Thursday, August 28, 2008
Rove postpones recession
Gross domestic product, or GDP, grew at a 3.3 percent annual rate in the April-June quarter, its fastest pace in nearly a year, the Commerce Department reported Thursday. The revised reading was much better than the government's initial estimate of a 1.9 percent pace and exceeded economists' expectations for a 2.7 percent growth rate.
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12 comments:
The sky is falling! The sky is falling!
SELL!!!
What? I don't have any stocks, or bonds, or anything -- just the shirt on my back. If Obama comes in and doubles my taxes, I won't even have that...
I'm so scared, taxes!
Who said this:
“It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the tax rates now… Cutting taxes now is not to incur budget deficit, but to achieve the more prosperous, expanding economy, which can bring a budget surplus.”
Throw us a curve, Laffer Boy
My final comment JJ,
The US economy last February narrowly avoided a collapse of the magnitude of the great depression.
You have but to do a little research on the topic and find out how bad things were and still are risky.
Funny but not serious your sarcasm about Rove. Where was he in February? Where was W, McCain or Obama for that matter when all this happened. Had the Bear Stearns guys not got to the New York office of the fed (the did not trust the feds in Washington) we might be in a situation where the war in Iraq would not matter, we would have had to withdraw our troops, energy needs would be irrelevant and we would be rebuilding our economy from scratch.
Brushing over this monumental event leaves us very vulnerable to repeat it. Lessons have to be learned and I am disappointed at the response here.
Bye folks, I have better places to spend my time.
I sort of agree there was a close call last Winter with all those brokerage house and bank collapses. Whether we came to the brink of a Depression is debatable. W and his economic team seem to have handled this one much better than Katrina, though perhaps this is setting the bar too low. As for a bona-fide recession coming down the pike -- I think the odds are pretty good that will happen, despite the bump created by those rebate checks and increased exports. But it's not a given, unless Obama gets elected, and starts doubling taxes the day he's inaugurated, as he's likely to do, given an electoral mandate.
n_a is a comic genius.
The Lyndon Institute sure knows how to pump them out.
Now back to the awesome "Earth's Next 50 Years, or why jimmy carter was an economic genius so stop worrying and learn to love the socialist bomb"
"Bye folks, I have better places to spend my time"
Bye, Bye, Birdie. There is "A Program for America" that needs you badly.
I have better places to spend my time too, but all them whores want money.
Another reason why hooker fed Canadian bacon is so pricey.
It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the tax rates now… Cutting taxes now is not to incur budget deficit, but to achieve the more prosperous, expanding economy, which can bring a budget surplus.”
JFK
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