https://pjmedia.com/richardfernandez/2009/07/31/the-endless-ride/feed/PJ Media is a leading news site covering culture, politics, faith, homeland security, and more. Our reporters and columnists provide original, in-depth analysis from a variety of perspectives.en-usWed, 10 Jun 2026 00:08:35 -0400<![CDATA[Two news items underline the fundamental problem of the administration. The first is a story from Bloomberg reporting that the Department of Commerce now believes that the first 12 months of the recession was twice as bad as previously estimated. The article says the real steepness from the period beginning in December, 2007 sheds light on why the Fed cut interest rates so drastically, and why unemployment had declined so precipitously. It also says that the recession of 2001 was not nearly so bad as was believed. In other words, GWB was handed a better economy than thought and Barack Obama drove away from the lot thinking a paint job would set things right when all along the chassis was cracked in half a dozen places. A lunch at the White House is related, in a narrative sense, to the new story of how bad things were &#8212; or are. The Politico says that CEOs invited to lunch at the White House were billed for the meals. It&#8217;s an act without much potential to reduce to Federal deficit, but one with considerable power to communicate. We&#8217;ve gone from expectantly waiting for &#8220;green shoots&#8221; to &#8220;brother, can you spare a dime?&#8221;]]>Fri, 31 Jul 2009 12:47:30 -0400<![CDATA[Richard Fernandez]]>https://pjmedia.com/richard-fernandez/2009/07/31/the-endless-ride-n188906