President Bush says today that we are not in a recession.

Countdown to Bush's last day!

103 days
23 hours
35 minutes
10 seconds

How about we all call the White House and as if he can keep his mouth shut until then?

Less availabilty of credit is a good thing. Who cares if it hurts peoples feelings if they can't borrow. Since when did borowing money become so important? That is what got us into this mess to begin with. Oh my, do you think people are actually going to have to start saving money for stuff!! Oh the inhumanity!!

A clarification for the genius at 11:25....

A recession is defined as two consecutive quarters of negative GDP growth. The last quarter we have data for (Q2) was positive (albeit not very - 0.1% GDP growth).

That means it's impossible to meet the official definition of a recession until the Q4 data is released sometime in January.....at the earliest!

So Bush was *gulp* right and you need to take an economics class.

Look up the definition of recession. That is all.

You express your ignorance with your comment. A recession is a technical term that is often defined by "when real gross domestic product (GDP) growth is negative for two or more consecutive quarters." A recession is only officially in effect when the National Bureau of Economic Research (NBER) says it's a recession. The president has no say in it. If the NBER hasn't determined from Quarterly data that we're in an official recession, then we aren't in one.

In all likelihood, at the end of the fiscal quarter, data will show we're in a recession. But please don't go try to redefine something to your liking.

I think Bush is hiding and counting all the money he's made from oil. He doesn't know squat about what's going on or what to do about it. He's just counting down the days he has left, taking his millions, and going back to his ranch, where he seemed to spend most of his presidency. He'll leave this mess to the next president. No concern of his. What a fraud. Lock him up with all the immoral and fradulent CEOs!

Historically it takes about 8-10 years for the policies of one administration to affect the economy. The lack of econonic regulation and policy during the 1920s were felt severely during the 1930s. Reaganomics kicked in during the mid 1990s and Bill Clinton took credit for the robust economy. 8 years later we are reaping the 'vision' of Bill Clinton. . .let anyone purchase a home, no matter if they can pay or not; ignore a person's credit worthiness or his/her employment status. Everyone, after all, is entitled to have a house, a car, a plasma screen TV, universal healthcare (have you ever had to go to a VA Hospital for government healthcare?) unlimited credit card debt and virtually no responsibility for poor choices.

We'll see how we are doing in 8 years and who to blame then if we survive that long.

Bush has made mistakes but he has a liberal congress and a supremely selfish populice who should share the blame with him.

What you brought up is a fact that Bush haters conviently forget about. I don't agree with a lot of things Bush does. However I feel he is taking the heat for Bill Clintons mistakes on the economy. The housing crisis is clearly a result of Clinton's policies if anyone takes a little time to research.

All I hear is "Bush's Failed Economic Plans" from the Liberal Cooks.

Name one thing that the Dem Congress has done? ONE? Name one thing that B.O is going to do?

This economic crisis is linked to Clinton and the Dems just as much if not more than Bush.

It is a sad day in America when we put a man in power not because of his record or his "plan for America' but because people hated Bush. It is not democracy we live in (People voting for B.O. because they hate Bush is not a vote for someone). America better wake up or in four years, after B.O. and the Dems have thier "new, new deal" there won't be anything left.

My perdictions for 2012 with Obama in full retreat:

Dow: 7,532
Gas: $6.50 a gallon
Unemployment: 11%

Welcome to America under Obama.

JB

We may feel the effects of Bush economics policies a little earlier then 8 years. The printing press or in more modern terms the digital money generator has already created 2.2 trillion dollars in the last 45 days. As that money starts to work its self though the world’s economy will we start to see dollar inflation and more than likely hyper-inflation with in the next 18 months.

Whoever the next president is He and Congress will try everything they can to stop this but as we have seen the more the government intervenes the worst things get. Eventual the dollar will be completely destroyed and Washington will collapse under it own weight.

When it does fail we can then rebuild the system on sound (gold backed) money and true free market banking system without Federal Reserve banking cartel. Austrian economics, goggle it, they have been predicting this for years.