Did the economy grow 1.9% last quarter

[harry123]

The stats the government put out are absolutely littered with statistical anomalies and aberrations. Look at the GDP number for Q3, it was 1.9% for real GDP where nominal GDP increased merely 3.0%. 1.1% inflation from Apr-Jun with oil rising to $147? Come on, guys -- that's ludicrous. Check out the stats for yourself:

http://www.creditwritedowns.com/2008/07/gdps-inflation-metric-is-clearly-bogus.html

This number will be revised down just like every other number for the past three years just was:

http://www.creditwritedowns.com/2008/07/gdp-revisions-are-out.html


I have to say, I am a bit surprised at how misleading the government's numbers have been these past few years. I am losing a bit of faith in government here.

[Turbineguy]

1. Not for me!

[harry123]

3. Don't you love him?

:)

[flamingdem]

2. Stealing Elections, Cooking the Govt Books, Nothing Surprises n/t

[harry123]

4. But people believe this crap

The thing that gets me is this is all so obviously phony. And you've got the media out there selling us this crap. When anyone digs underneath, they can see it's a complete sham.

Why do people believe this stuff?

[Indenturedebtor]

5. They still trust the media, and the media tells them what they want to hear

I don't believe it for a second.

[dbt]

6. Too right!

"If it's on The News, it must be true." That assumption has let the bu$h regime get away with everything.

[AnneD]

14. Once the media loses their creditability.....

they'll never get it back. It will be like pre-Yeltsin Russia around here.

[ebayfool]

7. Rush was humping that 1.9 hot & heavy yesterday on the radio.

According to the large one, there's absolutely nooooo problem w/our economy ... it's all an evil campaign by 'The Liberuls' to make little boots look bad! He jumped on the 1.9 & rode it like a rocking horse. That's why a lot of people believe the reports - the mouthpieces come out to reinforce them & tell them not to believe their own lyin' eyes.

I listen to him in the car on the way to a few of my client's places - just to see what the daily talking points will be. Never fails ... they always think they've got secret, insider info that will convince me that the GOP isn't the train wreck it really is. And not one has figured out how easy they are to counter by a few minutes on the road listening to the Limbaugh howls of stupid.

Even the 2 hard-core clients are beginning to look down as they admit that well, mebbe, they are getting a wee bit worried that things aren't as rosy as they've been led to believe. It's a start.

[Zynx]

8. People don't vote on what they see in a GDP report.

[sabbat hunter]

9. When they

finalize the numbers we probably will see that decrease to a near zero growth (if not negative growth) just as we did with the 4Q numbers of 2007

[harry123]

16. But when the revision comes no one will care

They'll wait until it's no longer an issue to tell us the numbers were too high. Not that I think there's a conspiracy there but it always seems to work out that way.

[Joanne98]

10. NO! It's Elaine Chao's Enron criminal accounting.

The only place the economy grew was in Elaine Chao's bank account.

[Truth4Justice]

11. I dont trust any info the gov puts out since *.

[harry123]

12. Note how the GDP deflator doesn't include imports

Hi all.

I am back from a week of vacation and ready to go. I wanted to note that I posted an addendum to last week's GDP report. The GDP deflator doesn't include import prices which include oil. This is one reason that the deflator is so misleading.

See the post here:

http://www.creditwritedowns.com/2008/08/few-more-quick-thoughts-on-gdp.html

In any event, as Sabbat Hunter says, we will see revisions for sure.

Ed

[Yavin4]

13. It's The Refund Checks

The govt bought that 1.9% GDP report by borrowing the money for the $1200 refund checks. The effect is a very mild short term economic boost, and a big political talking point, ergo Limbaugh.

It's like paying for sex and walking away thinking that you're a stud.

[AnneD]

15. LOL LOL LOL ...

:spray: Yeh, we got a lot of studs walking around here. But with a Bush and Dick in the White House, you knew someone was getting screwed.

[angryfirelord]

17. Re:

If the IRS is like any other accountant, those numbers are obviously stretched quite a bit with some things omitted. Even then, 1.9% is nothing to be joyful about.