Jim Quinn Explains Why We've Never Left The Recession

Tyler Durden's picture

Submitted by Jim Quinn from The Burning Platform

We've Never Left The Recession

It is three and a half years since the Great Recession hit in 2008 with the collapse of our financial system caused by the Wall Street banks and their captured politician cronies in Washington D.C. Their mouthpieces in the mainstream media have been telling the American sheeple that we have been out of recession and in recovery since the 4th quarter of 2009. It truly has been a recovery for the Wall Street bankers and the mega-corporations that have laid off millions and opened new factories in the Far East while generating record profits and rewarding their executives with millions in bonuses. The stock market has doubled from its 2009 lows. All is well on Wall Street – not so much on Main Street.

The compliant non-questioning MSM reported that GDP in the 1st quarter rose 2.2%, less than expected. This pitiful government manipulated result confirms that we are back in recession. The first quarter had the huge benefit of fantastic weather, an extra day, and a supposed surge in jobs. And this is all we got? Take a good long hard look at this chart.


To factually assess the fake recovery reported by the Federal Government, Wall Street and the MSM, you need to check out the data on the BEA website regarding REAL GDP. The average schmuck still doesn’t understand how the government and Federal Reserve are screwing them through the insidious taxation of inflation. I urge you to look at this inflation adjusted data:


According to the BEA, REAL GDP was $13.3 trillion in the 2nd quarter of 2008 before the crisis. As of today, the BEA says REAL GDP is $13.5 trillion. These government drones have calculated these figures by having the balls to tell you that the CPI is only up 6% since the 2nd quarter of 2008. Gas prices are up 20% since the 2nd quarter of 2008. Even the BLS manipulated inflation figures show that Food has gone up 11% since the 2nd quarter of 2008.


The truth is that inflation is underreported by the Federal government by at least 5%. Therefore, if GDP was properly adjusted for real inflation, we have never left the recession.


Even if we use the REAL GDP figures provided by the BEA, the result is absolutely horrific when analyzed in comparison to what our “leaders” have done:

  • Real GDP has gone up by $200 billion since the 2nd quarter of 2008, a 1.4% increase.
  • The National Debt has gone from $9.5 trillion in the 2nd quarter of 2008 to $15.6 trillion today, a 64% increase. Not too much bang for our Keynesian buck.
  • There were 146 million Americans employed in the 2nd quarter of 2008. Today there are 142 million employed Americans. The working age population has risen by 10.5 million over this same time frame. According to the fine drones at the BLS, almost 8 million Americans willingly decided to leave the workforce during this time and do not count as unemployed.
  • Profits of the mega-corporations making up the S&P 500 are at all-time highs.
  • Wall Street Too Big To Fail banks have paid out average bonuses of $130,000 per employee from 2009 through 2011. The average compensation is $350,000.
  • Wall Street banks reaped $102 billion of profits between 2009 and 2011, as Ben Bernanke bought their toxic debt and continues to loan them hundreds of billions at 0% interest.
  • Five million Americans lost their homes to foreclosure since 2008.
  • There will be at least 6 million more foreclosures in the next three years.
  • Consumer expenditures accounted for 69.7% of GDP in the 2nd quarter of 2008. After three years of supposed austerity consumer expenditures account for 70.7% of GDP.
  • Senior citizen savers are earning $400 billion less of interest income today than they were in the 2nd quarter of 2008, but don’t worry – Paul Krugman says that has only affected a couple senior citizens. These seniors need to embrace their poverty and learn to love the taste of cat food.
  • Real GDP went up by $73 billion in the 1st quarter. A full 70% of this increase was due to durable goods purchases by consumers. This increase was solely due to ALLY FINANCIAL (85% owned by the Federal Government) and the rest of the Wall Street banks peddling auto loans to subprime (aka deadbeats) borrowers.

Our beloved leaders have done so much for so few while impoverishing so many. It makes me so proud to live in the corporate fascist states of America.

The reality is that we have never left recession and are sliding deeper into an ultimate Depression. Enjoy your slavery and keep believing the government and MSM propaganda. Docile sheep are so much easier being led to slaughter.

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SheepDog-One's picture

Gas prices are only 20% higher than 2008? Gas was around $1.60 in Dec 2008, how is $4 now 20% higher? Now I know at one point gas shot up in 2008 but not for long, and when Obama took office gas was still around $1.60. Havent seen that level back in a very long time. So taking a real average of 2008 till now you'd have to say gas is over 100% higher.

SheepDog-One's picture

Oh, thanks for the down votes Jim and friends.

DoChenRollingBearing's picture

@ SheepDog, + 1 for reality in gasoline pricing

SheepDog-One's picture

Well, I tries to keep it real anyway. I know we DID have a brief spike up in 2008 when oil shot up to $140's and gas shot up and all that, but it was already back down to $1.60 and oil back at $50 or so by Dec 2008, around the average for 2005, 6, 7, 8. So in REALITY, gas from those days compared to today is way higher than 20% higher.

Oh regional Indian's picture

His point is well taken though, real prices up, glitter prices down.

Here in India, the 60$ tablet is making squibby waves alongside the flipping flopping Tata Nano as India is showered with cheap tech.

But food inflation is staggering. I see/feel it, almost weekly, it's up a notch. All the essentials. BAd weather.

Kind of perfect storm set up, globally, of which all of th eabove are symptoms.



Me ^^ Caveat Emptor...

DoChenRollingBearing's picture

Caviar Emptor's biflation: Prices for necessities up, prices for assets and crap down.

SheepDog-One's picture

Sure I didnt disagree in any way, if anything we're worse that a recession and really in a papered-over depression.

cossack55's picture

On the bright side, you boyz got that  way cool new ICBM.  Dem wid da mostest toyz winz.

Plymster's picture

Yeah, I'm not sure how he's figuring that.  If you look at gasbuddy.com, the average price of gas on 4/27 2008 was 3.62.  Today it's 3.82.  Maybe he's looking at the average price YTD?

SheepDog-One's picture

I guess, but its pretty misleading as those years 2006, 7, 8 gas was well under $2.

SheepDog-One's picture

Fine with me, pick your aberation spike up in that year and go with that, instead of the mean average gas price of 2006, 2007, 2008 of more like $1.60. Why you'd want to look at it your way, I dont know.

Jim Quinn's picture

Can you read? I said 2nd quarter of 2008. I didn't say average 2008 price. Look at the chart.

SheepDog-One's picture

Just hit 'save' once....yea that IS what I pointed out! Cant you read? I said average gas price for those years was around $1.60, not the little spike up which is where you measure your data point from, so the real average price % gas increase from then to now is more like 100%.

Jim Quinn's picture

Math is hard for some people.

SheepDog-One's picture

Apparently its hard for you, since you pick a brief price spike outlier data point instead of taking the mean average from 2005 to 2009 which is well under $2. Fine with me, just pointing out that real gas % increase from those years is far higher than 20%...I'd think you'd take that as only strengthening the point you make in your article but I guess you want to cry about it instead.

Jim Quinn's picture

My entire article was comparing the 2nd quarter of 2008 to today. Did you get that?

If you are comparing a specific time period to another specific time period, you use the data from each of those time periods.

I don't skew my information to further my point. I use exactly the data that pertains to what I'm talking about.

Do you understand now?

SheepDog-One's picture

So its only the 2nd Q of 2008 thats relevant? Why is that? I look at the whole damn thing. In 2008 the wheels were falling off and the FED was lowering rates monthly, and oil shot up from under $50 to near $150 and then right back down. My only point is a more solid average from those years until now is more like a $2 increase, gas avg is more like a double instead of a 20% rise.

Jim Quinn's picture

Did you read the article? The 2nd quarter of 2008 was the last pre-crisis quarter when GDP topped out. That was the whole freaking point of the article. Every comparison in the article is between the 2nd quarter of 2008 and the GDP reported today. Why would I use an average price of gas over multiple years when I'm comparing the 2nd quarter of 2008 GDP to today?

You just want to argue for the sake of arguing because you're unwilling to accept the entire point of the article.

SAT 800's picture

You're right SheepDog and he's wrong; discussing one guarter in isolation is extremely stupid; it's an example of a waste of time, and also, how you create statistics that aren't actually useful.

Jim Quinn's picture

SAT 800 sounds about right. A perfect score is 2,400 and they give you 600 for signing your name.

I'm surrounded by morons.

DavidPierre's picture

"I'm surrounded by morons"...

Because you stay in a House of Mirrors!

jeff montanye's picture

oh give quinn a break.  he's right that on the basis of his article his data is consistent.  sheep's right that, in general, gas prices are worse than the chosen basis of the article.  over the long haul the burning platform is on the side of the angels and, generally, supportive of the critique of the corrupt power elite of the u.s. and the developed world generally. 

P'Od_Accountant's picture

I don't know where you got your numbers.  The fuel prices per the BLS are quite clear.   A simple average on 2008 data shows an average price of $3.75, if anything it's his gas prices increase is overstated until you take into account inflation.  Adjusting for inflation 2012 data back to 2008 at a conservative and more realistic 8% inflation rate means it's actually up over 40%, but just using the official number of 3% yields a 21.5% increase.   I think his calcs are correct.

SheepDog-One's picture

But the average for this whole time period, MINUS the brief oil and gas spike outlier in 2008, which BTW plunged right back down, is avg price for oil around $50, avg gas price $1.60.

Jim Quinn's picture

Wrong again.

The price started at $3 and was over $4 in August. It was still $3 in October. It only plunged in Nov/Dec.

Do you know how averages are calculated? ($3 + $4 + $3 + $2)/4 = $3.00

Do you need me to dumb it down for you?


Hohum's picture


Probably from April 2008.  Don't cherrypick, man.

DavidPierre's picture


In Your Own Words

The combination of your being a TOTAL  9/11MORON, grossly ignorant by your own choice, and intellectually lazy and dishonest makes you a lightweight shill who parrots your corporate masters’ propaganda and unquestioningly report the fabrications spewed by government.  The purpose of those who wield power is to keep the masses dumbed down and paranoid regarding terrorist threats and artificial enemies.

A person that is incapable or uninterested in critically thinking about 9/11Truth is a politician’s best friend.  Your ignorance is not a state of being uninformed about 9/11 or unaware about the implications of those issues.  You have made a choice: to be ignorant.  An informed, interested, questioning person is a danger to the government.  The combination of uninformed, ignorant by choice,  and intellectually dishonest will be fatal for the country.  Only a fool would believe there won’t be consequences.  That fool writes daily and has many opinions on his blog.

  “The one permanent emotion of the inferior man is fear – fear of the unknown, the complex, and the    inexplicable.  What he wants above everything else is safety.”  HLM

Critical thinking is the careful, deliberate determination of whether you should accept, reject, or suspend judgment about the fanciful NIST claims and the degree of confidence with which you accept or reject the “OffalCIAl  CONspiracy” Theory.  Critical thinking requires not only logic but a broad intellectual criterion such as clarity, credibility, accuracy, precision, relevance, depth, breadth, significance and fairness, and most important:  HISTORY and SCIENCE.

Critical thinking requires extensive experience in identifying the extent of your total ignorance in a wide variety of political and physical science subjects.

You will become less biased and more broad-minded, less of a pompous ass, when you become more intellectually empathetic and more intellectually humble.  Over the past few years I have observed little or no critical thinking skills on you part regarding the Truth about  9/11.  You deserve to get it good and hard, and you will.

“The men that American people admire most extravagantly are the most daring liars; the men they detest the most violently are those who try to tell them the truth.”  HLM

9/11 is the Litmus Test for any 21st century writer. http://www.youtube.com/watch?v=AVY-iQDO8pg

Chump's picture

Obnoxious troll is obnoxious.

barliman's picture



Obnoxious troll is a conspiracy monkey ---> Would be far happier on a conspiracy blog but comes here to fling poo instead.


i love cholas's picture

I hate when people use comment section to post their own faux ZH article. 

Jim Quinn's picture

Zero Hedge Troll of the Year arrives like clockwork.

Now log on as your 5 other aliases and agree with yourself.

Keep telling yourself you're not crazy.


DavidPierre's picture

You've become my 'Useful Idiot' and I do appreciate the way you gamely get in the ZH fight ring and let me use you as a punching bag.

You're so fucking punch drunk you have no sense left.

Go back to your corner and wipe the blood and snot off your face.

It's Fight Club - You're Going Down


Jim Quinn's picture

Very original. You copy and pasted this comment from the beatdown I applied to your sorry ass yesterday.

Thinking is hard when you have a mad cow infected brain.

DavidPierre's picture

from... www.TheBeastilityPlatform.com

before... Smokey deletes


Truth Hurts says:

Hey Admin: Why don’t YOU tell us about Building 7, specifically how it fell into its own footprint with a few small fires and inconsistent damage, and what in the world gave the BBC the idea that it had collapsed when NOBODY was expecting it to and before it actually did.

This should be funny!

ronnie says:

I find myself questioning Jim. Get the feeling he’s pro-Obama and can’t put critical thinking to the events of 9/11.

Can’t say that a part of me doesn’t enjoy him leading a good retard parade.

Then... the Kunt Doucheninger Wannabee responds with his usual moronic nonsense...

Administrator says:

Here they come. The 9/11 Truther dimwits have arrived on the scene. They will prove their position by saying what couldn’t possibly happen.

So Solly you retard.

It is your responsibility to prove that it was a conspiracy.

We always have so much fun kicking you nutjobs around.*

*{by using his delete button}


Jim Quinn's picture

It's killing you to be banned for life from TBP so you can't spew your hate mongering drivel.

Back to the barn you sheep fucker.


DavidPierre's picture

It's a pity you have no delete button here.


Slapped around all day

A $5 Crack Whore

Flapping your lips

Begging for more!

barliman's picture


Punch drunk ...

First of all you "hollywood fan boi", this isn't Fight Club. The movie is no more realistic about fighting than Hollywood has ever been.

THIS is Zero Hedge - a blog of the financial variety - where anyone can come and get a wide variety of insights into the financial world free of the propaganda and possibly learn something (well, not you) along the way.

Take your conspiracy monkey poo to one of the 9/11 blogs and fling it there,

OK?  Bye bye, Cheeta.


trembo slice's picture

9/11 truth is suicide.  If you think you're going to stir the idle masses by talks of a false flag I think you're mistaken.  Why fixate on that which is likely to only alienate yourself from the people we need to convert into the Liberty movement?  I think it's much more constructive to focus on the failed economic and foreign policy this nation pursues.

You don't come off as crazy to those still asleep, and you still get to behead the crooked treasonous bastards in the end.

firstdivision's picture

QE Trade is alive and well bitches.  BTFD ---> STFPR = profit*

*all profit is in IOU's, so don't expect it to go far in a true SHTF scenario

navy62802's picture

You just gotta make sure you turn that paper into something tangible before the paper is worthless. Lock in the value while it's still there.

DoChenRollingBearing's picture

+ 1

That's it, get worthwhile stuff while you can for your paper.

Everybodys All American's picture

Every time you hear "earnings" replace that word with "inflation" and you will begin to understand what is happening. This is not growth and never should be thought of as anything but misguided or worse.

SheepDog-One's picture

Corporations sitting on record high mountains of free 0% FED money and moving overseas. 

Seer's picture

Yeah, I do stuff like this to stay sane.  Real "earnings" is correlated to INCREASES in extraction and utilization of physical resources, and we know that this activity is running over a cliff.

barliman's picture



Anybody seen Bruce Krasting lately?

These are the sort of things he should be looking at in follow up to his "the recession is over, the recovery is real" article from a couple of months ago.

Yo, Bruce?


Dr. Engali's picture

Life has never been better...the dow is going up up up and my purchasing power is going down down down.

narnia's picture

Once you use GDP as a metric, they've won.  Don't you get it?

Sudden Debt's picture

Inflation is your friend