Depends on the Definition of Better
by matt at 9:30 am on July 31st, 2008 in Bush Man Date, EconomyBush says economy has strong foundation - Reuters (7/31/08):
U.S. President George W. Bush said on Thursday that the latest economic data showed the foundations of the U.S. economy are strong.
“Exports are on the rise. Durable good orders are strong. That suggests that businesses are anticipating a better second half of the year. So I believe the foundations of this economy are strong.”
Exports are on the rise because of Bush’s “strong” dollar policy, same for durable goods. Bush thinks these are good signs for the rest of the year. Isn’t a massive spike in new unemployment claims telling us something different?
Many of these layoffs are happening in the manufacturing sector.
Jim Cramer did call a bottom (nullus) on CNBC yesterday. I’ll take the other side of a Bush-Cramer trade any day.
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