Wednesday, April 30, 2008

NO RECESSION

According to today's Bureau of Economic Analysis report, "Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 0.6% in the first quarter of 2008, according to advance estimates. In the fourth quarter, real GDP also increased 0.6%."

8 Comments:

At 4/30/2008 9:51 AM, Anonymous Anonymous said...

You wouldn't know if from looking at the automobile traffic in my northern California community.

A few months ago traffic was normal with many cars on the road at all times of day and night.

Now you could literally shoot a cannon down some highways and city streets at 8:00 pm and not hit anyone.

 
At 4/30/2008 11:13 AM, Blogger K T Cat said...

But I don't understand. I thought we were in an economic crisis and we needed to write checks to everyone and their dog!

 
At 4/30/2008 5:23 PM, Anonymous Anonymous said...

k t cat

http://mjperry.blogspot.com/2008/04/free-trade.html

Lawrence Summers describes public policy driven by "human interest stories" rather than economics which seems to sum up the present stimulus approach.

Have read articles that compare the present crisis to Stagflation of the 1970s, as well as the Great Depression predicting the most serious crisis in 50 years. Despite all of the hyperbole, the American economy seems to be managing to hang on and weathering the present problems. Reminds one of Mark Twain saying that the new reports of his death were premature.

Next predicted catastrophe would appear to be the "food crisis". Tyler Cowen has a good piece on this above.

 
At 4/30/2008 6:22 PM, Blogger Marko said...

No recession. Positive growth. Suck it.


I will say it again, people are using "recession" to mean "tough times for consumers". This is wrong, and politicians should not be suckered into this. Fuel prices have risen sharply lately, some food prices too. Doesn't mean recession, just means high fuel prices. For those that kept saying worse recession in the last million years because Bush is the worst guy since Hitler - suck it.

 
At 4/30/2008 9:43 PM, Anonymous Anonymous said...

"No recession. Positive growth. Suck it"

If only I were the editor of a major U.S. newspaper. That would tomorrow's above-the-fold headline.

 
At 5/01/2008 9:38 AM, Anonymous Anonymous said...

Enjoy your blog insights tremedously.

Anyone have some old newspapers around? Was the press screaming recession/depression back in 1994/95 when there were back-to-back quarters of sub 1% GDP growth?

 
At 5/02/2008 2:07 PM, Anonymous Is said...

Anyone have some old newspapers around? Was the press screaming recession/depression back in 1994/95 when there were back-to-back quarters of sub 1% GDP growth?

I did a little (very little) research. The NYT ran articles quoting economists correctly predicting a "soft landing" (i.e. slow growth but avoiding a recession) - the same situation we have today. Of course, Clinton was in the White House, and this was the NYT. The current administration does not receive the same treatment.

 
At 7/17/2008 11:51 PM, Anonymous Anonymous said...

runescape money runescape gold tibia item tibia gold runescape accounts tibia money runescape gp buy runescape gold tibia gold tibia item buy runescape money runescape items tibia money

 

Post a Comment

<< Home