Revised 1.6% 2nd Quarter GDP Renews Talk of Double-Dip Recession
Posted by Jim Hoft on Friday, August 27, 2010, 7:15 AM
Double Dip-
The big-government radicals tried to spend their way out of a recession.
They failed.
The US 2nd Quarter GDP was revised downward today from 2.4 to 1.6 percent. This caused renewed fears of a double-dip recession.
ABC reported:
The sputtering economy may be headed for a double-dip recession after the government revised the nation’s gross domestic product downward for the second quarter to 1.6 percent from an initial estimate of 2.4 percent.
The first quarter grew at a 3.7 percent annual rate, the second quarter 1.6 percent, and this quarter is not likely to be anything worth bragging about, with economists forecasting growth of only 1.7 percent. GDP is the value of all goods and services produced in the U.S. and it’s the key indicator of the nation’s economic health.
The numbers are numbing — not nearly strong enough to give the recovery enough stride so that employers will want to hire, consumers will have the confidence to spend, or for businesses to invest robustly in equipment.
Investors will be paying close attention to the Kansas City Fed’s economic symposium in Jackson Hole, Wyoming. Fed Chairman Ben Bernanke is expected to speak on the US economic outlook and policy response at 10:00 am ET.
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Busted!… Obama Headlined a DEMOCRAT SOCIALISTS OF AMERICA Event in 1996 **FLIER**
Published May 24, 2012 at 8:46 pm - 91 Comments
StandUp4Chuck commented:
Recession? Really? That should read DEPRESSION. You can only cook the books for so long before things get out of hand. Bad days coming, be prepared.
mcnorman commented:
I have heard two economists state that this is a depression. Neither held back. Standup4chuck is right, you can only cook the books for a bit and then it all breaks loose.
Kenny Solomon commented:
A double-dip recession into a severe depression is perfect timing for this…..
Have a look at your personal assets disappearing into a government abyss:
The Federal Government Is Moving To Seize All 401K Plans – Hearings Scheduled.
http://www.redstate.com/etcartman/2010/08/27/federal-government-moving-to-seize-all-401k-plans
————–
Kenny Solomon
South Florida
Militant Conservative commented:
Picture even show the double dips. Been buying silver for just this reason. 8 months of shelf stable food and all the ammo,fuel,camping supplies needed. November most important of my lifetime. Does America go socialist or stay capitolist. Powder is dry
Khan Krum commented:
Apparently the only real job al-Bama has ever had was working at a Baskin-Robbins ice cream shop (back when he was known as Lil’ Barry). So, why are people surpised that he’s gonna serve us up a double dip of Rocky Road?
Kevin P commented:
Mr. Hoax and Chains personal economy has never been better. Living it up in the big house.
Granny commented:
I’m surprised it is this high and wonder if someone hasn’t massaged the numbers to shine a good light on things. Predictions were 0.5 – 1.3.
Meanwhile, back on the farm, there is a move afoot to replace the US Dollar (and the Euro) as the international currency of trade with the Chinese renminbi- and this is being backed by a number of large international banks. Read it all
DINORight commented:
I’ve been saying for a while that the monthly numbers are for show – they are always revised downward, and no MSM “pravda media” make any noise about it. They just continue on with their dictated talking points “recovery summer” “stimulus is working” malarkey……..but we know. We notice. Thanks for publishing this, to keep the truth out there. If no where else, the record will show that this is not lost information, and that the truth is being reported – on the blogs.
Bill Fabrizio commented:
Kevin P says Obama is “living it up in the big house”! With a republican congress and the inevitable investigations into two years of continual criminal and non-constitutional activities by Barry and the Bandits, maybe, just maybe, we can arrange for some additional time in a much different sort of “big house” for him!
Anyway, that’s my fantasy!
Spartan79 commented:
Nice that all these Fed bigwigs are gathering on our dime for a big fete in Jackson Hole. It would probably have cost the taxpayers about 1/5 as much for them all to get together in Jackson, Mississippi or Jackson, Michigan. Views aren’t nearly as nice, of course, but then maybe the attendees would have actually had to pay attention and get some work done.
mark commented:
Yup Depression. Double dip means there was an upward trend somewhere. In their dreams. It’s always been down.
“The numbers are numbing — not nearly strong enough to give the recovery enough stride so that employers will want to hire, consumers will have the confidence to spend, or for businesses to invest robustly in equipment.”
1. Employers don’t hire people because macro economic numbers look good. They hire people when the value of those employees outweighs the costs of those employees. But Obama can force those greedy employers to hire them anyway right?
2. Consumers don’t have any money to spend. Confidence isn’t the issue. Money is, and they don’t have jobs.
3. For businesses to invest robustly in equipment, they need cash on their balance sheets to even consider it. Obama has sucked trillions of dollars out of the economy for his stimulus plan and is centrally planning the allocation of those resources. It’s not up to those greedy business people to decide what to do with the money. It’s up to Obama to spend more from the Gov’t coffers on robust equipment. (ie. buying more GM cars with Federal money)
There are two jobs in America that are paying very very well these days.
1. Professional Politician
2. Travel Agent for the Obamas.
antilbr commented:
No doubt this is going to break bad…dummycrats gone wild…..In the meantime our commander in thief is on his 6th vacation,eating shrimp(no not Rahm)and playing scrabble with valarie……While our country and liberty are taking a dump…Why in Gods name would ANYONE still agree with anything this POS does…
john commented:
My 70 year old mother in law is a big Obama supporter. Thinks he’s doing a great job. She’s “poor” in her own mind and “they are rich.” Dems help the poor people–and that’s her. (I’ve tried to talk sense–but it’s a lost cause) Anyway, she wants a gun. First time in her life. She wants a gun for self defense because she’s concerned about the direction of the country. Hope and Change is driving grandmothers to guns. Funny.
Granny commented:
John, as the name implies I, too, am a granny and I’m not all that much younger than yours. I, too, have been giving serious consideration to buying a gun because I am concerned about the direction of the country. However, I distinctly recall who perpetrated all of the violence we lived through in the 60′s. HINT: It was not Conservatives!
The only thing I would support about Obama is his impeachment!
bill-tb commented:
Don’t you mean depression?
Before they started cooking the books, depression era under the Fascist FDR unemployment ran 15-22% or so. When you look at the BLS, a similar number, U6 reads 18.4%
So I see no difference.
Karen commented:
Newsflash for those of us living in reality: We’re in a DEPRESSION.
LimoLibsStink commented:
0bama:
It’s true that the economy sucks. But, just wait until 0bamacare kicks in! Then it will really suck.
Yes, my policies suck and so do I but I won! I can’t be fired! Ha ha! You are stuck with a hairy apricot sucker!
My limousine is running and I have a meeting the SEIU. We need to milk their members dry. I’ll suck to do it. Good day.
Robert commented:
In further news (related) Fed don Bernanke says that he is ready to give the banks another $Trillion or so of non-existent money that future taxpayers will have to back up with their future earnings.
daryl commented:
Then, by damn I’ll mold my own and shot aren’t hard that hard to form either. Anyone know the minimum height of a shot tower?
Environmental Protection Agency Reviewing Petition to Ban Lead Bullets | The Weekly Standard
http://weeklystandard.com/blogs/epa-reviewing-request-ban-led-bullets
john commented:
Well Granny–pick up your gun while the US Constitution is still the law of the land. Time is ticking on it. It’s too late to look for one after you need it. And if you get it now and train with it, you’ll likely never have to use it.
Badnewzbearz commented:
Damn that George W. Bush!