GDP up 5.7% in the last quarter

[Paulie]

This is some good news for the economy. The highest its been in 6 years, so we should see lower unemployment to follow?


Washington, Jan 29 2010 January 29 - US GDP rose at annualized rate of 5.7% in the fourth quarter, the largest quarterly growth since GDP grew 6.9% in the third quarter of 2003, the Commerce Department reported today. Economists had expected GDP to increase by 4.5% for the Q4's advanced estimate, after final revisions to Q3's economic activity indicated a 2.2% growth rate. This advanced estimate marks the second consecutive quarterly growth for GDP, after having contracted for four consecutive quarters since Q3 of 2008, suggesting economic activity has initiated a platform for continued modest growth. Over the year, GDP has fallen 2.4%.
US ECON: Adv 4Q GDP Up 5.7% Vs 4.5% Exp, Core Up 1.4% - CNBC

It's almost entirely government spending of money we didn't even have to begin with. That's not real growth.

That's like taking out a loan at the bank for $50k, and saying you're $50k richer.

Well good , you have just said the economy would have been in freefall without the stimulus.

What???

That's what I said, huh?

You're a fucking riot.

I don't deny that times would have been tough without the stimulus, but what I do contend is that we would recover much quicker, and have a much more fruitful recovery when the time came.

But this also would include not leaving interest rates at 0 and pumping a trillion dollars into bank balance sheets, too.

I'd have rather taken my medicine. The country was rife with morons who speculated ridiculously into housing investments. We deserved the recession that came from it.

 

[Truthmatters]

Medicine?

Just what medicine are you talking about?

 

[Paulie]

Medicine?

Just what medicine are you talking about?

The recession, dummy. Left alone, so that all of the malinvestment could correct itself through natural liquidation.

Banks should have been left to realize the full losses from THEIR malinvestment in the mortgage securities market, and home buyers left to realize the full losses from their malinvestment in the houses they speculated in.

Sure, some people were just regular home buyers and got caught at a bad time, but this mess was mostly caused by speculation, like any other market crash.

If you want to help those people, open your fucking pocket book and write a check. But don't force every taxpayer into it. I didn't do SHIT to cause this mess, and neither did my children. But both myself and them are going to pay dearly for it for a long time to come.

Fuck you and your liberal bleeding heart beliefs that we should all be mandated into financially helping banks and speculators dig themselves out of the mess they caused.

 

[uscitizen]

I was against TARP, but for stimulus spending.

 

[Toro]

Most of the GDP came from inventory rebuild. What that means is that businesses ran down their inventories too much earlier in the year, meaning that the economy wasn't as dire as it seemed then. However, it also probably means that the economy isn't as good as advertised now. But the inventory build wasn't as much as economists thought, meaning that the next few quarters will have a tailwind. Also, consumption rose 2%, better than expected. This is very good, as it means consumers haven't gone completely into a shell.

The economy is growing and will grow over the next few quarters. What happens after that is still pretty dodgy, however.

 

[Toro]

I was against TARP, but for stimulus spending.

TARP saved the world. The stimulus did not.

 

[uscitizen]

I was against TARP, but for stimulus spending.

TARP saved the world. The stimulus did not.

Too big to let fail is a sales pitch. Nothing is too big to let fail.
'
Also the "let" implies participation by others. Again a sales pitch tactic.

 

[Toro]

I was against TARP, but for stimulus spending.

TARP saved the world. The stimulus did not.

Too big to let fail is a sales pitch. Nothing is too big to let fail.
'
Also the "let" implies participation by others. Again a sales pitch tactic.

I disagree. From my perch, having watched the meltdown with a front row seat, there is little doubt in my mind that the financial system would have collapsed and taken the economy down with it had the government not acted. And it is even scarier in retrospect talking to people after the fact about what was going on.

 

[Darkwind]

Good news for America. I hope that we continue to see growth.

 

[uscitizen]

TARP saved the world. The stimulus did not.

Too big to let fail is a sales pitch. Nothing is too big to let fail.
'
Also the "let" implies participation by others. Again a sales pitch tactic.

I disagree. From my perch, having watched the meltdown with a front row seat, there is little doubt in my mind that the financial system would have collapsed and taken the economy down with it had the government not acted. And it is even scarier in retrospect talking to people after the fact about what was going on.

We will just disagree then.

In my opinion people learn nothing if they are bailed out by others.
No pain no gain.

 

[Darkwind]

TARP saved the world. The stimulus did not.

Too big to let fail is a sales pitch. Nothing is too big to let fail.
'
Also the "let" implies participation by others. Again a sales pitch tactic.

I disagree. From my perch, having watched the meltdown with a front row seat, there is little doubt in my mind that the financial system would have collapsed and taken the economy down with it had the government not acted. And it is even scarier in retrospect talking to people after the fact about what was going on.

Really?

You see...The financial system DID meltdown and it DID take the economy with it.....

The only real problem is that the government saved the diseased tissue instead of letting it die off. Otherwise, we would have bounced back that much stronger. Now when we do bounce back, we will pretty much be exactly where we were 25 years ago. And still headed for another catastrophe.

 

[Toro]

You see...The financial system DID meltdown and it DID take the economy with it.....

Yes, but it would have been much, much worse. I have little doubt that we would be in The Great Depression 2.0 had the government not stepped in, which is not what we are in today.

That doesn't mean that we aren't creating problems down the road. We are. But for now, the results would have been catastrophic had the government not acted. This is a picnic compared to what was coming.

 

[Dr.House]

More inventory...


Anyone taking predictions on what the revised number will be?

3Q went from 3.5% initial to 2.2% revised..

 

[uscitizen]

Yeah and McCain would have been better than Obama.

woulda, coulda, shoulda...

 

[Darkwind]

You see...The financial system DID meltdown and it DID take the economy with it.....

Yes, but it would have been much, much worse. I have little doubt that we would be in The Great Depression 2.0 had the government not stepped in, which is not what we are in today.

That doesn't mean that we aren't creating problems down the road. We are. But for now, the results would have been catastrophic had the government not acted. This is a picnic compared to what was coming.

They are already saying that. Usually as a way to get a dig in at Bush....but they are saying it anyway. We should have allowed it to get worse. What just happened is a picnic to what is about to happen.

 

[rightwinger]

Great economic news

Shows that TARP worked, shows that the stimulus worked
One year ago our economy was in total collapse. To envision anything close to todays economy would have been reckless. A remarkable recovery in one year.

All true Americans should be proud

 

[Avatar4321]

That is good news. Too bad it's not true. Amazing what people do with numbers.

 

[Maple]

Yeah and McCain would have been better than Obama.

woulda, coulda, shoulda...

Yes, he would have been, he proposed a freeze on spending from the get-go. Instead Obama spent 1.5 trillion more and then decides to freeze discretionary spending starting in 2011. The senate democrats just raised the debt ceiling by 1.9 trillion dollars and they did it now before Scott Brown was seated.

 

[Maple]

Great economic news

Shows that TARP worked, shows that the stimulus worked
One year ago our economy was in total collapse. To envision anything close to todays economy would have been reckless. A remarkable recovery in one year.

All true Americans should be proud

Yeah, keeping drinking that coolaid, even the markets know that the number is not right and will be revised downward. The stimulus worked????? Dream onnnnnnnnnnnnn.

 

[Dr.House]

Great economic news

Shows that TARP worked, shows that the stimulus worked
One year ago our economy was in total collapse. To envision anything close to todays economy would have been reckless. A remarkable recovery in one year.

All true Americans should be proud

Yeah, keeping drinking that coolaid, even the markets know that the number is not right and will be revised downward. The stimulus worked????? Dream onnnnnnnnnnnnn.

Economics: Another topic leftwinger proves he doesn't have a clue about....