David Haggith
David Haggith started writing about the economy after he predicted The Great Recession half a year before it hit and was puzzled as to why no economists or stocks analysts saw it coming. In the months after the crisis broke out, he started to write humorous editorials in a series titled “Downtime,“ which chided the U.S. government and bankers who should have seen the economic collapse coming but whose cronyism, greed and ineptitude caused them to run the world into a ditch. Those articles were published in The Hudson Valley Business Journal, The Valley City Times-Record (North Dakota), and The Daily Herald in Tennessee. Haggith is dedicated to regularly criticizing the daily news — not just the content but the uncritical, unthinking nature of almost all of the reporting. He now writes his own blog, The Great Recession Blog, to break down the news as an equal-opportunity critic toward both Republicans and Democrats / Conservatives and Liberals … since neither kind of politician has done anything worthwhile to plot a better economic course. His articles are regularly carried by several economic websites.
Articles by David Haggith
Economists and politicians like to stick to the one big number to indicate how the economy is doing—GDP. However, as the first article below points out an economy can be in big trouble in many areas and still look OK on the top line. That...
Even the “Duke of Doom” here at The Daily Doom was not negative enough on his prediction yesterday that the hyper-achieving results reported by Nvidia would not lift the stock market for long:A nice boost for investors to be...
This is rich: After months of everyone in the Trump administration—including the president—saying tariffs do not cause inflation, they just admitted (including the president) they KNOW that tariffs do cause inflation and a...
A day after writing again about the inevitable stock market crash that is showing up first in AI stocks, the stock market broadened its slide today with the Dow ending down about 800 points (having fallen about 820 moments before...
Trump’s latest promise is that the government will take $1,866 away from you in taxes and then refund $2,000 of that to you, while using the profit the government retains from that transaction to eliminate the national debt. At...
It’s fortunate for the government that its bean-counters and statisticians are shut down right now because labor looks more like Halloween than hope. Let me count the ways that things are already teaming up against workers and living wages...
You know it is bad when you cannot even get positive labor reports after you fired the last person in charge for having the audacity to put out a bad report. Trump claimed the former head of the Bureau of Labor Statistics was trying to...
How convenient: Just as a “top economist” for Moody’s says that GDP may not be as reliable as it once was for gauging when we go into recession, Trump’s new appointee to replace the director of the Bureau of Labor Statistics, whom he fired...
Just as I expected, the government’s report on jobs Thursday totally contradicted ADP’s Wednesday payroll data report. The stock market ignored the abysmal ADP report but then soared with relief when the government report came in, saying...
The US dollar has suffered its worst run since the perilous Nixon dollar days that came about in 1973, which precipitated out of Nixon’s decision to end the backing of the dollar with gold in 1971. That ended the Bretton Woods...
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