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July 30, 2022 - The Dan Bongino Show
16:47
The Bongino Brief - July 30, 2022

We are now in a recession, adding one more thing Joe Biden screwed up. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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Dan Bongino.
Welcome to the Bongino Brief.
I'm Dan Bongino.
We are now formally in a recession by every standard sane person definition of the term recession.
Only Joe Biden could screw up coming out of a pandemic with a lockdown economy being handed an economy growing, growing at a healthy clip and completely screw that up.
Only Biden can do this.
We should have listened to Barack Obama.
Barack Obama?
Why would we listen to Barack Obama?
He warned us all.
Look it up.
Do not, do not underestimate Joe's ability to F things up.
Joe, again, I told you to cross it off your list yesterday, so you don't have to cross it off again.
Thank you.
But I told you just a few...
Just a few days ago, that we would enter a recession, a recession which is two consecutive quarters of a shrinking economy, i.e.
negative growth, which is not growth at all.
It's shrinking.
That is the definition of a recession.
It has always been the definition of a recession.
It has always been the commonly accepted definition of a recession.
I told you that the White House is now, if you can't get out of a recession you caused, just try to redefine the words that they were going to use.
Fact checkers.
Here we go.
Newsweek.
I showed you the AP one yesterday.
Again, embarrassing, embarrassing to humankind.
Again, these people have families.
This is a serious question.
Tom Norton.
Do you guys, how do you, I'm not kidding, like, the reason I bring this up all the time about families and kids is it's not to be unnecessarily like biting and stinging, it's because if I'm about to do something really dumb sometimes, well, it's a lot, but sometimes, I swear, I'll say to myself, would my daughters be proud or embarrassed if I did this?
Do these people have families?
Tom Norton for Newsweek knows full well the definition commonly used for recession for decades has been two quarters of a shrinking economy.
He writes this fact check yesterday.
Did the White House change the definition of recession?
Then goes on in like 75,000 words to try to explain away how we're probably not going to be in a recession.
This is Pravda.
This is Pravda.
This is Soviet Union style Pravda stuff.
It's Orwellian It's not good enough that you believe 2 plus 2 equals 5.
You need to believe it stuff.
Yeah, thank you, thank you.
Everybody pop to attention.
They're melting down the White House.
Now we have the number 0.9% growth, a negative growth shrinking after 1.6 in the first quarter.
We are now formally in a recession.
The White House is melting down.
Why are they melting down?
Think it through, LGB.
Why are they melting down?
They're melting down because Biden caused this recession and he has no way to run from it.
Ladies and gentlemen, we do numbers, we do data here, we don't do bulge.
Statista, where I go often for statistics on the economy.
It is not a partisan site.
It is simply an aggregated data site.
Statista.com.
Here are the quarterly growth numbers from the Trump transition to the Biden administration.
I included the negative number on the Trump administration so you have a full picture of what happened.
Corona hits.
We see the ramifications of that in the second economic quarter of 2020.
Negative 31% growth under Trump.
We shut down the economy, everything collapses.
As the lockdowns start to ebb and open up, the Trump economy starts to grow again.
It then grows at 33% the next quarter.
Positive.
Then 4%, 6.3%, 6.7%, 2.3%, 6.9%.
Now we're in the Biden era.
Again, 4%, 6.3%, 6.7%, 2.3%, 6.9%.
Now we're in the Biden era.
Boom.
Negative 1.6.
All it took him was a couple quarters of growth to flush it down the toilet bowl.
Negative 1.6.
And now we have today's number, which will be added.
I'm sure it's just the statistics today.
0.9 percent, negative 0.9 shrinking again.
We are now in a recession and Biden did it.
Ladies and gentlemen, I just gave you the data.
It is inarguable.
It's not partisan data.
Numbers aren't partisan.
They're just numbers.
Trump handed him an economy recovering from COVID.
It was growing.
There was no quarter after the lockdowns ended where Trump had an economy that was shrinking.
It was growing robustly.
And what happened?
Joe Biden caused the recession.
Spending, tax hikes, all this talk of tax hikes, regulatory reform, his war on the energy industry.
He did this.
This is his recession.
The numbers don't lie.
This man is a human wrecking ball.
And Biden that is.
And watching media people.
Just again, burn their dignity on the altar of suckling on the T to the Biden administration.
It's just one of the most pathetic things I have ever seen in my entire life.
The Tom Nortons, the AP folks, it's just, it's so sad to watch people I had no respect for having even less respect for people I had no respect for.
We're now into negative respect.
I'll get to that in a second.
I'm going to show you some of these people how, again, it's thrown their dignity out the window trying to defend the Biden administration on this recession.
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So, as I said, on a very serious note, watching people like Bill McCarthy and Daniel Funke, people who pretend to be nonpartisan fact checkers and journalists, people like Ben White and others just throw their dignity down the toilet bowl.
I mean just embarrassing themselves.
It's one of the saddest, I kid you not, one of the saddest things I've seen in a media environment I already had no respect for.
Here's what I mean.
Ben White.
I'll get to who he is in a second.
He's at Morning Money, Ben.
Defiant L's picked this out.
Here he is.
He says, the White House is pretty obviously, it's pretty obvious right now that even two quarters of shrinking GDP would not Show the economy is currently in recession.
Getting people to understand that and the nuances of our strange vexing economic moment is just really hard by me.
So there you go, there's Ben White saying, ah, two quarters.
Nah, two quarters of negative growth, that's not a recession.
Here's Ben White in March of 2020.
IHS just downgraded first quarter growth to negative 2.1%.
Others are also going negative.
The second quarter will be down by double digits.
All of this just means we are in a recession right now.
It's the same guy.
So who's Ben White?
Of course, Ben White works at Politico, otherwise known as Politico.
He is their chief economic correspondent.
He's a contributor to CNBC too.
It doesn't matter.
These people, they don't care.
You understand how little dignity you have to have to do this to yourself?
It is so humiliating.
It's not just him.
Brian Deese, old Black Rock guy, who's now advising on the Council of Economic Advisors, advising Joe Biden on economics, is again throwing his reputation down the toilet.
Brian Deese, you know what, put the photo up first.
Brian Deese said this about a recession in 2008.
He was asked a question.
All right, thanks guys.
What about the recession stuff?
And he's on the phone calling.
This is Brian announcing himself.
He says, what Senator Clinton has said is that, of course, economists have a technical definition of recession, which is two consecutive quarters of negative growth.
This was back in 2008.
He's talking, obviously, he's talking about Hillary Clinton.
He's very clear that that's the quote here.
This is a quote.
Liberals, that means he said this.
That the technical definition of recession is two consecutive quarters of negative growth.
It's not ambiguous!
Not my words, not Guy's, not Justin's, not Joe's.
His words.
Here's Brian Deese yesterday up at the White House saying, no, that's not the technical definition.
No dignity at all.
Check this out.
Two negative quarters of GDP growth is not the technical definition of recession.
It's not the definition that economists have traditionally relied on.
Again, can you just put the thing up again?
Just the 2008.
Here it is right there.
That's his words right there.
The technical definition of recession, which is two consecutive quarters of negative.
It's just, it's so pathetic.
Here's the crazy thing about this.
Now that we are in a recession, everybody knows we're in a recession.
The numbers say we're in a recession.
They're about to make the same mistake they made with inflation.
Remember with inflation when they got out ahead of their skis and thought you were stupid?
Remember what they said, Joe?
Oh, it's transitory.
Yes.
It's transitory.
It'll go away.
Nobody panic.
It'll go away.
It's only transitory.
Meanwhile, sane people like Larry Summers and others on the left were like, on the left, were like, this is not transitory.
This is going to be with us for a long time, inflation.
And the Biden administration just couldn't tell the truth and they got burned on it.
They're about to do that same thing again with recession.
The exact same thing.
They have zero, zero credibility with the American people.
Here is the now increasingly hilarious Khrushchev here, who is easily, again, right, fellas, we have a consensus, no one's changed their mind, right?
We took a vote the other day, we don't, anyone, any changes to your votes?
No.
No, no one.
We have officially declared her the worst press secretary in modern U.S.
history.
Everybody voted, it was unanimous.
Here she is again, getting called out by Peter Doocy.
Hey, Brian Deese said this is the definition of a recession.
He's your economic guy.
Now he's changing his mind.
What planet are you guys from?
Check this out.
If things are going so great, though, then why is it the White House officials are trying to redefine recession?
No, we're not redefining recession.
If we all understand a recession to be two consecutive quarters of negative GDP growth in a row, and then you have White House officials come up here to say, no, no, no, that's not what a recession is.
It's something else.
How is that not redefining recession?
Because that's not the definition.
That is not the definition.
Brian Keith said in 2008, of course, economists have a technical definition, which is of a recession, which is two consecutive quarters of negative growth.
I can tell you this.
Two negative quarters of GDP growth is not the technical definition of recession.
It is not.
It is not.
Why did he say that?
It is not.
Guys, listen, ladies, guys out there, I am not here to give the Democrats advice.
They're not going to listen anyway.
But I'm a citizen of this country and I work in its economy.
I don't want to see the economy collapse.
We can beat these people on ideas.
We don't need to pray for suffering for the American people to get rid of this guy.
He's pathetic enough on his own.
But if anyone, anyone at this White House is listening, this has got to stop.
It's got to stop.
I really, I'm stunned.
I mean it.
Even for Joe Biden's level of incompetence, which is significant.
I'm not kidding.
It's got to stop.
You're just embarrassing yourselves at this point.
If this was working, if your policy of lying inflation is going to be transitory, we're not in a recession.
I'm just asking a simple question.
If this was working, why is your approval rating the lowest for any president at this point of his presidency?
I'm just asking a question.
Is anybody in the white house saying, listen, we're lying to people and they don't believe us.
That's why nobody likes us.
Is anybody saying that?
Here's what a sane person would do.
Again, it doesn't matter.
They're not gonna take my advice.
You would come out tomorrow and say, yeah, we're struggling.
It's a recession.
Okay, let's not dance around this.
Here's what we're gonna do to fix it.
They're not gonna do any of that.
Because he is easily the most corrupt, disgraceful human being to ever occupy the White House.
The progressives continue to kiss his asses, and this is intentional, and they love the destruction of our economy.
He will never change course.
Here, by the way, yesterday, it's gotta be.
This has to be.
The grand pooba of dumb soundbites I've heard in a long time.
Here's Brian Deese again, making his return, economic advisor to Joe Biden.
When he's asked about this dreadful economy, food problems, and all the food shortages and other things that Joe Biden did, he caused this on purpose, Joe Biden, because he's a corrupt, disgraceful human being.
Brian Deese says, listen, man, don't worry, folks.
It could be worse.
I mean, we could be in like a famine.
Here, check this out.
I think that our economy is more resilient to the types of challenges that we faced.
For example, with respect to food, we're a net exporter of agricultural commodities, and obviously the high prices are hitting Americans very hard, but in a way that is different from some places that are facing famine, for example.
Famine, folks.
Don't worry.
Don't worry.
We're not in a famine yet.
This is how they gauge your situation.
Good situation, okay situation, bad situation, terrible.
This is how they gauge it.
It's only not good if we're in a famine.
Maybe you need to expand that scale and open your mind a little bit.
We're not in a famine yet.
That's your estimate of the good.
Okay, how do we mark ourselves?
We are good.
Marked off today on the yellow scale.
You know how they have that yellow, green, and red scale for terror alerts?
They're like, don't worry folks, green, good, no famine today.
We're green.
Green in the White House.
They have that little alarm system in the White House for security too?
Like, there we go.
Green, no famines.
No famines today.
Thank you, Brian Deese.
Really, you're doing just terrific.
What a wonderful job.
One more note on this, because I've been beating this up for the last few days, but it's important.
Again, it speaks to a number of different things.
Not just the horrible state of our economy, which we must fix and can fix if we get this guy out of here, but it speaks to the corrupt nature of our media that continues to cover for this guy.
There's a great tweet by a guy from AEI, Michael Strain, if you want to check it out.
He says, question, out of the past 10 times US economies experienced two consecutive quarters of negative growth, how many times was the recession officially declared?
Answer, take a stab at it, folks.
Every.
Single.
Time.
Just keep lying to you, man.
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