Vegas Free-for-All - GDP Falls by 2.9% in Q1 14

GDP Falls by 2.9% in Q1 14

pjstroh

Jun 25, 2014
5:30am

Quote

Originally posted by: MIKEY7777
And the stock market goes up?????? Israel bombs Syria, stock market goes up??????Iraq in chaos, stock market goes up???? what next, earnings plummet, P.E. ratios go to 100.... sorry folks something is not right, stock market must be all fake now!

You sound so disappointed.

The stock market is forward looking...and so is the price of oil. Both are based upon the general consensus of people buying them and their predictions about the economy.

Most economists are looking for higher, sustained growth for the second half of this year and all through 2015. That must be a real pisser for people rooting for a recession.

And just imagine how much better it could be if Congress passed laws to invest in our infrastructure instead of investigating their fake-moon-landing scandal(s).

Boilerman

Jun 25, 2014
5:31am

Block User

I'm not certain is Chilly is uninformed or purposefully twisting the truth. The "second estimate" by the US Department of Commerce was a contraction of 1%.

Would Chilly please inform us what the "first estimate" was?

Quote

Originally posted by: Chilcoot

Quote
Originally posted by: alanleroyII
Quote
Originally posted by: Chilcoot
Why are you claiming there was a prior estimate of 1.0% growth?

A. Unfortunately I used a not too reliable source for that
"Rather than the 1 percent growth the Commerce Department reported last month, gross domestic product fell by 2.9 percent, the worst performance in five years. That brings total growth down by three percent since the government first reported its estimates in April. There hasn't been a larger difference between the second and third revised estimates in 38 years, the Commerce Department said on Wednesday. "

The Commerce Department did NOT report 1 percent growth last month. It reported a 1.0% percent contraction. You're off by 2.0%.

See my link, above, to the Commerce Department's report.

alanleroyII

Jun 25, 2014
5:31am

Block User

Quote

Originally posted by: Chilcoot

Quote
Originally posted by: alanleroyII
Quote
Originally posted by: Chilcoot
Why are you claiming there was a prior estimate of 1.0% growth?

A. Unfortunately I used a not too reliable source for that
"Rather than the 1 percent growth the Commerce Department reported last month, gross domestic product fell by 2.9 percent, the worst performance in five years. That brings total growth down by three percent since the government first reported its estimates in April. There hasn't been a larger difference between the second and third revised estimates in 38 years, the Commerce Department said on Wednesday. "

The Commerce Department did NOT report 1 percent growth last month. It reported a 1.0% percent contraction. You're off by 2.0%.

See my link, above, to the Commerce Department's report.

I told you I used a not too reliable source. Blame NBC News. I didn't make it up. It's still far more than expected any way you want to spin it.

The biggest quarterly downturn in 5 years is newsworthy, no? Also note the Fed and the IMF have now cut the US 2014 Growth estimate to a paltry 2%. Like I said, it doesn't bode well for anyone. I wonder what 2014 GDP assumptions were used on that famous deficit as a percent of GDP chart you shared

pjstroh

Jun 25, 2014
5:33am

Block User

Quote

Originally posted by: Boilerman
It'll make me feel better when Obama blames the GOP for the downturn in the economy, and then reminds us about "Hope and Change"......followed quickly about his push on minimum wage.

Quote
Originally posted by: drmilled
I can hardly wait for the Obama administration to respond with more of their reassuring rhetoric .

Boilerman likely has much to feel good about. If his investment portfolio remotely mimics the S&P 500 he has made more money under the current regime of Socialism than under any president in his lifetime. ...with the possible exception of the last Socialist president in the 90's....

Dan Svatass

Jun 25, 2014
5:48am

Block User

Quote

Originally posted by: Boilerman
Would Chilly please inform us what the "first estimate" was?

Apparently a racist can obtain a finance degree at the 106th best college in the nation without first demonstrating an ability to read.

From my first post in this thread, above:

Quote
Originally posted by: Chilcoot
As BEA reported today, the advance estimate was for 0.1% growth, not 1.0% growth as you claim. Last month, the second estimate was for -1.0% growth, and now the final estimate of -2.9% growth.

pjstroh

Jun 25, 2014
6:05am

Block User

Quote

Originally posted by: Chilcoot

Quote
Originally posted by: Boilerman
Would Chilly please inform us what the "first estimate" was?

Apparently a racist can obtain a finance degree at the 106th best college in the nation without first demonstrating an ability to read.

From my first post in this thread, above:

Quote
Originally posted by: Chilcoot
As BEA reported today, the advance estimate was for 0.1% growth, not 1.0% growth as you claim. Last month, the second estimate was for -1.0% growth, and now the final estimate of -2.9% growth.

My school came in at 406..Westminster College in the Amish metropolis of New Wilmington, PA. Not to be confused with the other Westminister College in Missouri which came in at an embarrassing 499.

johnzimbo

Jun 25, 2014
8:22am

Block User

Maybe we need another almost-trillion dollar stimulus or two???????

drmilled

Jun 25, 2014
8:40am

Block User

johnzimbo

Ignore

Posts: 640
Joined: Jan 2008

6/25/14 5:22 PM (NEW!)

Maybe we need another almost-trillion dollar stimulus or two??????? ------------ And while were at it let's 1) allow more illegal immigrants into our country, 2)increase the cost of health care ( while those that don't pay get their health care paid for by government subsidies that are paid with tax dollars from those who actually work and pay taxes), 3) have the Liar-in Chief take more multi million dollar vacations, and 4).release more terriorists so they can plan more terriorists attacks against the USA.

Dan Svatass

Jun 25, 2014
8:50am

Block User

Oh no! Terriorosts!

Boilerman

Jun 25, 2014
9:17am

Block User

Clearly is was misinformed. I thought that we were addressing the GNP.

Quote

Originally posted by: pjstroh

Quote
Originally posted by: Boilerman
It'll make me feel better when Obama blames the GOP for the downturn in the economy, and then reminds us about "Hope and Change"......followed quickly about his push on minimum wage.

Quote
Originally posted by: drmilled
I can hardly wait for the Obama administration to respond with more of their reassuring rhetoric .

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