Wednesday, June 01, 2011

Do Recent News Stories Indicate That the U.S. Economy is Again Ready to Dive Off Another Cliff? - UPDATED

Note to our Ogden City Council: Let extreme caution be the operative watchword here

We haven't posted much about the condition of the U.S. economy lately; so while we remain mired in the current Emerald City red meat news drought, we'll shift our readers' attention this morning to several not-so-uplifting economic news stories appearing within the last couple of days in the Utah print media:
The last of these articles mentions the prospect of a dreaded "Double Dip" ("W Shaped") recession.

So what about it, gentle readers? Is the U.S. economy in recovery, as some of the Pollyanna news media cheerleaders have been suggesting over the past few months? Or do these more recent and above-cited economic news stories serve as a bell weather indication that the U.S. economy is again seriously contracting?

One of our favorite news commentators,'s Greg Hunter, falls into the latter camp. Here's what he had to say on this subject this morning (and we tend to agree with him):
I have been telling you the economy is not in any kind of real recovery for more than a year. Sources I have been quoting have been proven right, and all the economic cheerleaders dead wrong. Reuters reported yesterday, “Data showing a double-dip in home prices, pessimistic consumers and a slowdown in regional manufacturing raised concerns on Tuesday that the economy’s soft patch could become protracted.” (Click here to read the complete Reuters report.) “Could become protracted?” It is protracted, and now the data is suggesting the economy is getting ready for another cliff dive.
You can read Mr. Hunter's full article here:
So what's the point in mentioning this, you ask, other than to put you all "off your feed?"

Well... our Emerald City elected officials seem to be on the cusp of diving into another series of possibly reckless economic development projects which will require public bonding and otherwise burden the Emerald City public treasury, during economic times which are "uncertain" at best.

Note to our Ogden City Council: Let extreme caution be the operative watchword here.

And what about it WCF readers? In which direction do you believe the economy's moving?

Update 6/2/11 9:00 a.m.: In a demonstration of private sector prudence which will hopefully prove to be a model for the public decision-makers on our Emerald City/ Council/RDA Board, Winco Foods has delayed construction of its new Layton Fort Lane Village store "because the economy has not started swinging up":


RebelWithACause2 said...

Just filled my gas tank for $52. That is discouraging, to say the least. Senator Orrin Hatch's fantastic artcle in today's Standard  explains a lot. If the purpose is to "distribute the wealth" (as Joe, the lumber, was told),  the Administration  is being successful. But we still have room to go, because we are not, yet, reduced to a Third World Nation status. The Moratoriam  on drilling  has surely wreaked havoc with the Gulf states, however.

Hotmom said...

If my personal recently rising grocery and gasoline prices are an indicator, I'd say the direction of the US economy is down, way down.

Total Dumbass said...

Okay. I now realize that I've been permanently banned from Weber County Forum.

I adnit I'm an idiiot!!!!!

Please, please please, Rudi, let me back in!

Danny said...

This is why the market fell today (see link below).  The ISM tends to lead the market and it fell big today.

But note that while orders fell, the prices index is still sky high.

Drooping economy with inflation.  Nice job from the economic dopes in Washington.

Click Here

Ozboy said...

Trentleman has a pretty good article up on the Standard site about our great and brave leader Gary Herbert doing his best Marie Antoinette _ let them eat cake - impersonation when he visited the Weber County flood victims and told them that if they had listened to him when he told them to buy flood insurance a while back that they wouldn't have a problem now.

googlegirl said...

Wall Street Baffled by Slowing Economy, Low Yields: Trader

blackrulon said...

Buying flood insurance or a generous contribution to his reelection campaign. A donation to him seems to have cleared many obstacles for highway construction firms.

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