Economy
Senior Economist ‘Fact Checked’ By Facebook For Saying U.S. Is In Recession
“We live in an Orwellian hell-scape.”
Published
8 months agoon
Steve Watson

An experienced economist has been ‘fact checked’ and corrected by Facebook after he stated that the U.S. is now in a recession.
Phil Magness, a researcher and educator with the American Institute for Economic Research, reacted to the incident by commenting “We live in an Orwellian hell-scape.”
Facebook uses ‘independent’ fact checkers at Politifact, a brazenly partisan operation, which ‘corrected’ Magness’ post about the Biden administration attempting to change the definition of a recession.
We live in an Orwellian hell-scape. Facebook is now "fact checking" anyone who questions the White House's word-games about the definition of a recession. pic.twitter.com/pHGPWrxRpD
— Phil Magness (@PhilWMagness) July 28, 2022
Magness provided examples of previous statements by Biden himself about being in a recession that were never fact checked:
Or the time Biden declared we were in a recession in September 2020? No fact-check there either. pic.twitter.com/a4covaK6dO
— Phil Magness (@PhilWMagness) July 28, 2022
Can somebody show me the NBER determination that said we were in a recession in October 2020? Asking for a friend… https://t.co/X55NPvl5Pq
— Phil Magness (@PhilWMagness) July 28, 2022
The entire media "fact checking" industry is an exercise in politically motivated fraud. pic.twitter.com/FjrKZe3iFi
— Phil Magness (@PhilWMagness) July 29, 2022
The economist also noted that practically every other country defines a recession as two consecutive quarters of negative growth:
Here is the UK Treasury's published definition.https://t.co/56YII2SEr8 pic.twitter.com/FSov5kEDkP
— Phil Magness (@PhilWMagness) July 31, 2022
New York Times, glossary of economic terms, December 31, 1978:https://t.co/j25Pd775jU pic.twitter.com/ls4jouKcp2
— Phil Magness (@PhilWMagness) July 31, 2022
Australia:https://t.co/kTCcuLaHSf pic.twitter.com/YhpJAE73qp
— Phil Magness (@PhilWMagness) July 31, 2022
Biden and his underlings have engaged in gaslighting on the definition of recession throughout the past week, and it has continued into this week:
Sperling says that two negative quarters is not an "accurate definition" of a recession
— Zach Parkinson (@AZachParkinson) July 29, 2022
Which is funny, because in a 2001 paper he co-authored with future Obama OMB Director Peter Orszag, he said that's exactly what the informal definition was https://t.co/gofBa01i9k pic.twitter.com/WDl887ng1p
Biden economic advisor Brian Deese on the Biden recession: “We’re clearly moving through a transition” pic.twitter.com/1F2Ls1yK67
— RNC Research (@RNCResearch) July 29, 2022
Biden official Samantha Power: There is "a feeling that there will be winners and there will be people left behind" in the green energy "transition."
— RNC Research (@RNCResearch) July 29, 2022
"We have to find a way to transition people who are making their livelihoods…in the coal industry to actually find jobs." pic.twitter.com/GsorN2E5HU
Nancy Pelosi on Democrats' new tax hike legislation:
— RNC Research (@RNCResearch) July 29, 2022
"Transformational. We've never spent this much money." pic.twitter.com/qS56jlF3QX
REPORTER: “When can Americans expect that [economic] transition to be over?”
— RNC Research (@RNCResearch) July 29, 2022
KARINE JEAN-PIERRE: "It’s happening currently right now. That is what we’re stepping into.” pic.twitter.com/ABuScN67YB
BIDEN ADVISOR JARED BERNSTEIN: “No one ever said inflation wasn’t really happening”
— RNC Research (@RNCResearch) July 29, 2022
REPORTER: “You said it was ‘transitory.’”
BERNSTEIN: “Exactly…We talked about the fact that the [$1.9 trillion stimulus] was going bring a little more heat.” pic.twitter.com/iEaDDxvbOf
— RNC Research (@RNCResearch) July 30, 2022
Meanwhile, on Brian Stelter’s clown show Sunday, New York Times columnist and ‘economist’ Paul Krugman replied “No, we aren’t and no, it doesn’t,” when asked “Are we in a recession and does the term matter?”
Krugman said “None of the usual criteria that real experts use says that we’re in a recession right now,” which is blatantly not true.
“What does matter?” Krugman further stated, adding “The state of the economy is what it is. Jobs are abundant.”
As for Krugman’s repetition of the Biden talking point about jobs…
🚨 🚨 🚨
— Yossi Gestetner (@YossiGestetner) July 28, 2022
152.5 million people were employed right before the Lockdowns.
151.9 million were employed last month.
If adding no net news jobs in more than two years is not a recession, then I don't know what is.
I actually do know: 6 months of negative GDP/economic activity. pic.twitter.com/MYw9gHInfJ
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Economy
Elon Musk Responds To Biden’s “Pay Your Fair Share” Tax Tweet
“I paid more income tax than anyone ever in the history of Earth”
Published
1 day agoon
20 March, 2023Steve Watson

The world’s richest man Elon Musk has responded to a tweet sent out by Joe Biden calling for higher taxes for billionaires, noting that he’s paid more tax than any human ever in the history of the planet.
Biden sent out the following tweet calling on rich people to “pay your fair share,” along with a claim that the average tax billionaires pay is three percent.
Look, I think you should be able to be a billionaire if you can earn it, but just pay your fair share.
— President Biden (@POTUS) March 18, 2023
I think you ought to pay a minimum tax of 25%.
It’s about basic fairness. pic.twitter.com/oHgreYCdUz
Musk responded, noting that he paid a whopping 53 percent tax on Tesla stock options at both the state and federal level, and that he paid more taxes than any person on Earth in 2021 ($11 billion) and will do so again for the 2022 fiscal year.
Musk also called for a fact check on Biden’s three percent claim.
I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average!
— Elon Musk (@elonmusk) March 18, 2023
I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022.@CommunityNotes, is the 3% number cited above accurate?
Musk’s call led to the following correction from the Tax Foundation being added to Biden’s tweet, showing how Biden is either just flat wrong or lying:

Others chimed in on Musk’s comments:
Don't disturb the narrative with facts
— CTO Larsson (@ctoLarsson) March 19, 2023
The country would be much better off if you were able to keep that money, and were able to invest it productively, rather than turning it over to government to blow it on consumption. Our nation will suffer a lower standard of living as a result.
— Peter Schiff (@PeterSchiff) March 19, 2023
Correct, its horrifying to see what they waste our money on. They burn it, they send it to Ukraine launder and spread to their friends and back to themselves.
— Myamoto Musashi (@M3yamotoMusashi) March 20, 2023
Imagine how much better the world would be if instead of Elon Musk paying millions in taxes, he could invest those millions in new technologies (and of course the colony on Mars).
— Nick Flor 🥋+🇺🇸 (@ProfessorF) March 19, 2023
They can’t even manage their own spend and they expect billionaires to cover it. Even if you taxed billionaires 100% it wouldn’t stop our fundamental issues.
— Tesla Owners Silicon Valley (@teslaownersSV) March 18, 2023
While others had some choice responses for Biden:
How much tax did you pay on the 10% 🤨
— Yanky (@Yanky_Pollak) March 19, 2023
Does that include the money you sold us out for to Ukraine and the CCP?
— Lori Mills (@LoriMills4CA42) March 19, 2023
The claim that billionaires pay only 3% taxes is highly deceptive. It's based on counting unrealized capital gains as income–which they're not. Look–we can have a debate about how much to tax people, but let's keep the debate honest.
— Michael Isenberg (@TheMikeIsenberg) March 18, 2023
Except most billionaires are employing hundreds if not thousands. They're contributing to the growth and sustainability of society. They should be incentivized for that, not punished.
— Joel Bodker (@Joelbodker) March 18, 2023
There should be a flat tax for all citizens, regardless of income. That is true equality.
Stop laundering billions of our tax dollars to Ukraine and give us back the 10% you got from it big guy 🖕
— Real Phil Jones ™🦅🇺🇸 (@RealPJones) March 18, 2023
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Economy
SVB’s London Bankers Received Up To $36 Million In Bonuses Days After BoE-Orchestrated Bailout
Published
2 days agoon
19 March, 2023Zero Hedge

Bankers at the London branch of Silicon Valley Bank reportedly received tens of millions of dollars in bonuses just days after the Bank of England orchestrated a rescue package that led to Europe’s largest lender, HSBC, buying the failed bank’s subsidary for just £1, Sky News reports.
Sources described the bonus pool as “modest”, and said it totalled between £15m and £20m.
It was unclear on Saturday how much had been awarded to Erin Platts, the UK bank’s chief executive or her senior colleagues.
One insider said the bonus payments were a signal of HSBC’s confidence in the talent base at its new subsidiary and that the buyer had been keen to honour previously agreed payments in order to help retain key staff. –Sky
What’s more, bonuses were reportedly doled out to US staff just hours before the Santa Clara, California-based bank collapsed. The bank was taken into FDIC ownership, while SVB Financial Group has filed for Chapter 11 bankruptcy protection as it looks to find buyers for their remaining assets.
The UK arm of (formerly) SVB employs around 700 people. The London branch’s ‘guided demolition’ was coordinated with UK Prime Minister Rishi Sunak, who played a pivotal role in an emergency auction that drew interest from several challenger banks, including the Bank of London and Oaknorth.
According to insiders, if HSBC hadn’t stepped up, the bonuses wouldn’t have been paid, while another insider pointed out that stock held by senior executives and other employees had been rendered worthless amid the implosion.
“The UK’s tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs,” said chancellor Jeremy Hunt. “We have worked urgently to deliver on that promise and find a solution that will provide SVB UK’s customers with confidence.”
“[This] ensures customer deposits are protected and can bank as normal, with no taxpayer support.”
The government had been lobbied intensively last weekend by hundreds of tech entrepreneurs about the parlous state of SVB UK.
They warned of “an existential threat to the UK tech sector”, adding: “The Bank of England’s assessment that SVB going into administration would have limited impact on the UK economy displays a dangerous lack of understanding of the sector and the role it plays in the wider economy, both today and in the future.”
The founders warned Mr Hunt that the collapse of SVB UK would “cripple the sector and set the ecosystem back 20 years”. -Sky
“Many businesses will be sent into involuntary liquidation overnight,” were SVB UK not rescued, wrote the entrepreneurs.
This post was originally published at Zero HedgeEconomy
Ted Cruz Blasts Biden For Bailouts Of Corrupt ‘Bonnie And Clyde’ Banks
“They’re robbing the bank as they know their customers’ deposits are about to get blown up.”
Published
4 days agoon
17 March, 2023Steve Watson

Senator Ted Cruz has slammed the Biden Administration for effectively bailing out Silicon Valley Bank, labelling it a ‘corrupt Bonnie and Clyde’ like operation.
On his “Verdict” podcast, Cruz stated that the failure of SVB has “called into question a lot of the financing for venture capital, and it has potentially imperiled a significant number of mid-sized banks.”
SVB was more focused on virtue signaling than protecting their investments.
— Ted Cruz (@tedcruz) March 16, 2023
More on the latest episode of #Verdict: Don't Call It A "Bailout", But It's a Massive Big Tech & China Bailout
Full episode here:https://t.co/7GWJppnm9F pic.twitter.com/82qCnoNu49
“In response to this, the Biden administration rolled out a major bailout, conveniently bailing out the politically connected friends of the Biden White House in a way that will have lasting repercussions for the economy, and will almost certainly incentivize future bad conduct by other banks,” Cruz asserted.
The Senator continued, “They were gambling that the Fed would not raise rates even though they’d been screaming from the mountaintops that they were going to raise rates.”
“A bank that is being prudent can hedge its investments against interest rates rising by investing also in counterbalancing investments that will go up when interest rates go up. They didn’t do that! They were focused on virtue signaling. They were focused on showing just how woke they are,” Cruz added referring to the revelation that SVB was obsessed with pushing ‘diversity and inclusion’ policies:
Remember that time Signature Bank cut ties with President Trump and called for his resignation? Or that time SVB and Signature started going woke?
— Bryan McNally (@BryanDMcNally) March 13, 2023
Well now the sayings are true…
Go Woke Go Broke…
Everything Woke Turns to Shit… pic.twitter.com/z3WcJ1lYLb
“These bank officers were bad actors,” Cruz continued, adding “Let me let me tell you two data points that have been vastly underreported. Number one, hours before the bank was shut down Silicon Valley Bank gave very substantial bonuses to all of its employees. They just began writing checks to everyone hours before they were shut down. Data point number two: in the two weeks prior to their being shut down, the CEO and the CFO sold large amounts of stock. The CEO ended up making over a $2 million profit from selling stock less than two weeks before the bank was shut down. Both of those indicate corrupt intent.”
Cruz also noted that he “had a conference call in the last 48 hours with all 100 Senators were invited to participate and Treasury and the FDIC was on there and I asked I said, ‘Look, is it true that they gave bonuses to their employees, number one? If so, I think it is outrageous. And number two, has there been any investigation into clawing back those bonuses?’”
“As far as I’m concerned, this is like Bonnie and Clyde,” Cruz charged, urging that “They’re robbing the bank as they know their customers’ deposits are about to get blown up. And much of the media coverage has ignored the exceptionally bad conduct by the bank’s officers.”
Related:
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