From Bloomberg:
The U.S. economy grew at a 1.6 percent annual rate in the second quarter, less than previously calculated, as companies reined in inventories and the trade deficit widened.
The revised gain in gross domestic product was bigger than the median forecast of economists surveyed by Bloomberg News and compares with a 2.4 percent estimate issued last month, figures from the Commerce Department showed today in Washington. Corporate profits grew last quarter at the slowest rate in a year and employee wages in the prior three months were revised lower.
Its all been a waste of time and money – TARP, stimulus, all of it. Only hard work, savings and careful investment do the trick…not Fed Funny Money and manipulation of stocks and bonds to preserve “too big to fail” banks.
Thank goodness November is coming…
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