the rates, there is a real danger of a double dip recession in january. he took defense spending out that s right. i mean, this is a very slow economy. but you know, i will say this, the white house, i know this white house 8s are reaching out to the people in banking industry, saying, listen, we are ready to compromise. there is a lot of happy talk behind the scenes. when you talk to the executeuf who is have dealt with president obam athis is one of the least economically serious presidents we have had he shows up to the jobs counsel meeting and reads off the teleprompter, doesn t have a substantive conversation, he farms everything out to valerie jarrett, a senior aide, not a business person [overlapping dialogue] many folks would say that that characterizes the way that he approaches governing in general. you know issue we also saw over the last two day, a 450-point drop in the dow jones. i want to say something about that. i think the press has gotten the
the beginning of his remarks that he is inviting congressional leaders to the white house next week. as congress comes back in session. that is to try to jumpstart the conversations about the fiscal cliff. economists are predicting that we could have a double dip recession if the economy gets the double whammy of massive spending cuts kicking in on january 2. and a big tax increases kicking in. the president celebrating in chicago. the sobering reality of governing is setting in here. the president is going to have a crowd of people, we are told, middle-class families who will be impacted by the fiscal cliff. the kind of thing you might see on the campaign trail, raising the question is whether or not the campaign continues. as the president tries to go directly to the american people and sell his case.
families to pay count entire defend city while people like me making over $250,000 rbts asked to pay a dime more in taxes. shannon: you heard the president s remarks earlier, what s the latest, ed? reporter: jay carney will be taking questions. something the president did not do. normally presidents have a news conference after their reelections. this was a chance for the president to lay count markers on where he stands and offer an olive branch to try to get this jump started. a lot of pressure on leaders in both parties. we have economists saying we could head into a double dip recession. you have had the markets rattle on wall street. so the president its coming off a strong victory tuesday night
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states. we have had 47 recessions. none of them were welcome. all of them people tried to avoid. the idea that one policy or another will push a reception off indefinitely is also naive or that if a certain policy will bring one on. it doesn t work that way. or one politician versus another one. i have to disagree with this a little business. government policy can exacerbate recessions. look what s happening in great britain. they are going into a double dip reception. if you look at policies, mitt romney, the first thing that mitt romney and paul ryan are going to do is adopt a budget that is going to take mop aney of the economy, take it from seniors and they support a variety of proposals. it is not like you can t have a double dip recession.