The economy has again 'unexpectedly' stalled, nay even contracted lately. The supposition was that the economy wasn't moving forward at the 'expected' rate due to hesitation around who might win the election. Then it was the 'fiscal cliff' that was the issue de jure and when it didn't charge forward as promised, it became the issue of the debt ceiling and now it is Sandy's fault.
Truth be known, it is deteriorating because of past actions of the same group in this circular firing squad that claims they have the knowledge and fiscal understanding to reconcile the problems. Even the government accounting professionals tell them that anything and everything they can plan will not solve our debt and/or spending problems. They could however make things worse and that seems to be the current goal. They have a ready list of excuses to offer at each failing, so they assume they are still golden.
The even larger problem is that we keep sending in the same group of clowns to represent us expecting better performances and we should be ashamed that we aren't learning our lesson very rapidly or well.
It is with baited breath we all await the economic wisdom that will soon be shared by Ricky and Sir Echo.
Where were you last quarter, winholder? Oh yeah, the numbers were good last quarter. That means last quarter's estimate was a lie, right? But this one is bad, so it's God's honest truth, eh?
You are as predictable as you are worthless.
"we all await the economic wisdom that will soon be shared by Ricky and Sir Echo"
My economic wisdom is provided by the BEA:
"The decrease in real GDP in the fourth quarter primarily reflected negative contributions from
private inventory investment, federal government spending, and exports that were partly offset by
positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased."
In particular, durable goods orders were strong. What does that mean? The decrease in private inventory investment will likely turn around as consumer spending picks up and people build more houses. Stores are going to have to replace all of those washers and dryers they sold in Q3. You'll note the markets were stable today.
But beyond that, this is one slight downtick in an advance estimate of one indicator in what has been a good year. If you want to find something negative somewhere in the world, you can find it. And that is what you do. Scour the wires for the one piece of negative news, and call the positive news lies.
One quarter does not constitute a streak of any kind or the ‘rebirth’ of our economy. Just ask any basketball player that suffers through a great first quarter only to lose the game. The problem is Ricky that this is not 'one' downtick in an advance estimate, it is a constant revision of the economic statistics after they are originally released or released with excuses already included.
The unemployment rate is still too high, regardless of the FED's claim of controlling inflation, prices are going up, and wages aren't. Taxes for the middle class that according to the government wouldn't be allowed to happen because the middle class drives our economy is a reality surprise that they can no longer hide. This administration, with help from several past administrations, is driving the middle class off a 'fiscal cliff'.
The stock market jumping up for a few days or weeks is not necessarily a sign of a recovering economy, just a sign that the money movers in the market charted a new way to drive stock levels up a few points so they could manipulate their moves into profits. The stock market is such a game of chance that often its moves have little or no relevance to actual business conditions.
You're fooling yourself, and not many others, with your 'we are on our way to the utopia he promised' fun and games. It is falling on deaf ears and the audience is growing.