More economic good news! GDP rebounds 4%

[JimBowie1958]

Uh, the average GDP over the last quarters is around 2%....all Obama's fault.

Well his people are the ones cooking the numbers, so yeah, it is his fault.

 

[JimBowie1958]

You're projecting again.



So what if I expect the 4% "Estimate" to be adjusted downward? Downward revisions of the 1st estimate are more common than upward revisions. That doesn't mean I want the "economy" to tank.



I own a business that employs people. I want a healthy economy. Period.

We'll then, you sure fooled me! You are a colossal Debbie Downer, bro. As a business owner...I trumpet good news. I want good news to go viral. I want people out there opening their wallets. You? If so.....it ain't coming through.

I'm a realist.

And realists like real stats, not the bullshit the current regime is spitting out.

 

[Dad2three]

It's amazing how little Obama-bots grasp the dangers of spending 20-30 years worth of debt to float the economy today will impact the country. We will prolly not even balance the budget and defiantly not start paying down that debt before we hit another recession... Meaning we will have to borrow more and add to the future bills even more.

Again, we all recognize how stimulus does stimulate the economy, but it seems like the Obama-bots fail to realize that it's all done on debt, and that debt is a bill. We are paying something like 11% of all revenues collect to debt. We don;t even count the FED-R as debt despite counting the taxes collected on that stimulus as revenues, meaning when the FED stops dumping money into the system, revenues drop hundreds of billions a year... Pushing that annual debt back up.

What is the response to the FED's trillion dollar stimulus and what will happen when it stops from the left? The FED has wanted to slow it's involvement for a couple years now, but every time it even mentions a tapper the markets drop, and they didn't even cut anything.

A perfect example of why the Right is called the "No Information Voter"

Fed Cuts Monthly Asset Purchases To $45 Billion At April Meeting - Forbes

On Wednesday, the FOMC announced a fourth $10 billion reduction to its quantitative easing program, reducing its monthly bond purchases to $45 billion and keeping pace with earlier guidance. The Fed will cut monthly mortgage bond purchases to $20 billion from $25 billion. Treasury purchases will drop to $25 billion a month from $30 billion.

The stock market didn’t make any big moves following the release coming off of mixed signals leading up to the 2 p.m. release. Following the release The Dow Jones Industrial Average was up by about 0.09% and the S&P 500 was up close to 0.2%.

So the Fed/Treasury giving away $45 billion per month to Wall Street banks is OK by you? And I guess you don't blink an eye at the past $85 billion a month that they were giving away?

Obama is doing exactly what the Wall Street banks elected him for; pulling their fat out of the fire using the value of the US dollar to do it. It has seriously strained the credibility of claims to a strong USD policy and is in large part why so many countries are looking to jettison the USD as the world's reserve currency.

GIVING AWAY? Here I thought they were buying assets since the lowest sustained tax burden on those 'job creators' didn't seem to help US much

Wall Street made a huge bet on Mitt Romney and lost. The financial services sector contributed $61 million to Mitt Romney’s campaign compared to giving only $18.7 million to Barack Obama, according to the Center for Responsive Politics.


With Obama Win, Wall Street Is A Big Election Loser - Forbes

 

[JimBowie1958]

There I disagree, there would be no point to Forbes mentioning 100 million NOT WORKING except to DECEIVE born suckers like ScreamingEagle who read it "UNEMPLOYED," since it is totally irrelevant to the condition of the economy.

criminy.....you twits will squawk on forever about word useage but completely ignore the point......employment is at a sluggish 59.0% of the working age population and barely creeping upwards compared to Reagan's recovery....millions remain unemployed....GDP and employment are related to one another....so where is the growth really....?

A larger number of the working age population are retired than in St Ronnie's day, and there a lot less unemployed now, 9,474,000, than when Bush slinked out of office, 12,058,000.

Only because Obama's statisticians have removed record numbers of people from the 'work pool'.

 

[auditor0007]

All your charts reversed under Bill Clinton's administration. Then Shrub was elected & disaster ensued. Your labor participation rate chart is useless in the retiring Boomer economy.

over 100 million unemployed is nothing to sniff at.....alot of those boomers still need to work....

one of the best measures for well-being is net worth....the typical household is now worth one third less....when this improves we can say the economy is better....

The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation.

You're an idiot. There is nowhere near 100 million unemployed!

Half the 18 million jobs Bush destroyed since the Clinton admin have been restored under Obama.

You idiots want house prices to increase. You do realize you are begging for inflation don't you?

Housing prices are going to soar again. We are headed for a baby boom.

 

[Dad2three]

The 4% figure is bogus government manipulation of statistics.

Shadowstats has a more accurate calculation of the change in GDP...and one that is consistent with what the majority of Americans are experiencing in their economic lives.

Alternate Gross Domestic Product Chart

The SGS-Alternate GDP reflects the inflation-adjusted, or real, year-to-year GDP change, adjusted for distortions in government inflation usage and methodological changes that have resulted in a built-in upside bias to official reporting.

Annual Growth (Year-to-Year Percent Change) in GDP is shown in the chart on the right. This is not the annualized quarterly rate of change that serves as the headline number for the series.

Note: The GDP headline number refers to the most-recent quarter’s annualized quarter-to-quarter rate of change (what that quarter’s percent quarter-to-quarter change would translate into if compounded for four consecutive quarters).
This can mean that the latest quarter can be reported with a positive annualized growth rate, while the actual annual rate of change is negative. Such was the case for the 3rd quarter of 2009.

"Shadowstats"

lol

 

[JimBowie1958]

Janet Yellen hasn't officially announced anything yet but the feeling is they'll stop it in October, and their excuse for tuning it so long was unemployment, not GDP.

I don't quite understand the right wings opposition to quantitative easing.

Instead of a tax cut for the ultra wealthy plutocrat, they got to take advantage of the cheapest cost of capital maybe ever.

And they made even more money from QE than they would have from a tax cut.

I thought Republicans were all for the ultra wealthy getting more ultra wealthy?

We are sold tax cuts for the ultra wealthy because they will trickle down and "create jobs".

We were sold QE because it would stimulate the economy and "create jobs"

Now what's the difference to hate one and not the other repubs? Neither worked.

The ultra wealthy are still making shit tons of money. And you all love that. Right? Money's good. More moneys more better? In the hands of the richest is best of all. Right wingers say so all the time.

QE isn't real money, it's not earned, it's not really held by anyone. It's just a made up number printed up and sent out to the people they deem most worthy to receive.

I'm good with people making more money, if it's really earned. False money in a fake market is a far bigger problem than your income gap complaints.

QE is also a stealth tax on the USD everyone already holds in their savings as it puts more USD in circulation, cutting the demand of everyone else's already earned USD. But again, the Feds are using statistics to hide the real inflation growth.

 

[JimBowie1958]

I don't quite understand the right wings opposition to quantitative easing.

Instead of a tax cut for the ultra wealthy plutocrat, they got to take advantage of the cheapest cost of capital maybe ever.

And they made even more money from QE than they would have from a tax cut.

I thought Republicans were all for the ultra wealthy getting more ultra wealthy?

We are sold tax cuts for the ultra wealthy because they will trickle down and "create jobs".

We were sold QE because it would stimulate the economy and "create jobs"

Now what's the difference to hate one and not the other repubs? Neither worked.

The ultra wealthy are still making shit tons of money. And you all love that. Right? Money's good. More moneys more better? In the hands of the richest is best of all. Right wingers say so all the time.

You know nothing of Republicans and what we think.

We know the direction of that party. How? Simple, they tell us.

Yeah, the GOP is having issues with marching toward your Brave New Future Dictatorship and you don't like that.

Well, too ******* bad, fascist.

 

[JimBowie1958]

Baby Boomers entered the workforce in 1964. They should have remained there until 2011. Bush & the Republican Congress destroyed over 18 million jobs. The president with the absolute best jobs record in the history of the US was Bill Clinton. Clinton had 74% of the working age population employed. The second best was the first Bush just before he caused a jobs destroying recession at a distant 69%. A full 6% below Clinton. The second Bush caused 2 recessions & lost jobs his entire presidency. Clinton & Obama have never caused a recession. Regan, Bush 1&2 all caused job destroying recessions.

Employment of working age population is rising big time under Obama

How did BushII cause a recession a month and a half into his Presidency? What policies did he put in place so fast it caused a recession that fast?

Bush's stolen election, cabinet members & policy tanked the economy from the start. Wages stagnated, job losses & outsourcing mounted as corporate profits soared during his entire presidency. Bush destruction started on day one when the people rioted his inauguration.

[youtube]1FKZKvdJbIk[/youtube]

G W Bush was a neocon, and they like exporting US manufacturing jobs to make the foreign trade numbers look better. It also gives bigger profits to the corporate cronies.

 

[JimBowie1958]

Amazing how well things go without phony Pub crises....now if they'd allow an actual jobs bill.

Stuffed with Dimbocrap pork, patronage and bigger fascist government?

No thanks, I'll wait for a jobs bill I can trust.

 

[sameech]

.

Nice, nice, nice. Deutsche Bank had it right on the button.

Good, another one or two of these and we can achieve escape velocity.

Nice.

.

Not for long. It is good news but Europe's recovery is lagging and will probably weigh down the NYSE which will then weigh down domestic consumption again.

 

[JimBowie1958]

Amazing how well things go without phony Pub crises....now if they'd allow an actual jobs bill.

The last six years are your jobs bill. You created this mess and own it.

Not entirely true, but they sure as hell have made it worse.

Want a REAL jobs bill?

Throw out all existing corporate tax deductions and reduce them to only two:

1) they get a tax deduction per USA citizen worker that they employee and who is here documented legally.

2) Reduce the overall tax rate for individual corporations by X% where X = 100 - (ratio of top level executive pay/average worker's pay in that business).

Boom, the economy will be screaming over night.

But it wont happen because the GOP RINOs suck too much corporate dick and the Dimbocraps want a desperate working class that will put up with all their shenanigans.

 

[JimBowie1958]

.

Nice, nice, nice. Deutsche Bank had it right on the button.

Good, another one or two of these and we can achieve escape velocity.

Nice.

.

Not for long. It is good news but Europe's recovery is lagging and will probably weigh down the NYSE which will then weigh down domestic consumption again.

lol, you believe the 'New and Revised' GDP and its resulting 'growth'?

I've got some fresh swamp land in Floriduh to sell you then.

 

[JimBowie1958]

The 4% figure is bogus government manipulation of statistics.

Shadowstats has a more accurate calculation of the change in GDP...and one that is consistent with what the majority of Americans are experiencing in their economic lives.

Alternate Gross Domestic Product Chart

The SGS-Alternate GDP reflects the inflation-adjusted, or real, year-to-year GDP change, adjusted for distortions in government inflation usage and methodological changes that have resulted in a built-in upside bias to official reporting.

Annual Growth (Year-to-Year Percent Change) in GDP is shown in the chart on the right. This is not the annualized quarterly rate of change that serves as the headline number for the series.

Note: The GDP headline number refers to the most-recent quarter’s annualized quarter-to-quarter rate of change (what that quarter’s percent quarter-to-quarter change would translate into if compounded for four consecutive quarters).
This can mean that the latest quarter can be reported with a positive annualized growth rate, while the actual annual rate of change is negative. Such was the case for the 3rd quarter of 2009.

"Shadowstats"

lol

"Ignoramus"

lol

Shadow Stats simply looks at what the numbers would look like had the FEds still used the old definitions and formulas from 1980 before the neocons under Reagan started jacking with them.

 

[Dad2three]

The 4% figure is bogus government manipulation of statistics.

Shadowstats has a more accurate calculation of the change in GDP...and one that is consistent with what the majority of Americans are experiencing in their economic lives.

Alternate Gross Domestic Product Chart

The SGS-Alternate GDP reflects the inflation-adjusted, or real, year-to-year GDP change, adjusted for distortions in government inflation usage and methodological changes that have resulted in a built-in upside bias to official reporting.

Annual Growth (Year-to-Year Percent Change) in GDP is shown in the chart on the right. This is not the annualized quarterly rate of change that serves as the headline number for the series.

Note: The GDP headline number refers to the most-recent quarter’s annualized quarter-to-quarter rate of change (what that quarter’s percent quarter-to-quarter change would translate into if compounded for four consecutive quarters).
This can mean that the latest quarter can be reported with a positive annualized growth rate, while the actual annual rate of change is negative. Such was the case for the 3rd quarter of 2009.

"Shadowstats"

lol

"Ignoramus"

lol

Shadow Stats simply looks at what the numbers would look like had the FEds still used the old definitions and formulas from 1980 before the neocons under Reagan started jacking with them.

Sure

 

[Levy]

This is good to hear.

 

[JimBowie1958]

This is a rebound from the -2% contraction in Q1, which was driven by weather.

Bullshit.

No...Bullshit on you....
U.S. GDP Dropped 2.9% In The First Quarter 2014, Down Sharply From Second Estimate - Forbes

My point was it wasn't driven by weather. They always pull some bullshit out of their asses to excuse this incompetent regime.

 

[JimBowie1958]

Measured on a quarter-on-quarter basis, GDP grew by 1%. That's good news? Seriously?

Sure it is. The street had 2.5% to 3.0%, we were secretly hoping for 3.2%, I posted that a couple of times here.

Given the current environment, all things considered, yeah, I'm likin' it.

In fact, had it been much higher, we may be seen a bond panic. The next two or three months will hopefully clear the fog.

.

The one piece of good news was that the 1st quarter GDP was revised to negative 2.1% from negative -2.9% That means they were only off by 2.2% from their initial estimate of +0.1%...

I am not excited about an initial estimate of +4%. It's kinda like calling a horse race after 1 furlong has been run.....don't tear up your tickets!!

If they are as accurate in Q2 as they were in Q1 this number will be revised down to +1.8%....

Fudged numbers from liars and cheats.

I am not impressed. Why is it every time they 'revise' the way the GDP is calculated the numbers go UP?

Everyone thinks that is coincidental?

IF they increased the strike zone in baseball by doubling its width and counting everything that crosses the plate as a strike no matter how high or low, would you really be impressed by how much the pitching had 'improved?.

 

[JimBowie1958]

This is good to hear.

lol, yeah and wait till Yellin raises the interest rates too.

Then watch the deficits explode

 

[JimBowie1958]

"Shadowstats"

lol

"Ignoramus"

lol

Shadow Stats simply looks at what the numbers would look like had the FEds still used the old definitions and formulas from 1980 before the neocons under Reagan started jacking with them.

Sure

Lol, oh wow, that sure proved a lot, you driveling moron.