GDP Revised Down. Again.
Tags: Obama Depression.
Click here to get Caucus of Corruption: The Truth About The New Democratic Majority by Matt Margolis and Mark Noonan.
Estimated GDP growth for the third quarter has been revised downward again, to 2.2% from an initial estimate of 3.5% (it was also revised downward last month). That means that the Cash-for-Clunkers program accounts for most of the growth:
Motor vehicle output added 1.45 percentage points to the third-quarter change in real GDP after adding 0.19 percentage point to the second-quarter change. Final sales of computers subtracted 0.08 percentage point from the third-quarter change in real GDP after subtracting 0.04 percentage point from the second-quarter change.
Take away that 1.45 percentage points and you get 0.75% growth – anyone want to bet me that other government spending accounted for most or all of that? I’ll bet dollars to donuts that the private, productive economy contracted in the third quarter – and is continuing to contract right now.
Its all smoke and mirrors, as I’ve said. It will come crashing down. Will it crash by March as I expect? No one can say for certain – but crash it will. Bank on it.
Thank you for visiting Blogs For Victory. If you enjoy our content, please consider making a donation to help us cover the costs of our servers.Mark Noonan is co-author (with Matt Margolis) of Caucus of Corruption: The Truth About The New Democratic Majority. He also blogs at Nevada News and Views. Follow Mark on Twitter.
45 Responses to “GDP Revised Down. Again.”
Caucus of Corruption
Mark
Its all smoke and mirrors, as I’ve said. It will come crashing down. Will it crash by March as I expect? No one can say for certain – but crash it will. Bank on it.
I believe you to be 100% correct……REAL scary stuff.
get out of debt, stock up on (canned)food, water and toiletry’s, and be armed, to protect your self from the ensuing looters.
We in hurricane states are used to this scenario it is not hard.
Make sure you have a BBQ grill with at least 1 spare propane tank, a generator, good flashlight, radio and spare batteries.
a camping/boating port a potty is a must.
The 3.5% was first revised to 2.8%, and now to 2.2%. If this were a publicly traded company, the SEC would investigate, guaranteed.
get out of debt, stock up on (canned)food, water and toiletry’s, and be armed, to protect your self from the ensuing looters.
Neo, what percentage of Americans do you think will be prepared when the sh*t hits the fan? 5%? 10%. There are going to be way more looters than there are people who are prepared. It will be interesting to see how Rahm stab-the-table-with-a-knife Emannuel will take advantage of the crisis.
markagain:
2.2% ????
hey
if it’s true
you should be happy
but if not
it’s a y2k redux
1 Thessalonians 5:1-3
“Now concerning the times and the seasons, brothers, you have no need to have anything written to you. For you yourselves are fully aware that the day of the Lord will come like a thief in the night. While people are saying, “There is peace and security,” then sudden destruction will come upon them as labor pains come upon a pregnant woman, and they will not escape.”‘
“Make sure you have a BBQ grill with at least 1 spare propane tank, a generator, good flashlight, radio and spare batteries.
a camping/boating port a potty is a must.”
I already have all of those things and guns. I also have a pretty good set of skills. I can build or fix just about anything and I’m willing and able to do a lot of different jobs. Just hope I don’t have to eat my dogs.
casp
like a boy scout be prepared for the worst and
Pray for the best.
eat the dogs ?….I never thought of that. I do have Vietnamese neighbors…..BRUTUS here boy!!
Spook
5%? 10%. There are going to be way more looters than there are people who are prepared. It will be interesting to see how Rahm stab-the-table-with-a-knife Emannuel will take advantage of the crisis.
Most likely 5-10% overall, in some neighborhoods a lot more.
There have been several conversations at a couple of watering holes I go to of people arming up.
There seems to be a feeling of possible danger in the air.
Two years ago NOBODY discussed this and especially during football.
During half time there are guys out in the parking lot checking out someones new TOY! and talk of meeting at the shooting range for some practice….with the wives.
Bagni,
But its all nothing – just more debt piled on more debt and while some scammers have made a few bucks off it, the net effect on the United States of America has been negative. The party’s over – its time to pay the bill.
Casper,
How do you feel about Wyoming paying for Nebraska’s medicare subsidies?
Neocon,
We may just ring in the New Year with a bang!
Jer
We may just ring in the New Year with a bang!
Woo Hoo……. yippee ky-yea, Mo Fo (bruce willis)
cluster says:
December 22nd, 2009 at 8:11 pm
“Casper,
How do you feel about Wyoming paying for Nebraska’s medicare subsidies?”
Two things. During the Bush administration we got a lot of extra cash which came from other states and seeing that I was born in Nebraska and I still have a lot of relatives there, not so bad.
Wow, you are a tool Casper. You have no problem with all of the other states picking up the tab for Nebraska (which may not even be constitutional) in your zeal to impose government insurance mandates? Do you even listen to yourself? Okay, how about this, since the only way Reid could get Nelson’s vote was too exempt his state from financial participation, doesn’t that make you think (assuming you do), that this bill really isn’t all that it should be? And to expand on the question to KMG1, what does coverage does this bill that you support provide? Obviously you know, otherwise you wouldn;t be so excited, right?
RE: Woo Hoo……. yippee ky-yea, Mo Fo
Ok, Chief.
Cappy, have you ever thought about how badly you are being used by those you support? The NEA and your union take your dues, and pay the union bosses and administrators way more than what you earn, for doing much less work. Then your leaders are soon to impose other taxes on your meager income to save the planet from a hoax, and are soon to force you into a helathcare plan run by a government bureaucrat that will decide what medical care they deem appropriate for you. You are nothing more than a willing cog in their wheel Cappy. You are so far removed from what an “American” is suppose to be, it’s frightening.
jer
LOL
Zer0’s new national security force?
ENGLEWOOD, N.J. (CBS) ― Click to enlarge1 of 1 David Muneton, an eighth grade honor student, needed reconstructive facial surgery after being savagely beaten by a gang of 11 students on Dec. 18, 2009, in Engelwood, N.J.
David Muneton, an eighth grade honor student, needed reconstructive facial surgery after being savagely beaten by a gang of 11 students on Dec. 18, 2009, in Engelwood, N.J.
Police said as many as 11 students beat up the eighth-grader leaving him severely injured, and he may even lose his sight.
cluster,
I answered some of this on another thread. I like the public option and the Sanders/Cardin amendments. And in case you didn’t know, we all pick of the tab for things we don’t like. That’s the way our government works.
Do you want the government option in order to “compete” with private insurance, or would you prefer to move to a single payer?
RE: we all pick of the tab for things we don’t like.
This healthcare bill is illegal, Casper.
Yes, we pick up the tab, but it’s not the place of the government to be in the business of charity, because it is then not “charity” at all, but extortion, or fascism.
cluster says:
December 22nd, 2009 at 8:46 pm
“Do you want the government option in order to “compete” with private insurance, or would you prefer to move to a single payer?”
At this point, competing is fine. I pay way to much to Cigna.
Excellent. Then why not support the GOP plan to have the many thousands of independent insurance companies compete for everyones business in every state, rather than just creating one competitor; the federal government? Wouldn’t thousands of competitors be better than one?
#
cluster says:
December 22nd, 2009 at 8:54 pm
“Excellent. Then why not support the GOP plan to have the many thousands of independent insurance companies compete for everyones business in every state, rather than just creating one competitor; the federal government? Wouldn’t thousands of competitors be better than one?”
I would have loved that that be part of the bill in addition to the public option.
I just did a quick einsurance search for Wyoming, and there are several pretty good plans for around $300 for a family of 3 through UnitedHealth One. Just imagine if there were more competitors.
I would have loved that that be part of the bill in addition to the public option.
Well it’s Harry Reid that stopped it. Still supportive of the Democratic leadership?
cluster says:
December 22nd, 2009 at 9:01 pm
I just did a quick einsurance search for Wyoming, and there are several pretty good plans for around $300 for a family of 3 through UnitedHealth One. Just imagine if there were more competitors.
As I said, I’m all for competition. I’m also for tort reform.
RE: why not support the GOP plan to have the many thousands of independent insurance companies compete for everyones business in every state, rather than just creating one competitor; the federal government?
Cluster,
Sounds like a winner to me. In the event that the government should take it over (which it appears they will, without the American peoples consent), they’re not competitors anyway, but dominate in dictator fashion, and can pick or choose who gets what, and when. There will be no room for job creation, but will all be in allegiance to government assigned tasks. Thus, financially in world economic terms, we are doomed.
cluster,
I don’t think I’ve ever said anything nice about Harry Reid.
And the GOP plan could be enacted next week, we wouldn’t have to wait four years. This bill is actually a ponzi scheme Cap, made possible by backroom, possibly unconstitutional bribes.
RE: possibly unconstitutional bribes.
No doubt. Under threats. Senator Nelson I do believe, seen the end of his career and future.
Oh well, we’re going to give them a new career next November. If we make it to next November.
cluster says:
December 22nd, 2009 at 9:10 pm
“And the GOP plan could be enacted next week, we wouldn’t have to wait four years. This bill is actually a ponzi scheme Cap, made possible by backroom, possibly unconstitutional bribes.”
Of course that wasn’t all of the GOP plan, was it? To be honest, I wish the GOP would have been willing to make some compromises and really take part in the process instead of deciding to spend most of their time attacking. I think we could have ended up with a much better bill.
RE: To be honest, I wish the GOP would have been willing to make some compromises and really take part in the process instead of deciding to spend most of their time attacking.
No problem. But none of the proposed legislation was drafted by any Republicans, and furthermore, those in the majority did not want to consider the ideas and suggestions from the minority. In other words, those in the majority, wanted the minority to go in lockstep with everything. But it doesn’t matter to the majority, that the minority is listening more to the American people, and has their wishes at heart more than they (majority) do.
Remember, the liberal definition of compromise is: Do as we say and don’t gripe about it.
RE: Remember, the liberal definition of compromise is: Do as we say and don’t gripe about it.
Yeah. More like: Do as we say, with a knife held to the back.
Casper,
It is absurd of you to say we GOPers didn’t offer our ideas – we have, from day one. From Obama on down it was “nothing doing”.
I already have all of those things and guns. I also have a pretty good set of skills.
We already know you’re an “artist…”
I pay way to much to Cigna.
Well at least you didn’t say “two” much…
RE: Well at least you didn’t say “two” much…
And he’s a teacher, keef…
:-D
Mark Noonan December 22nd, 2009 at 11:52 pm
“Casper,It is absurd of you to say we GOPers didn’t offer our ideas – we have, from day one. From Obama on down it was “nothing doing”.”
I didn’t say you didn’t offer your ideas. I said “I wish the GOP would have been willing to make some compromises and really take part in the process instead of deciding to spend most of their time attacking.” That’s a whole different story. Ideas have been offered, but not very strongly.
This blog is a perfect example of how the process has worked. How many posts have you had explaining the Republican plan and how it would benefit Americans? I don’t recall any, but I may have missed something. Yet you have had dozens of threads attacking any and all Democrat proposals, without offering alternatives other than the status quo. If the Republicans were pushing deregulation along with a public option, and tort reform, thus providing true competition, I’m guessing they would have found a lot of support. I know I would have signed on.
Cappy,
Please try and wrap your mind around the fact that Harry Reid and Nancy Pelosi shut the republicans out, no matter how forceful they were. I remember seeing one republican during Obama’s healthcare speech to both houses, standing up a holding a copy of their plan, to no avail. The liberals were only interested in going alone.
#
cluster says:
December 23rd, 2009 at 2:52 pm
“Cappy,
Please try and wrap your mind around the fact that Harry Reid and Nancy Pelosi shut the republicans out, no matter how forceful they were. I remember seeing one republican during Obama’s healthcare speech to both houses, standing up a holding a copy of their plan, to no avail. The liberals were only interested in going alone.”
Apparently you and I live in alternate universes, because I don’t remember the Republicans ever pushing their plan very hard. I also don’t remember any offers of compromise from the Republican side. If the Republicans really wanted to be part of the process all they had to do say “We will look at the public option if you look at tort reform and deregulation.” Instead, we got “death panels”. Politics is the art of compromise and the Republicans didn’t want to play. The good news for you is that the Democrats will own this bill if it doesn’t work. The bad news for you is that the Democrats will own this bill if it works. Both parties are betting their future on this bill.
cluster
cap is a union obamabat kneepader, you will never convince him his messiah is really lucifer, and the donk party are his demons.
They are a pack of lying, thieving, perverts.
neocon1,
Nice to know your opinion of me is much, much higher than MY opinion of you.
I think Neocon1’s assessment and opinion of you is right on the money there, Casper.