First Draft: Spinning
WASHINGTON – Lots of spinning going on.
Morning TV shows had footage of a spinning shark twirling out of the water and a spinning small plane blown about by the wind upon landing. And sports fans looking forward to the spinning football at Sunday’s Super Bowl.
Obama saying Wall Street taking bonuses while firms are being bailed out by taxpayer money is “the height of irresponsibility” and “shameful” is still making the rounds.
The U.S. economy contracted 3.8 percent in the fourth quarter, which was actually a smaller decline than the consensus expectation by economists for a 5.4 percent slip.
So is the GDP decline, the largest since the first quarter in 1982 — that’s almost 27 years — actually good news? Only the markets know.
Meanwhile, backat the White House, Obama expected to deliver remarks on a Middle Class Working Families Task Force and sign related executive orders later this morning.
Photo credit: Reuters/Jason Reed (Obama when presidential nominee holds up Pittsburgh Steelers football jersey)