUILT", you end up with an academic community agitator whose sole purpose is to fundamentally transform America into......  Now we are living it, and "HOW IS THAT HOPE AND CHANGE" working out for you?  Back in the late 1970's people voted for Jimmy Carter, because he was a nice guy, but ran the state of Georgia into the ground.  After 4 years of MALAISE, he was quickly run out of office, Ronald Reagan brought prosperity for the next 2 decades(Bill Clinton rode the coat tails and defined the term "IS").  Nothing has changed with LIBERALISM, as it is all about FAILURE.  The more you fail the more you move up, Howard Dean had his aarghh moment, lost the election then got promoted to DNC chairman.  Until We the People take back public education, media, and other liberal bastions of propaganda, we will continue to have to bend to these "BULLIES", who force upon US their will, then when we try to push back, the then call US names.  IF that isnt being a BULLY, i dont know what is.  I am starting the "ANTI BULLY" decade, and when a liberal gets in your face, tell them you wont backdown from the bully. 

[Belle]

Excellent post!

The "how" to overcome the "liberal bastions of propaganda"...kind of boggles the mind.
There's still some that haven't been eroded.
Judicial Watch is one of them. 
I'll go back to the power players in both parties who have embraced liberalism. 
I would surmise that many of our political leaders today are liberals.  & that liberals have the majority in all branches of government.
      http://prospect.org/article/liberal-republicans—theyre-alive

 I realize I'm being repetitive when I say so many liberal voters for life have been added (via open borders & welcome kits which include massive freebies) that our efforts may pale next to the chosen one's transformation of America.

That said, the hope in our hearts for a return to normalcy & constitutional principles, will be around for a long time.

[andaronjim]

The economy is recovering, the economy is recovering, the economy is recovering.  There, i have said that the economy is recovering 3 times now, so it must be true. Of course, the FACTS prove differently, time and time again. Obamanomics was to Fundamentally Transform America, which it has, but some people, are totally clueless when it is right there in their face. http://www.msn.com/en-us/money/markets/us-economy-contracts-in-q1-dollar-hits-corporate-profits/ar-BBknPfw?ocid=iehp 

The government on Friday slashed its gross domestic product estimate to show it shrinking at a 0.7 percent annual rate instead of the 0.2 percent growth pace it estimated last month.

  The Obama Administration has LIED to US over and over, they cannot come clean, because to them it is easier to LIE, then LIE about the LIE, but eventually the FACTS will show how much LIES were told.  Yesterday i saw an article that in November 2015 , there is a possibility that the world could go into a 25 year depression.  That would make the 16 years of the great depression, look tame.

Oh by the way, George Bush, has been out of office for over 6 1/2 years now.  This economy belongs to Obama.

[obumazombie]

andaronjim is right.
owebuma owns the owebumeconomy.
But still I'm sure he and his minions, his worshipping hordes, his sycophants will somehow blame it all on Bush.

[Belle]

Well, liberals gotta blame someone or something.  Its never their fault or their awful policies.
So, the economy didn't grow from Jan. - March 2015, it retracted by 0.7%.
Hey, let's blame "the model government uses to smooth data for seasonal fluctuations."  & yes, the 47% will believe that!. Why, those dummies won't even know what we're talking about, & neither do we.

http://snewsi.com/id/15214870037/BLAME-GAME-Problem-with-model-govt-uses-to-smooth-data-for-seasonal-fluctuations

[obumazombie]

To dovetail and coattail on to Belle's post...

Lib reporters are constantly amazed at our economy.

When they elect a lib to run the country they are amazed that the economy tanks.
When a conservative is elected over their opposition they are amazed that the economy improves...

This shouldn't be a trick question, but to the nation's establishment press business reporters it apparently is:
What is the current length of the U.S. economy's expansion?

The answer, after yesterday's reported 0.7 percent annualized contraction in U.S. Gross Domestic Product, is obviously zero.
But that's not what Bloomberg News and reporter Sho Chandra, who has used her full first name of Shobhana in previous reports, would say.

Despite three separate quarterly contractions since the recession officially ended in the second quarter of 2009, they, like the Associated Press's Martin Crutsinger two months ago, want us to believe a fairy tale, namely that we're still closing in on six straight years of expansion.

Chandra's report also hauled out the "weather" excuse the business press never gets tired of using — twice (bolds are mine):

Economy in U.S. Shrinks for Third Time Since Expansion Began



For the third time since the expansion began in June 2009, the U.S. economy suffered a setback.

Gross domestic product shrank at a 0.7 percent annualized rate in the first quarter, revised from a previously reported 0.2 percent gain, according to Commerce Department figures issued Friday in Washington.
That’s the weakest reading since frigid winter temperatures derailed growth at the start of 2014.



While bad weather once again probably contributed to last quarter’s slump, other impediments were also at work -- including a swelling trade deficit caused by a strong dollar and plunging investment in oil exploration following the drop in fuel prices.
Federal Reserve officials are among those who believe the slowdown will be temporary, helping explain why they are considering raising interest rates later this year.

“The economy slowed in the first quarter but we’ll see an acceleration in the second quarter,” said Michael Gapen, New York-based chief U.S. economist for Barclays Plc.
“It keeps the Fed in line for a rate hike in September.”

Other reports Friday showed consumer sentiment fell less than previously estimated this month, while manufacturing in the Chicago region unexpectedly slumped.



Here is the projected status of the "acceleration" to which Mr. Gapen refers:

As of May 26, the Atlanta Branch of the Federal Reserve, whose GDPNow model almost exactly nailed the government's original positive 0.2 percent first-quarter growth estimate, was predicting that the second quarter will come in at an annualized 0.8 percent.

As of Friday, even the incurable Keynesian optimists at Moody's High Frequency GDP Model were predicting an annualized 1.5 percent.
They're not predicting an "acceleration."
Considering population growth, they're talking about what barely qualifies as a snail's pace.

As to the economy's so-called "expansion," as of the end of March, it officially doesn't exist.
As I noted in late March when the AP's Crutsinger pushed the same nonsense that Chandra and Bloomberg are now promoting, there's a half-century of precedent for my drop-dead obvious contention:

... consecutive quarters of economic growth, the measurement of post-downturn economic consistency (have been) commonly used to determine the durability of recoveries since at the least the 1960s.



The fact is that the economy under President Obama, in the 23 quarters since the recession officially ended, has now turned in three negative quarters (1Q2011, -1.5 percent annualized; 1Q2014, -2.1 percent annualized; 1Q2015, -0.7 percent annualized).

Its longest streak of consecutive quarters of growth has been 11 — and one of the quarters in that streak, at a whopping +0.1 percent annualized (4Q2012), could go negative when comprehensive GDP revisions are released in June.

Just as any loss ends a winning streak in sports or the stock market, any contraction which interrupts an expansion ends it.
The best thing the Obama administration and the reporters covering the economy can say is that the country has avoided another recession for almost six years.
That's it.

 

full article...

http://newsbusters.org/blogs/tom-blumer/2015/05/30/bloomberg-news-still-thinks-us-six-year-economic-expansion#sthash.0k3Lr56m.dpuf


Current inflation is running about 2%.
Any economic growth less than that reduces all holdings, and shrinks all personal wealth and or assets.