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January 16, 2009

Fed: This Recession Ain't So Bad

The Federal Reserve Bank of Minneapolis has measured this recession against past ones and found it wanting. It will take more than twice as many layoffs before it counts as "harsh." Take that, doom-mongers! — Valleywag




Posted by Brownstoner at 11:42 AM | Comments (30)
Categories: Market

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Comments

Consumer confidence was announced today and has been up two months in a row

Posted by: daveinbedstuy at January 16, 2009 11:46 AM

That's all very nicer but:

(1) Which recession is the one on the bottom that is the harshest?

(2) The last time the banking system collapsed, we had the Great Depression. Previous recessions did not involve the collapse of the banking system.

(3) Plus let's not forget we no longer have much in the way of manufacturing, our economy is maturing, and Web 2.0 is causing quite a bit of disruption in the way work is organized.

Posted by: mopar at January 16, 2009 11:55 AM

This is the first time in my life that a recession has directly affected my finances, so as far as I'm concerned, it's the worst one ever.

Posted by: cwbuecheler at January 16, 2009 12:03 PM

I see Brownstoner that Shark Humping is not so easy anymore. Remember that Mutant Asset Bubble thang? Well here is your Homeboy Ben Bernanke himself, lets take a look shall we..

Bernanke Urges ‘Strong Measures’ to Stabilize Banks (Update7)

http://www.bloomberg.com/apps/news?pid=20602007&sid=aic5mGSBvQ4E&refer=govt_bonds

Before you Retards go off remember these words are coming from good ole Ben himself...

Jan. 13 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke warned that a fiscal stimulus won’t be enough to spur an economic recovery and that the government may need to buy or guarantee banks’ tainted assets to revive growth.

“Fiscal actions are unlikely to promote a lasting recovery unless they are accompanied by strong measures to further stabilize and strengthen the financial system,” Bernanke said in a speech today at the London School of Economics. “More capital injections and guarantees may become necessary to ensure stability and the normalization of credit markets.”

You Retards need to parse this statement “Fiscal actions are unlikely to promote a lasting recovery unless they are accompanied by strong measures to further stabilize and strengthen the financial system".

What does that mean exactly? Do we continue to bailout dead banks or Do we say "enough is enough"?

“Financial firms of any type whose failure would pose a systemic risk must accept especially close regulatory scrutiny of their risk-taking,” he said. “It is unacceptable that large firms that the government is now compelled to support to preserve financial stability were among the greatest risk-takers during the boom period.”

Too late! Our Banking system is FUBAR! And BTW The Fed balance sheet is now 3 Trillion dollars and when the Bond market starts to implode I wonder how much is a Brownstoner worth with 14% interest rates?

Say Buh Bye...

The What

Someday this war is gonna end...

Posted by: Return of The What at January 16, 2009 12:05 PM

Everybody keep dancing.

Posted by: misterbubble at January 16, 2009 12:21 PM

Positive news on Brownstoner? What a shock!

Posted by: Big Jugs at January 16, 2009 12:25 PM

The Federal Reserve of Bank of Minneapolis? B'stoner is fishing with "What bait" here and yup, he reeled him in. Nice work.

Posted by: squaredrive at January 16, 2009 12:29 PM

The only two things What seems capable of posting are a) someone else's writing or b) a short, half-coherent insult typically pointed at one of the brownstone owners on this site.

What I don't get is: why this is a fun activity for him.

Posted by: cwbuecheler at January 16, 2009 12:33 PM

They might want to wait until the recession is over before calculating how many jobs are lost.

Posted by: dittoburg at January 16, 2009 12:39 PM

Citigroup finally falls into chunks and Bank of America gets a big bailout, but hey, everything is just dandy, right?

Foxtrot anybody?

Posted by: misterbubble at January 16, 2009 12:42 PM

CWB, it's a very severe case of sociopathic behavior with OCD tendencies when it comes to the what. (i have a degree in psychology so you can trust my diagnosis! haha) i just scroll passed his posts these days.

*rob*

Posted by: PitbullNYC at January 16, 2009 12:43 PM

Because the What imagines all the 'greedy gentrifiers' he hates pissing their pants when faced with evidence of a collapsing economy.

Posted by: squaredrive at January 16, 2009 12:43 PM

Because the What does not matter in real life. His self worth is unfortunately tied in with Browstoner blogs.

Posted by: crimsonson at January 16, 2009 12:49 PM

Oops, forgot:

(4) We will get to "twice as many layoffs" pretty soon, certainly sometime this year.

Posted by: mopar at January 16, 2009 1:10 PM

On the other hand, why is it fun for "Panic" Dave to come on here and ululate every time a house sells or there's a shred of good economic news in the papers?

Posted by: Whuh at January 16, 2009 1:12 PM

Nice use of ululate. Triple word score.

Posted by: misterbubble at January 16, 2009 1:16 PM

Minneapolis?

Posted by: cornerbodega at January 16, 2009 1:56 PM

Time to bust out the champagne!

Posted by: cornerbodega at January 16, 2009 1:57 PM

party like its 1999!!!!!!!

Posted by: troll at January 16, 2009 2:08 PM

"What I don't get is: why this is a fun activity for him."

Easy - he likes pissing off Brownstoner "asshats." Not hard to understand.

Posted by: East New York at January 16, 2009 2:24 PM

ululate this!!!

Posted by: daveinbedstuy at January 16, 2009 2:28 PM

ENY - except he has to actually piss them off, which doesn't really happen in most cases.

*shrug*

Posted by: cwbuecheler at January 16, 2009 2:31 PM

"ENY - except he has to actually piss them off, which doesn't really happen in most cases."

OK, if you say so. It appears otherwise, based on the "responses" he engenders. Just looks that way to me.

Posted by: East New York at January 16, 2009 2:36 PM

Pisses us of??? LMMFAOROTF

He's here for our daily amusement.

Posted by: daveinbedstuy at January 16, 2009 2:47 PM

Hey guys, remember I said that Dave is going to "Are you pounding me in the shower" prison. Well he gets to join his "Home-skillet" Raoul Weil!

U.S. declares former UBS banker Weil a fugitive

http://www.reuters.com/article/domesticNews/idUSTRE50C7QG20090113

MIAMI (Reuters) - The former head of UBS AG's wealth management business, Raoul Weil, was formally declared a fugitive on Tuesday after failing to surrender to U.S. authorities on charges of conspiring to help wealthy Americans hide assets from U.S. tax authorities.

"Wealth management" is and Oxymoron and Dave is a Moron or a Lesson or a Dumbon.

Hiya Dave you better get some KY from commissary to smooth your transition to prison life.

The What

Someday this war is gonna end...

Posted by: Return of The What at January 16, 2009 3:39 PM

I guess you could tell me all about that What. You still on the down lo living out of your grandmami's basement in Lodi???

What the hell is a "dumbon?"

Like I said above, you're here for my amusement but the cut and paste is getting really, really old. And many posters wonder why I continue to "engage the loons?"

Posted by: daveinbedstuy at January 16, 2009 3:44 PM

Oooooooouuuuhhhh look! A straw!

***Bid half off peak comps***

Posted by: Brownstones Half Off at January 16, 2009 4:50 PM

Angry Bear has already picked apart this very misleading graph.

http://angrybear.blogspot.com/2009/01/honest-resarch.html

Posted by: WillBklyn at January 16, 2009 7:31 PM

I read Angry Bear's post and I have no idea what he is talking about. He argues that all recessions have declining employment, thus there is something wrong with the chart. What?

My problem with the chart is that it doesn't specify what recession is what. Angry Bear says the "worst" recession is 1957. I never heard of that recession. I thought the 50s were an unparalleled time of economic expansion. Though I do recall a crisis of faith in blue-chip stocks (later proved wrong).

My other problem is with the spin of the chart: We need twice as much unemployment to be terrible. So therefore things are good.

Well, just wait.

Posted by: mopar at January 16, 2009 11:34 PM

Also, Angry Bear can't spell.

Posted by: mopar at January 16, 2009 11:35 PM

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