Economy Returns to growth After Deep Slump

[cygonaut]

http://finance.yahoo.com/news/Economy-returns-to-growth-rb-243710096.html?x=0

WASHINGTON (Reuters) - The U.S. economy grew in the third quarter for the first time in more than a year as government stimulus helped lift consumer spending and home building, fueling an unexpectedly strong advance.
Signaling the end of the worst recession in 70 years, the Commerce Department on Thursday said the economy expanded at an annual rate of 3.5 percent in the July-September period, snapping four down quarters with its fastest growth pace since the third quarter of 2007 and exceeding forecasts for a 3.3 percent rate.

 

[cygonaut]

 

[Dr.Who]

http://finance.yahoo.com/news/Economy-returns-to-growth-rb-243710096.html?x=0

WASHINGTON (Reuters) - The U.S. economy grew in the third quarter for the first time in more than a year as government stimulus helped lift consumer spending and home building, fueling an unexpectedly strong advance.
Signaling the end of the worst recession in 70 years, the Commerce Department on Thursday said the economy expanded at an annual rate of 3.5 percent in the July-September period, snapping four down quarters with its fastest growth pace since the third quarter of 2007 and exceeding forecasts for a 3.3 percent rate.

Really? Was it a "deep" slump? If we look at past recessions was this one deep or was it long? Was it either deeper or longer than past recessions? I bet some will be surprised.

http://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States
http://www.stocktradingtogo.com/2008/12/02/ranking-the-top-10-worst-recessions-of-the-last-80-years/

 

[top gun]

http://finance.yahoo.com/news/Economy-returns-to-growth-rb-243710096.html?x=0

WASHINGTON (Reuters) - The U.S. economy grew in the third quarter for the first time in more than a year as government stimulus helped lift consumer spending and home building, fueling an unexpectedly strong advance.
Signaling the end of the worst recession in 70 years, the Commerce Department on Thursday said the economy expanded at an annual rate of 3.5 percent in the July-September period, snapping four down quarters with its fastest growth pace since the third quarter of 2007 and exceeding forecasts for a 3.3 percent rate.

Excellent post my friend.

We were buried with serious problems and we're still digging out... but we are digging out.

And ignore those who try and downplay how bad it got in The Bush Recession. It was the greatest economic downturn since the Great Depression. I've posted reams of articles written about just that.

 

[Andy]

I'm not convinced yet, that it was real growth. When you look at continuing job losses, and many companies still scaling back on production, and reduction of exports, there seems to be a disconnect between what the markets says and what the GDP reflects.

It's possible that the growth of GDP is actually artificial. How? Well because of the stimulus package. See, there is a dirty little secret about GDP. Due to how GDP is calculated, the government can directly effect the numbers simply based on government spending.

So a new president takes office and wants to make himself look good, so he blows tons of borrowed money that people will have to pay back in future generations, but in the short term that boosts GDP.

In the short term, he claims he boosted GDP and everyone starts chanting "hope and change". In the long term, we all suffer from high taxes or high inflation to cover the cost of the wasteful government spending.

Of course there's one problem. Eventually the money runs out, the programs terminate, and the GDP falls back to what it really is.

I was listening to the BBC and the reporters at the BBC specifically said they didn't know if the US GDP growth was real or not because of the stimulus. How sad that people in Europe, reporters even, are more impartial and informed than the US media and the average citizens.

Clearly they really are more educated than the average US citizen, in Europe. Especially if the ignorant people on this forum are any indication of our education level.

We'll know for sure if the recession is really over, when all these programs are out of money. Of course, it's also possible that Obama will pass another stimulus, and give out more TARP money, in which case next Quarter will be inflated too. But eventually these programs have to end, or our currency will end up worthless like in Zimbabwe. At that point we'll know what the real economy is doing.

 

[ASPCA4EVER]

I'm not convinced yet, that it was real growth. When you look at continuing job losses, and many companies still scaling back on production, and reduction of exports, there seems to be a disconnect between what the markets says and what the GDP reflects.

No huge surprise there...unless you were on the receiveing end of each and every stimulus check that G.W.B. doled out {not once but twice} you would have very little comprehension of the true GDP figures and what it actually reflects...AMAZING

It's possible that the growth of GDP is actually artificial. How? Well because of the stimulus package. See, there is a dirty little secret about GDP. Due to how GDP is calculated, the government can directly effect the numbers simply based on government spending.

And you seem to be the last AMERICAN to understand this But did you not understand that same process when G.W.B. was tooting his own horn and using those same figures to dole out the 'STIMULUS BUCKS' from his budget surplus that he had...WOW, how IRONIC!

So a new president takes office and wants to make himself look good, so he blows tons of borrowed money that people will have to pay back in future generations, but in the short term that boosts GDP.

Seems to have worked well for GEORGIE BOY and did you complain about him BLOWING THE MONEY THAT WAS LEFT OVER FROM THE PRIOR ADMINISTRATION...HMMM Odd but I'm thinking that your memory doesn't work that well

In the short term, he claims he boosted GDP and everyone starts chanting "hope and change". In the long term, we all suffer from high taxes or high inflation to cover the cost of the wasteful government spending.

Well absolutely...you GENIUS...this all happened just within this past 10 months...WOW, your CRYSTAL BALL MUST BE A JOY TO HOLD & GAZE UPON!!! LMAO

Of course there's one problem. Eventually the money runs out, the programs terminate, and the GDP falls back to what it really is.

See, now you finally understand the 'smoke & mirrors' that the RNC did to us in the past 8 years...YOU ARE A GENIUS...and I had my doubts...Shame on me of little faith!

I was listening to the BBC and the reporters at the BBC specifically said they didn't know if the US GDP growth was real or not because of the stimulus. How sad that people in Europe, reporters even, are more impartial and informed than the US media and the average citizens.

Well, at least you aren't quoting the 'dribble from Rush Limbaugh & Glen Beck'...but you didn't have to go over seas to hear some good common sense opinions about our financial dilemma...we have BRILLIANT adults around all of the other 'MEDIA' explaining the very same thing and they have been for more then 8 years...have you been in a COMA?

Clearly they really are more educated than the average US citizen, in Europe. Especially if the ignorant people on this forum are any indication of our education level.

Oh, yes...Oh, AMAZING ONE...this coming from the 'lessor thinking human' that just plastered a self-portrait of you with your head stuck up your behind...yes, you weigh your I.Q. against the balance of this forum and find US lacking in EDUCATION...ROTFLMAO YOU ARE A SCREAM...ever do any stand up?

We'll know for sure if the recession is really over, when all these programs are out of money. Of course, it's also possible that Obama will pass another stimulus, and give out more TARP money, in which case next Quarter will be inflated too. But eventually these programs have to end, or our currency will end up worthless like in Zimbabwe. At that point we'll know what the real economy is doing.

Once again, your SELECTIVE MEMORY banks seem to be VOID of the panic & emergency meetings that were taking place last year in August & September...you know...way back before the ELECTION!!! Ever consider electric shock therapy...or ask 'BIB' for some super drugs, try one or the other...it might enhance your ability to THINK!!!

 

[Dr.Who]

Once again, your SELECTIVE MEMORY banks seem to be VOID of the panic & emergency meetings that were taking place last year in August & September...you know...way back before the ELECTION!!! Ever consider electric shock therapy...or ask 'BIB' for some super drugs, try one or the other...it might enhance your ability to THINK!!!

I can';t speak for Andy but if you review posts from way back you will see that I did not think the stimulus checks were an all good idea back then.

The only differences between then and now is that then I cashed my check and now someone else is cashing in and then at least the money might have had some stimulatory power.

 

[Andy]

No huge surprise there...unless you were on the receiveing end of each and every stimulus check that G.W.B. doled out {not once but twice} you would have very little comprehension of the true GDP figures and what it actually reflects...AMAZING

I was not a fan of the stimulus checks either. In fact, most conservatives were not all in favor of the stimulus checks because they were not a tax cut. We were however in favor of tax cuts.

Seems to have worked well for GEORGIE BOY and did you complain about him BLOWING THE MONEY THAT WAS LEFT OVER FROM THE PRIOR ADMINISTRATION...HMMM Odd but I'm thinking that your memory doesn't work that well

Aside from your amazingly stupid post (normal for you), I find it odd that you think giving money back to the people who rightfully earned it, is blowing it? Tell me, did you say the same thing when Obama did the same policy?

All the rest of your liberal blaw blaw blaw crap, I deleted. No need to repost the same incorrect garbage.

 

[top gun]

No huge surprise there...unless you were on the receiveing end of each and every stimulus check that G.W.B. doled out {not once but twice} you would have very little comprehension of the true GDP figures and what it actually reflects...AMAZING

And you seem to be the last AMERICAN to understand this But did you not understand that same process when G.W.B. was tooting his own horn and using those same figures to dole out the 'STIMULUS BUCKS' from his budget surplus that he had...WOW, how IRONIC!
Seems to have worked well for GEORGIE BOY and did you complain about him BLOWING THE MONEY THAT WAS LEFT OVER FROM THE PRIOR ADMINISTRATION...HMMM Odd but I'm thinking that your memory doesn't work that well

Well absolutely...you GENIUS...this all happened just within this past 10 months...WOW, your CRYSTAL BALL MUST BE A JOY TO HOLD & GAZE UPON!!! LMAO
See, now you finally understand the 'smoke & mirrors' that the RNC did to us in the past 8 years...YOU ARE A GENIUS...and I had my doubts...Shame on me of little faith!

Well, at least you aren't quoting the 'dribble from Rush Limbaugh & Glen Beck'...but you didn't have to go over seas to hear some good common sense opinions about our financial dilemma...we have BRILLIANT adults around all of the other 'MEDIA' explaining the very same thing and they have been for more then 8 years...have you been in a COMA?
Oh, yes...Oh, AMAZING ONE...this coming from the 'lessor thinking human' that just plastered a self-portrait of you with your head stuck up your behind...yes, you weigh your I.Q. against the balance of this forum and find US lacking in EDUCATION...ROTFLMAO YOU ARE A SCREAM...ever do any stand up?

Once again, your SELECTIVE MEMORY banks seem to be VOID of the panic & emergency meetings that were taking place last year in August & September...you know...way back before the ELECTION!!! Ever consider electric shock therapy...or ask 'BIB' for some super drugs, try one or the other...it might enhance your ability to THINK!!!

What my friend!

You can't get behind Bush the President in charge when the greatest economic downturn since The Great Depression, The Bush Recession all started... and then slam the guy who was elected overwhelmingly to have to mop up his mess!!!

Hey pubbies... quit loafing & obstructing complaining you don't like this particular brand of mop. The floor it wet and dangerous and you helped make it that way. JUST GRAB A FRICKIN MOP!

 

[Pidgey]

I'm not convinced yet, that it was real growth...

Sure it was, Andy--in my entire life I've NEVER seen bullsh*t grow like this before!
________________________________________

 

[asur]

The only growth is in the unemployment rate now at 10.2 according to Obama reports, but in reality much higher!


If you really have 17% (as we do) unemployment do you really expect the economy to rebound?

If so I have a bridge to sell to you!

 

[ASPCA4EVER]

What my friend!

You can't get behind Bush the President in charge when the greatest economic downturn since The Great Depression, The Bush Recession all started... and then slam the guy who was elected overwhelmingly to have to mop up his mess!!!

Hey pubbies... quit loafing & obstructing complaining you don't like this particular brand of mop. The floor it wet and dangerous and you helped make it that way. JUST GRAB A FRICKIN MOP!

Oh, no...not this crowd of 'LOUD & PROUD' RINO's...they are quite qualified to shoot off their collective mouths 'NOW' but not back when G.W.B. was spending - SPENDING - SPENDING and not one RINO or lessor thinking republican power house confronted him and his COMPANY about that 'spending habit'...like a 'SHOP ALCOHOLIC' after rehab; they couldn't spend the budget over flow fast enough and look at the backlash, boomerang reaction...

GEEE WHO KNEW THAT THE REPUBLICANS HAD A VOICE...all they do is scream now LMAO

 

[top gun]

Oh, no...not this crowd of 'LOUD & PROUD' RINO's...they are quite qualified to shoot off their collective mouths 'NOW' but not back when G.W.B. was spending - SPENDING - SPENDING and not one RINO or lessor thinking republican power house confronted him and his COMPANY about that 'spending habit'...like a 'SHOP ALCOHOLIC' after rehab; they couldn't spend the budget over flow fast enough and look at the backlash, boomerang reaction...

GEEE WHO KNEW THAT THE REPUBLICANS HAD A VOICE...all they do is scream now LMAO

I have a friend that's a psychiatrist. He tells me the medical term for that is called pachyderm amnesia selectiva... elephants choosing to forget what they just trampled down.

 

[ASPCA4EVER]

I have a friend that's a psychiatrist. He tells me the medical term for that is called pachyderm amnesia selectiva... elephants choosing to forget what they just trampled down.

LMAO...how befitting these 'lessor thinking' staunch republicans around here! I'm going to have to jot that down for future use TY

 

[asur]

Yep, the Obama flunkies always bash George Bush no matter what the thread is about!

If your gonna mention Bush, mention this also:

Bush - 5% unemployment
Obama - 17.5 unemployment and rising!