CNBC: We’re Probably Headed to Another Recession… NOW They Tell Us?

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Warner Todd Huston @ Wizbang:

Two days after the election, CNBC published a dour report on the economy. Shockingly, CNBC is predicting that the U.S. economy is likely headed for another recession.

CNBC so helpfully tells us that, now that the election is behind us, the light in our economic tunnel could be a “freight train.” Gee, it sure would have been nice to know that before the election, wouldn’t it?

Slowing corporate profits, the remnants of Superstorm Sandy and the ramifications of the “fiscal cliff” in Washington are expected to result in at least two quarters of slow or no growth that could make investing even trickier than it was during the ups and downs of 2012.

But that isn’t all. The bigger problem we are now told, is that the economy never achieved “escape velocity” in order to get past the low growth rate we have been experiencing.

The economy, CNBC says, never got to the point where we’ve had enough growth to withstand the sort of shocks that a Hurricane Sandy or a continued or renewed bad business climate would wreck upon it.

Obama didn’t fix a thing, it turns out.

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Curt served in the Marine Corps for four years and has been a law enforcement officer in Los Angeles for the last 24 years.

12 Responses to “CNBC: We’re Probably Headed to Another Recession… NOW They Tell Us?”

  1. 1

    johngalt

    Obama didn’t fix a thing, it turns out.

    Anyone with any sense could tell you that.

    Obama won re-election by essentially walking up to a person and saying, “see that man over there? The one in the expensive suit? I’m going to take “stuff” from him and give it to you, and all I need in return is your vote.”

  2. 2

    James Raider

    @johngalt: #1,

    Unfortunately there is a very wide swath across the whole left-of-centre portion of the political spectrum which HATES BUSINESS. Just hates it. Small business, big business, medium business, it just despises all of it. Furthermore, it believes much of what business does should be replaced by government.

    Obama is rooted in that ideology. To continue his movement of all affairs to the left, he will lie, pretending “dialogue” with business, while he will enact measures which will change the Nation through the next four years. Government employment will rise, while business hiring will shrink. It’s insane but we’re watching it happen from front-row-centre seats, mouths gaping in disbelief.

  3. 4

    Liberal1 (Objectivity)

    @johngalt: That’s a relic of John Bircher thought. Like most right-wing talk, somebody said that and you picked it up a repeated it without any investigation and repeated it. That’s why Rush Limbaugh calls you ditto heads.

  4. 5

    Greg

    Florida billionaire David Siegel, who warned employees Obama’s election would lead to layoffs, hasn’t fired anyone yet

    In fact, he isn’t laying anybody off. He has given his employees 5 percent raises. In October, he sent all 7,000 of them all a memo advising them that Obama’s reelection would result in lay-offs.

    During a CNBC interview a few minutes ago, he admitted that his profits from West Gate Resorts last year were the highest they’ve been in over 30 years.

  5. 7

    Greg

    We’re all doomed, I’m sure. Especially those who believe it to such an extent that they throw themselves off cliffs.

    The CEO of J P Morgan Chase was just on CNBC. He doesn’t seem to think we’re all doomed. He seems to think that the United States is in much better shape than most other nations, and that an economic boom is ahead, provided we rationally address debt and deficit issues.

  6. 9

    Old Guy

    I think we need to go over the financial cliff and let the pieces fall where they may. My grandparents survived the great depression, can’t we? Maybe a fresh start is needed to correct this country.

  7. 10

    mossomo

    The media ignored too:

    o – America has dropped from the top ten list of the most prosperous nations
    o – Fitch is down grading our credit again
    o – Americans per citizen owe more debt than the Greeks
    o – We are in a double-dip: Netherlands Bureau for Economic Policy Analysis that world trade volumes fell for a third straight month [oct report] and are within a hair’s breadth of turning negative on a year-over-year basis suggests that another global downturn is on the cards. [you dont say]

    ObamaCare will crash our economy. The increase to tax rates will exacerbate the decline. Wealth and job producers are going Galt. Four years of economic malaise will breed domestic instability. Instability will encourage geo-political players to jockey for advantage. This is our next four years.

    You cant print your way to success. That’s not sound economic policy.

    What’s scary is I’m starting to hear radio and tv pundits push the narrative that austerity is too damaging because so much of GDP is dependent on govt spending.

  8. 11

    mossomo

    provided we rationally address debt and deficit issues.

    Tax on the rich seems unavoidable. So when that doesn’t work, what next? Tax the middile class. And when that doesnt work. What then?

    Greece spends more on pensions and salaries today than in 2007. Western Civ austerity is a joke. Technocrats are addicted to govt largess – until they can get serious and cut the size of govt – we are screwed.

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