" Economic growth was intact. "
The most amusing thing about you is how wrong you usually are and how unshakably you believe you are actually correct. This is a perfect example.
Economists surveyed by Bloomberg News had expected the economy to grow at a 0.7% annualized rate in Q4 2007. The economy grew at a 4.9% pace in Q3 2007, the Commerce Department said.
bloggingstocks.com
Granted, growth was still positive, at least before it was adjusted as almost always happens. But the rate had dropped from a 4.9% annualized growth rate to a 0.6% rate. If you are optimistic, I supposed you could label that 'anemic'...
The year overall was pretty weak.
For 2007, the economy grew at its weakest pace in five years, with GDP increasing at an inflation-adjusted 2.2%. GDP increased 2.9% in 2006. In 2007 the nation's GDP totaled $13.84 trillion, not adjusted for inflation.
And the prognosis was poor.
In Q4 2007, a stronger performance in trade offset sub-par performances in consumer spending, business investment, residential investment, and inventories.
So, in the real world, people who were actually conscious knew things were going bad. The Pollyannas didn't. But that doesn't mean they were right.
"The only people thinking we were in a recession were liberals who think whatever they're told to think by the liberal politicians."
Well, it could be that the only ones actually aware of things at the time were liberals. I don't think it was the case, but...
More likely, the conservatives had their head buried in a bodily orifice and just didn't realize what was going on. |
