Money – Economy limps ahead at a 0.6 percent pace in first quarter, better pace than expected.
I guess there will be no jumping out of windows and Black Monday hysteria.
Here's what Bernanke said less than a month ago..
http://www.nypost.com/seven/04032008/business/b...
That's straight out of a right wing rag like the New York Post. Now we are supposed to believe that all is better. LMAO! Some people are so gullible!
This is surprising but good news.Even with gas jumping, food increases, housing crisis I may have to eat some crow.
But I still wonder what will happen when the gas increases filter through the economy.
Food prces will continue to increase since the cost of fertilizer is climbing
Once the huge corn crop for ethanol is planted, the demand for fertilizer will increase dramatically
Historically, farmers also grow fewer crops when fertilizer prices increase. This will put further pressure on the food supply
Thanks for the info.
Everything will be fine. Americans just won't be able to go on vacations as much. Maybe drive their cars a little less. Buy more chicken than steak. Get a little less government services like road repair, education, etc. Exxon will make billions. That will be the proof that our economy is OK.
I'm going on vacation this weekend AND to Disneyworld for Thanksgiving. : )
Good for you. Try a trip to Paris Disneyland or Tokyo. Let's see how fat your wallet really is.
"Lynn Franco, director of the Conference Board Consumer Research Center, shared a telling piece of data from the confidence report: The percentage of respondents planning to take a vacation in the next six months has fallen to a 30-year low."
From the Forbes link above.
That is so cool Omega!
I liek the way you think!
Its liek Goerge W. came up with 5 loaves of bread and 2 fish and, havin blessed the largesse with the Neo-Con gesture (lookin cross-eyed and prayin... heh heh heh) blessed the food and gave it to his cabinet, who distributed it to the nation ... all of them being fed.
Its noted that when the cabinet collected the leftover scraps, it was determined that our children and childrens children were stuck with the bill of over $2 TRILLION.
I liked the cross-eyed imagery. Is one of these what you had in mind?
http://img.dailymail.co.uk/i/pix/2007/04_02/Bus...
http://stockholm.usembassy.gov/cabbio/images/Ge... W Bush_300dpi.jpg
"Get a little less government services like road repair, education, etc."
--You must be thinking of lame brain McCain's asinine gas tax suspension proposal. I wonder how a plan that encourages people to drive while also increasing the likelihood that more bridges, roads, and overpasses will be disintegrating beneath their cars could seem like a sound idea. ;-(
The environmental nuts are partially causing this problem.
-
No nuclear power plants.
No new refineries when they are desperately needed.
No new drilling for oil where it is located in the US.
>Increases the price of gas.
-
Push ethanol to replace gas.
>Increases the price for food.
your analysis is deeply flawed, as you well know.
---nuclear power plants have, after 50 years, no way to get rid of waste.
---The Oil companies have not built new refineries since, according to congressional testimony, the expect demand to flatten out or decrease
---There IS new drilling, but technological concerns about ANWAR drilling are still present
--The corn to ethanol fiasco is a result of corporate lobbying. The Corn state Reps and Sens are the main movers. Environmental groups have been opposed.
Alpha and libs, Do you mind explaining you objection to this post?
I really am interested to know what you think is at all controversial about it.
Thanks!
"nuclear power plants have, after 50 years, no way to get rid of waste"
Why can't we recycle it like France?
I just found this article on recycling spent fuel:
Recycling Nuclear Fuel: The French Do It, Why Can't Oui?
To create power, reactor fuel must contain 3-5 percent burnable uranium. Once the burnable uranium falls below that level, the fuel must be replaced. But this "spent" fuel generally retains about 95 percent of the uranium it started with, and that uranium can be recycled.
Over the past four decades, America's reactors have produced about 56,000 tons of used fuel. That "waste" contains roughly enough energy to power every U.S. household for 12 years. And it's just sitting there, piling up at power plant storage facilities. Talk about waste!
http://www.foxnews.com/story/0,2933,318688,00.html
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138)
"The country's economic growth during January through March was the same as in the final three months of last year, the Commerce Department reported Wednesday. The statistic did not meet what economists consider the definition of a recession, which is a contraction of the economy. This means that although the economy is stuck in a rut, it is still managing to grow, even if slightly."
Let's be honest about what's really happening if we're going to go around quoting the definition of a recession and such. Consider what's factored into the .6 percent "growth" measurement. You have to ask if they're fudging the numbers (as is done in *every* administration) a little bit by deciding what data goes in and stays out in calculating that number.
Another example is the unemployment rate. News agencies like to quote the E-3 number which is hovering around 5% now. No one likes to use the E-6 number of calculated unemployment which takes into consideration those unemployed so long that they've given up on seeking employment and many others. What's the E-6 number? Usualy twice that of the E-3 - so 10% unemployment.
Everyone else, including the majority of people who actually deal with finance, think we're in a recession. This is just more truthiness at its worst.
I for one, commend OmegaGnosis in her ongoin effert to spin all things related to Goerge W. Bush as a veritable garden of Eden.
Please America, you must realize ... we Christian Conservatives see Goerge W as the second comin. The FIRST comin was Ronnie Reagan ... of course.
Neo-Conservatism is our religion. We have placed into its busom, all our hopes, desires, and FAITH.
Shure, you libbies look at us and laugh at our undyin support of Neo-conism ... its taunting militancy, its embrace of jingoistic methodologies, its incomprehensibly unfounded economic principels of SPENDING MORE THAN ANY OTHER PRESDIENT OF ALL TIEM ... while givin rebates back to the wealthy ... yes ... its a patently craaazie philosophy.
But thats preciesely WHY we love Neo-Conism. Its HARD to do!
Theres no REASON to have faith in a political philosophy that makes sense! ANY ding dang fool can believe in somethin that makes sense!
it takes FAITH to believe in neo-Conism.
Let's look at the quarterly GDP data data by year and quarter from 99 to 2001:
http://www.bea.gov/
99-I 9,066.6
99-II 9,174.1
99-III 9,313.5
99-IV 9,519.5
00-I 9,629.4
00-II 9,822.8
00-III 9,862.1
00-IV 9,953.6
01-I 10,021.5
01-II 10,128.9
01-III 10,135.1
01-IV 10,226.3
What do we see? NO GPD SHRINKAGE!
I love the dilemma Cons find themselves in.
On the one hand, if they admit that we are in recession, then they just add one more nail to Bush's Worst President Ever Coffin.
On the other, if they try to claim this estimated paltry growth means the economy is not in recession because the economy is not shrinking then guess what? There was NO CLINTON RECESSION.
What's that noise, you ask? Why it's Cons squirming in their seats.
I love this. It has everything. Flip flops, sketchy intel analysis, jumping to conclusions, tap dancing, partaking of crow, etc. You name it, it's there.
Reap it, Cons. LOL
This is a giant lie about the economy expanding. If it weren't for the humongous increase in energy --gas -- and food, it would have contracted 2.4%
Like I said, "estimated paltry growth".
There's no telling what future readjusted numbers might say.
If you have unemployment at 5% those people who no longer qualify for Unemployment are unemployable. They obviously need job training, and the Government has several Programs for that. These people have been on the dole for at least a year. How is is that there are families whose family menbers for more then one generation has never been on unemployment. They will take what ever they can find, sometimes two jobs, then there are layabouts that whine, and complain? Enough. Get a job, or get job training, but the free ride is over. You are not in a recession no matter what the politicians running for office are telling you.
lolololol,believe them!!No matter what they tell you !!!! lolol
so much of the economy is psychology and these power brokers know it.
They're trying to keep things looking positive, by formulating definitions, in order to keep the rest of us from changing our 401Ks around, moving our money, withdrawing our money or stop shopping.
Meanwhile, they are moving their money over seas, cashing out and getting ready for recession. It's just like Enron, while the big wigs were cashing out, they were telling all the employees that the company was thriving. We all know how that ended.
FTA: "Under one rough rule, if the economy contracts for six straight months it is considered to be in a recession. That didn't happen in the last recession รข;; in 2001_ though. A panel of experts at the National Bureau of Economic Research that determines when U.S. recessions begin and end uses a broader definition, taking into account income, employment and other barometers. That finding is usually made well after the fact.
During the first three months of this year, job losses neared the staggering quarter-million mark. The unemployment rate has climbed to 5.1 percent and is expected to move higher in the coming months.
Fed Chairman Ben Bernanke, earlier this month, acknowledged for the first time that a recession this year was possible.
Yet more proof we're in deep trouble:
http://news.yahoo.com/s/ap/20080429/ap_on_bi_ge...
Just the beginning.
Thanks for that article. Very sobering stuff. The WP article from this past Sunday (linked below) highlights the impact of the recession on pet owners struggling to pay high vet bills in my area. Totally broke my heart...
http://www.washingtonpost.com/wp-dyn/content/ar...
If you believe this BS, I've got a bridge I can sell you.
All Riiiggght! The crisis is over! THREE chickens in every pot!
Now lets get that war started in Iran and Afghanistan, eliminate all taxes (but only for those who earn over $1 million), tack another 3 or 4 trillion on the national debt credit card, and get McCain elected. Happy days are here again!
Oil? Gas? Food? Housing? Jobs? Declining dollar? Medical care?
Hogwash, non-issues, not important, no problem!
engineer, you need to stick to drivin a train and quite trying to sell old worn old bridges. We're all too wise to you to buy any of your old broken down junk. lol
Thats RIGHT Wolfie!!
We much prefer to buy all the stuff that this administration been shuvlin!
The fact that its been proven to be 50% outright lies, and 45% outright partisan propaganda is ... is ... WAIT ... WHY do we righties keep buyin this broken junk?
OH!
I remember now.
I think Albierto Gonzalez expressed it best.
"I dont know'.
"I honestly dont know".
"I caint remember".
"I dont recall".
"Im not rememberin that incident'.
"I caint comment on that because I dont recollect that exchange'.
See?
We righties have learnt the most valuable lesson when you exchange religion for politics.
I call it the 3 Monkies Syndrome.
We SEE no evil
We HEAR no evil
We SPEAK no evil ... of our incompetent leaders.
Bush and his administration,lolol,it's like visiting an Alzheimer's ward.People with such bad memory's should not be running the country.
This is a giant lie about the economy expanding. If it weren't for the humongous increase in energy --gas -- and food, it would have contracted 2.4%
Where's that post-invasion plan Wolfie? Finished it yet? Seriously how could someone wish to associate themselves with such a lout? Just using that moniker makes you look foolish. No matter whether its intentionally related to Wolfowitz or has something to do with your actually name...
0.6.... better than no growth.
10. "I have been very candid about my past."
9. "I'm a uniter not a divider."
8."My plan unlocks the door to the middle class of millions of hard-working Americans."
7."This allows us to explore the promise and potential of stem cell research."
6. "We must uncover every detail and learn every lesson of September the 11th."
5. "[We are] taking every possible step to protect our country from danger."
4. "I first got to know Ken [Lay in 1994]."
3. "Intelligence gathered by this and other governments leaves no doubt that the Iraq regime continues to possess and conceal some of the most lethal weapons ever devised." And, "[Saddam Hussein is] a threat because he is dealing with al Qaeda."
2. "We found the weapons of mass destruction."
1. "It's time to restore honor and dignity to the White House."
;-(
http://www.georgewalkerbush.net/toptenlies.htm