Keep Carrying That Water: Axios Says the Stock Market Slump Doesn't Mean Recession Is Near

Amy Curtis | 3:00 PM on August 06, 2024

You don't despise the media enough.

They've been gaslighting us on the economy for years now, making us think that Bidenomics was so great as we struggle to buy gas and groceries.

Yesterday's stock market crash was bad; the July jobs report was abysmal, and the jobs numbers for May and June were revised down, and unemployment shot up to 4.3%.

But here's Axios -- having learned nothing from lying about Kamala as the border czar -- saying the bad stock market doesn't mean recession is here:

The stock market slump doesn't have to mean a recession is near. https://t.co/3ldr3AexBS
— Axios (@axios) August 6, 2024

Recession is here.

They'll revise this story in three years for sure.

Axios writes:

U.S. economic outlook has dimmed some. But the sharp stock selloff of recent days appears to have its roots in more obscure forces — and does not, in and of itself, mean a recession is looming.
Why it matters: After Monday's 3% drop, the S&P 500 is down 9% since reaching an all-time high just three weeks ago today.

Zoom in: The adjustment looks to be driven significantly by technical factors, including trades on the Japanese yen, big-company tech stocks, and low volatility reaching the end of their runs.
None of that means the economy is in the clear. Indeed, the alarm bells sounded by the latest round of data are loud. But with Federal Reserve rate cuts incoming, there is still room to envision the economy skirting a downturn.
The action on Wall Street, by contrast, looks like the kind of earthquake that rips through the financial markets semi-regularly as once-popular trades start to falter and traders are forced to pivot en masse.

"The stock market slump doesn't have to mean a recession is near...

Because we want Democrats to win in November."

Remember that these journos never equivocate like this when a GOP administration is in the crosshairs. This is just about protecting Kamala from the consequences…
— 𝔻𝕠𝕔𝕥𝕠𝕣 𝔽𝕒𝕥𝕖 (@georg3) August 6, 2024

Things like homelessness and the stock market, and inflation will be banner headlines under a GOP administration.

Is the @JoeBiden administration going to redefine recession again?
— Matthieu “ne plus ultra” Koekkler 🇻🇦 (@koekkler) August 6, 2024

Yep.

If the other guy was in office right now this headline would have been the complete opposite of this. Axios is nothing but the propaganda arm of the DNC.
— Satanás (@smejk70030) August 6, 2024

That's all they are.

I remember this view being dominant in ‘08. The media really talked down the crisis to help the incumbent…wait. https://t.co/8lZTmWjDpc
— Scott Paterno, Just a Guy (@ScottPaterno) August 6, 2024

We remember, too.