National Journal: Breathe, everybody.

Wednesday’s stock market dive is probably an overreaction to an admittedly ugly week of economic data – in the same way that market exuberance in recent months was probably an overreaction to the best job-creation streak the United States has seen in years.

…At this point, we’re one bad Labor Department release on Friday away from some genuine panic about the state of the recovery….

Reality is a little more positive and a lot more complicated than that. Wall Street analysts are fairly united in their view that the recovery has entered a “soft patch,” just like it did last year, and that sooner or later, growth and job-creation are on track to pick up again. Several analysts and columnists have been reminding Americans that recoveries from financial crises can often feel like stop-and-go traffic on the freeway.

…Lawmakers can help “by not adding more problems to the mix,” said Nigel Gault, chief U.S. economist for IHS Global Insight. “The best thing that they can do is to raise the debt ceiling, thereby removing one potential source of disruption. And they should not try to impose immediate budget austerity on a weak economy.”

Gault, and several other top analysts, expect growth to accelerate in the third quarter. Until then, try not to panic – or get your hopes up too far.

Full article here

37 Responses to “breathe!”

  1. 1 Fred
    June 2, 2011 at 9:19 am

    I really hope that it gets better;fast

    thank you Chip

    • 2 hopefruit2
      June 2, 2011 at 9:40 am

      The only people rooting for failure of the economy are the super rich corporations (including the main stream media & professional left media), and GOP candidates & Republicans in congress. That should tell you on whose side the Republicans are. I think the best thing we can do is to compile a video showing that the Republicans are rooting for failure and have done so from day 1 (when Master Rush proclaimed “I hope the President FAILS!!!”) Since then the media and Republicans have done NOTHING, but obstruct, block, thwart, stymie, frustrate, lie, confuse, complicate – you name it. They came in 2010 after promising jobs, but have spent the last 5 months wasting precious time on silly divisive posturing (repeal Obamacare, breaking up unions, government shutdown), regressive cultural fights (abortion/planned parenthood & DOMA), taking empty symbolic votes, playing games with people’s lives. The end result is that the Repblican governors have been taking quite a hit in their respective states. Where are the jobs Mr. Boehner? Instead of chasing that flake Palin all over the country while her gas-guzzling, pollution-spewing bus rolls around, why aren’t the media holding Mr. Boehner to task about the jobs he promised?

      • 3 Luci1119
        June 2, 2011 at 4:19 pm

        *Hopefruit* My Dear, you sure said a mouth full, you know, like hit the nail on the head, like dead on it, my Friend, all I can say to your comment Is, I agree, and AMEN! 🙂

  2. 4 Andogriff
    June 2, 2011 at 9:30 am

    Thanks for the excellent article Ms. Chips, I will pass it on.

  3. June 2, 2011 at 9:32 am

    WASHINGTON – A federal judge, in response to a motion on behalf of the Department of the Interior, has granted permission for Interior officials to begin communicating with class members on land trust consolidation provisions of the Cobell Settlement agreement. The Department will soon publish a Federal Register notice announcing its intent to begin formal government-to-government consultations with tribal leaders. Interior expects the land consolidation consultations to begin by late-summer.

    Judge Thomas F. Hogan of the U.S. District Court for the District of Columbia granted the motion to communicate with class members on May 27, 2011. At Interior’s request, the Department of Justice filed the motion with Judge Hogan on April 6, 2011 for permission to communicate with class members regarding trust land consolidation.

    The Cobell settlement was approved by Congress on November 30, 2010 (Claims Settlement Act of 2010) and signed by President Obama on December 8, 2010. Interior officials have been under a longstanding court imposed prohibition from communicating with Cobell class members while the litigation continues. Judge Hogan’s order allowing for communication between the parties states that, “This case has materially changed since the date of any other order that have prohibited such communication. The case’s posture now compels the Court to grant the motion.”

    The $3.4 billion Cobell Settlement will address the Federal Government’s responsibility for trust accounts and trust assets maintained by the United States on behalf of more than 300,000 individual Indians. A fund of $1.5 billion will be used to compensate class members for their historical accounting, trust fund and asset mismanagement claims.

    In addition, to address the continued proliferation of thousands of new trust accounts caused by the “fractionation” of land interests through succeeding generations, the Settlement establishes a $1.9 billion fund for the voluntary buy-back and consolidation of fractionated land interests. The land consolidation program will provide individual American Indians with an opportunity to obtain cash payments for divided land interests and free up the land for the benefit of tribal communities.


  4. 6 Proud of Obama
    June 2, 2011 at 9:33 am

    Hey TOD family, reposting my post from the previous thread because I think it’s critical that we have oppo to use on the enemy. This about Mittens who’s announcing today by attacking our brilliant president. We need to remind America of Mittens’ record on job creation. From a Reuter’s story:

    “He was a corporate raider who often made companies profitable, not by helping them perform better – but by simply laying off employees and killing jobs,” said Ray Buckley, Democratic Party chairman of New Hampshire.

    Bain Capital, which Romney headed for more than a decade, specialized in leveraged buyouts: buying companies with money borrowed against their assets, grooming them to be sold off, and in the interim collecting huge fees.

    Later, as Massachusetts governor from Jan. 2003 to Jan. 2007, Romney presided over one of the puniest rates of employment growth among the 50 U.S. states, at a time the nation’s economy was booming. Labor Department figures showed Massachusetts ranked 47th in the rate of jobs growth in those four years.”


    • 7 Luci1119
      June 2, 2011 at 4:26 pm

      Well Romney has a nerve to bash our beloved Prez, when he has a few KInks In his leadership. Ummmmmm, very Interesting, I can just see how our prez can score big time In the Romney/ Obama debate. Ummm

  5. 8 Proud of Obama
    June 2, 2011 at 9:36 am

    Let me add that the jobless claims dropped but the lying media is preaching doom and gloom because it “wasn’t enough.” This is where we come in. We have to challenge this lying spin. No matter how good the news, they will try to spin it negatively.

    I’m really pissed at all this talk about how “we must get out of Afgan NOW!” And this is coming from the stupid dems too. The President is poised to begin bringing troops from there in just two months — July — and they’re attacking with these stupid demands. What the hell is wrong with democrats? We’ve got to get them in line. They need to hear from us in mass.

    • 9 hopefruit2
      June 2, 2011 at 9:43 am

      That’s right Proud…we need to become very aggressive in pushing back on the LYING-ASS media. The corporate media is pushing that “We must get out of Afghanistan now!” meme. This is not coming from the majority of Democrats save the few usual ones like Kucinich. But the media will run with with it because it appears to be against what PBO is doing.

      • 10 utaustinliberal
        June 2, 2011 at 3:12 pm

        Exactly POB. They keep preaching doom and gloom. I was watching the news this morning and they kept harping about bad unemployment and jobless claims numbers, yet the data and graphic that was pulled up showed that jobless claims dropped. Every time one thing doesn’t quite add up Wall Street panics and the media raises that panic to a 3 alarm fire. Then when the numbers show up, it’s not quite as bad as it was purported to be. The reason why the market is acting weird is that everyday the GOP keeps leveling threats of not raising the debt ceiling, the media freaks out and then Wall Street reports bad numbers for that day. It’s sickening.

    • June 2, 2011 at 9:47 am

      They are worried about there own hides, and they are being lobbyed by the likes of Jane Hampster and Glen Greenwald.
      This is what they tell us here at OFA in Pinellas County!
      A lot of House dems, are afraid the anti war dems are going to hold them accountable in 2012. However, The President takes the long view and tries to solve problems. And not kick the can down the road.
      Unfortunately, the republican strategy is to take this and go for the immediate solution, which is how they won in 2010.
      They think they can repeat that strategy of fear in 2012!

      Be Prepared!

    • 12 meta
      June 2, 2011 at 9:50 am

      Good morning, everyone.

      We can’t expect the tabloid MSM to act any differently than they have for the last several years. They will always be the circus. They prove that every day. So it’s only going to get worse now that we’re entering a presidential election season. This hysteria is their business model. And Dems are posturing now so that when troops draw down soon it can look like they’ve had some influence. This is all kabuki. We are entering a very rough period but we’ve been here before. And just something to keep in mind, August seems to always be the worst – always a very tough, very crazy, angst-filled, stomach churning time to get through. The MSM is building up for a season of handwringing. Buckle up, folks!! Let’s stay tough, work hard and have faith.

      I highly recommend that everyone join their local OFA community efforts. It’s very soothing to do work on the ground. There are tons of ways to volunteer. Meetings are just now gearing up so think about joining OFA in your town or city. You’ll meet lots of great people and the work is very productive. Let me know if you need help finding your group.

      • 13 cuphalffull
        June 2, 2011 at 3:20 pm

        I love it too. Have been involved since the December after the 2008 election and can’t say enough good about it. Its great in having on the ground things to do to help, sharing information like we do here that is positive, networking with great people while building community, and feeding thoughts and suggestions up stream to the administration. It is a two way operation but mainly bottom up.

  6. June 2, 2011 at 9:41 am

    Then, let the state dpet take control of IRAQ:


    Notice, the republicans are agaisnt POTUS pulling out of iraq, but are all about him pulling out of libya and afghanistan, bc those were his escalations.


    • 15 hopefruit2
      June 2, 2011 at 9:45 am

      Once again, their hypocrisy is at play. I know that this “out of libya/Afghanistan now!” is a REPUBLICAN meme, not a Democratic desire. That’s why the MSM is pushing it and pretending that it’s coming from Democrats.

  7. June 2, 2011 at 9:42 am

    Oregon is planning to install Level 3 DC fast-charging stations along a portion of Interstate 5, the Oregon Department of Transportation announced today.

    AeroVironment was chosen to be the supplier for the electric-vehicle charging stations which will be sprinkled throughout a 150-mile stretch of highway.

    Interstate 5 is the main interstate highway that runs north and south through the western U.S. The electric-vehicle charging stations will be placed starting at the California-Oregon state line and up to Oregon’s Willamette Valley.

    The 480-volt Level 3 chargers are CHAdeMO (Charge de Move) compliant, a standard that is compatible with the Nissan Leaf, Mitsubishi i-MiEV, and Subaru R1e. It’s capable of fully charging an electric-vehicle battery in about 30 minutes, according to AeroVironment.

    The exact locations for the stations have not yet been chosen.

    Read more: http://news.cnet.com/8301-11128_3-20067952-54.html#ixzz1O7s2q7xT

  8. 27 dotster
    June 2, 2011 at 9:50 am

    Thanks chips for a little dose of reality. It seems much of the American public has been programmed to overreact—-about everything. And the media feeds the panic, the better to keep you tuned in, my dear. I’ve been around long enough to know there are always hills and valleys—in all aspects of life—-and it is always a good reminder to “just breathe”, and carry on.

  9. June 2, 2011 at 9:52 am

    President touts auto comeback before Midwest trip
    By Michael O’Brien and Sam Youngman – 06/01/11 08:16 PM ET

    President Obama is pushing aggressively to claim credit for the auto industry’s recovery ahead of his visit to the industrial Midwest — an area essential to his reelection efforts.

    His auto czar joined the White House press briefing Wednesday to praise the president for having the “political courage” to rescue two of Detroit’s “Big Three” automakers, a message the president will take on the road Friday with a trip to northwest Ohio, a key battleground state in the presidential election.


    This is very sage of the President…

  10. 29 Carolyn
    June 2, 2011 at 9:52 am

    I think we have to be careful not to be taken in by all the 24/7 “news” hype. So much of that is here today, gone tomorrow. Today’s pet story will be buried tomorrow…we have to look at the long term trends. I know that is hard, with the silly media hyperventilating over each little blip. When we hyperventilate too, I think we are being used just like they want us to be.
    Whenever the Rethugs come out and talk about their talk with the President, I don’t believe a word they say. Notice the President doesn’t come out and say anything….he just keeps working. I know it is upsetting to hear them seem to always be on top. They talk, but they do not work.
    All of the encouragement to write media and legislators of all types is the right advice. One thing I also know, is that most people don’t even know what is going on. We are hyper interested and concerned. Most people are just getting by and trying to make it through their daily lives. Those of us who are aware, are the ones who need to act, in many cases for those who are not aware.

    • June 2, 2011 at 9:58 am

      My concern is, that the republican governors in many states are werecking the economy, they have a plan to balme this President. Will people fall for it?
      I know, I certainly have NOT! I can read and see what is happening, in my state of florida, a good example came yesterday when Elton John begged governor scott not to ditch Aids funding. Amongst all the other far right bills he has signed.
      Then, Florida gets polled and people say they feel shitty! Well, yeah, DERRRRR!

      • 31 hopefruit2
        June 2, 2011 at 10:03 am

        Jovie to answer your own question of whether people will fall for it, just look at the President’s poll numbers vs. Rick Scott’s poll numbers in your state of Florida. That should give you an answer.

  11. June 2, 2011 at 9:54 am

    Palin is going to suck up all the MSM from Romneys speech in NH today! Me thinks, she does not liek him! That is a mean thing to do, ya think?

  12. June 2, 2011 at 10:02 am

    FYI: Did you hear that the HOUSE approved the Homeland securtiy bill, AND, aND they attached ryans budget as a rider to this bill.
    Doubling down, or what?

  13. June 2, 2011 at 10:11 am

    Enerkem today said that it raised $60 million from fuel refiner Valero and others to build plants that convert municipal waste to biofuels.

    Read more: http://news.cnet.com/8301-11128_3-20067961-54.html#ixzz1O7zPytO0

  14. June 2, 2011 at 10:22 am

    Oh this is rich! 20 house dems have sent the President a letter demanding that Liz warren get recess appt!
    They have to know the republicans are blocking a unanimous consent and are holding pro forma senate sessions every 3 days? They cannot be that stupid???

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