BUSH IS RIGHT: WE ARE NOT IN A RECESSION AND THE ECONOMY IS NOT IMPLODING

THE SWAMP:

President Bush, asserting that the American banking system remains strong at a time of troubling bank failures, today declined to predict when the economy will regain steam.

"I'm not an economist... But I do believe that we're growing,'' Bush said at a White House press conference this morning, asked when the economy might turn around. "I'm an optimist.''

... "The bottom line is this - we're going through a tough time,'' the president said. "We can have confidence in the long-term strength of this economy... I believe we'll come out stronger than ever before. ''

The president, who has refused to acknowledge the existence of any recession, said today: "All I can tell you is that we grew in the first quarter... It's not the growth we'd like,'' he allowed, but it is growth nonetheless (a recession is formally defined as two consecutive quarters of declining economic output.)

WWD:

Retail sales at specialty stores last month increased 0.6 percent from May and department stores posted a 0.3 percent gain, the U.S. Commerce Department reported today.

Compared with a year ago, specialty store sales grew 2.9 percent to $19.24 billion, but department stores lost 1.3 percent to $17.15 billion.

All retail and food service providers reported a seasonally adjusted increase of 0.1 percent in June, which was less then forecast and the smallest rise since February, after rising 1 percent in May.

Compared with last year, sales were up 3 percent. May sales were up 0.8 percent, revised downward from initial reports of a 1 percent increase.

PLUS, TODAY J&J REPORTED SALES AND PROFITS WERE WAY UP.

AND OIL HAD ITS BIGGEST SINGLE DAY DECLINE EVER.

The economic picture not great and VERY complex.

The OIL BUBBLE is distorting things and creating a huge drag on our economy.

The FED and the SEC ought to be doing more to burst the bubble.

Opening up off-shore drilling in the USA would help.

• DESPITE REALITY, DEMOCRATS PERSIST IN FEELING THAT IRAQ IS LOST, THE ECONOMY IN A RECESSION, AND THAT AGW IS CAUSED BY CO2 AND IS A LOOMING CATASTROPHE.
• AND TYHAT BUSH IS SPYING ON YOU AND TORTURING INNOCENT MUSLIMS.
  
• THESE NIGHTMARES OF NEGATIVITY ARE AS RELATED TO REALITY AS I AM TO THE QUEEN OF ENGLAND - WHICH IS TO SAY NOT AT ALL.
• THE ONLY WAY FOR THE DEMOCRATS TO WIN IS IF THEY BRAINWASH 50% OF AMERICANS TO BELIEVE THEIR LIES.
• DON'T LET THEM FOOL YOU - OR ANYONE YOU KNOW!
  

IMPORTANTLY: GLENN AGREES - AND HAS ANOTHER LINK WITH ANOTHER SET OF DATA POINTS.

VOTE ACCORDINGLY.