"As a result of the weak data, JP Morgan slashed its fourth-quarter GDP growth estimates from a 1.0 percent annual rate to only a 0.1 percent pace. Goldman Sachs cut its forecast by three-tenths of a percentage point to a 1.1 percent rate. The economy grew at a 2 percent pace in the third quarter."I know that in the age of BO, we are all supposed to listen in rapture while he pisses down our backs and tells us he made it rain, but I guess I just don't enjoy it that much!
DOES ANYONE IN THE US CARE ABOUT THE ECONOMY ANYMORE!!!!
I had to go to REUTERS to even see this! I needed an article from the Guardian to even get a TINY amount of data on the US changing the way we measure GDP as of July 1!!!
So if the economy "grew" at 2% in 3Q, that may actually be a 1% DECLINE under the old measure.
Now 4Q is estimated to be a 2-3% DECLINE under the old measure.
I reported on the first two quarters here -- they originally reported 1Q as -.2 and then bumped it up when they reported 2Q with 2.3% "growth" with the new measure. So, if we take THEIR "adjusted measures" and apply the "new GDP math", we get +.6, -.7, -1, to a -1-2% 4Q! That
That folks is supposed to be a "good economy" in the age of BO!
Does ANYONE believe the inflation figures from the government anymore? Sure, gas is down, but food? medical? internet? TV? property taxes? any sort of "service" like car repair, tires, etc? anyone look at the price of a car lately???
I realize what a complete dupe I am holding some money in "inflation protected US Bonds" -- and WHO is it that I thought was going to calculate the inflation number? Talk about the Fox guarding the hen house!