Gee, I wonder if anyone out there saw this?
The other big story for the week could be the revision to third-quarter growth figures. Last month, the Commerce Department said real gross domestic product grew at a 3.5% annualized rate, the first gain in a year. On Tuesday, that figure is likely to be revised to about 2.8%.
The revision comes from more complete data. In the first go-around, the government statisticians must estimate many of the key inputs for September, including foreign trade, inventories and construction spending. Now that those data have been released, it’s clear the first estimates were too big.
I’ll bet it eventually goes down even further than that. Its all smoke and mirrors, good people. And, liberals, don’t think I’m just blaming Obama – the whole world went off on a case of the stupids. If you think we’ve been purblind idiots, well we’ve got nothing on the Chinese! They have been printing up a storm and forcing banks to make bad loans and generally doing everything they can to make believe that they aren’t in a complete economic collapse. They are aided and abetted by non-Chinese investors who are running around the world talking up how great the Chinese are doing and how wealth is switching from West to East and that China is the engine of global growth (they have a per-capita GDP in line with such economic powerhouses as Albania and Turkmenistan).
So, there is plenty of blame to go around – but, people, we need to wake up here. We’ve been taken for a ride by bankers and bureaucrats and their hope is that things will recover by magic before the majority figures it out and gets the tar and feathers ready. We are still – by far – the richest and most powerful nation on earth. We have the labor, skills and materials to entirely dominate the global economy as we have from 1945 until now. All we have to do is get to work – making, mining and growing our own things; we do that, and we’ll simply leave the rest of the world in the dust…but, even so, benefiting the world because an America growing richer is an America with markets for foreign goods and wealth to invest in foreign enterprises (as opposed to now, when we invest make-believe money in return for phony-baloney profits to propel mythical GDP growth).
Its our choice – as Lincoln said a century and a half ago, the only people who can destroy the United States are we Americans. We can either revive ourselves or be the author of our own destruction.
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