Saturday, January 19, 2008

Tony Snow takes on the world

including highly respected military expert Bill Maher; highly respected emotional hunches are truth(!) expert Catherine Crier; and the highly respected master of supercilious: Rolling Stone fantasist Matt Taibbi. The world sometimes doesn't want Tony to finish a sentence. The world is dripping with ignorance and condescension. The world is incredulous at Snow's assertions that:
  1. American troops believe they are accomplishing something noble in Iraq.
  2. The U.S. economy has been strong and robust.

About Snow's point #2:
A recession/adjustment is inevitable. Economic growth cannot go up without end. Adjustments must happen.

However, excepting the 5 year period immediately after WWII, we've just come through the greatest 5 years of economic growth since economic stats began to be recorded. We've been victim of a media bias which would lead with headlines such as: Lowest economic growth in 4 years. Really? So, the economy was white hot, it slowed to merely hot, and this is how you reported it?

Yes - that's exactly the way they've reported it since the day Bush took office. When Bill Clinton was running for re-election in 1996, media famously trumpeted the wonderful low unemployment rate of 5.5%. Bush took the unemployment rate much lower, where it stayed for years. Currently, I can't turn on the TV without someone bemoaning a bump to a 5% unemployment rate which is still 1/2% lower than Clinton's wonderful rate of 5.5%.

Matt Taibbi (ignorantly - I doubt he knows any better) combined both this exact reporting trick and this exact economic ignorance: after Snow said we experienced 52 consecutive months of jobs growth, Taibbi rejoined that we now have the highest unemployment rate in 5 years. True. So? Crier then intuits that our current 5% unemployment rate will one day be noted as a trigger/harbinger of a recession. Both Taibbi and Crier are sure of themselves, and both Taibbi and Crier are ignorant about this subject.

Tony Snow takes on the world:

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