View Full Version : U.S. growth forecasts slashed!!!

07-16-2012, 02:55 PM
<span style="color: #000000"><span style='font-size: 14pt'>Keep that Hope & Change and shovel ready jobs tight to the vest.
Where forward means right over an economic cliff.
The word recession is once again whispered in distant corners!!</span>

<span style='font-size: 17pt'>We need more debt to lift us out of this sweet hell we find ourselves in.
Man the presses!!!!
May the parchment and ink never run low!!!!!

<span style='font-size: 20pt'><span style="color: #FF0000">STAGNATION approaches!!!!</span>

<span style='font-size: 26pt'>U.S. growth forecasts slashed after weak data
WASHINGTON (MarketWatch) — The more data that gets released, the gloomier economists have become on growth for the second quarter.

After the reports on retail sales and business inventories released Monday, a MarketWatch-compiled economist poll for <span style="color: #CC0000"><span style='font-size: 20pt'>second-quarter GDP growth is down to 1.3%, down from 1.5% on Friday, 2% a month ago, and as high as 2.6% six months ago.
The gloomiest new forecast came from Stephen Stanley of Pierpont Securities, who now sees just 0.6% growth in the April-to-June quarter, and only 1.25% in the current September-ending quarter.

“The economy has downshifted from muddling to near-stagnation,” said Stanley, who called the report showing retail sales sliding 0.5% in June “awful.”

He does see two big implications from the ever-deteriorating economy. The first is that the Federal Reserve, which Stanley calls “hyperactive,” is likely to attempt to ride to the rescue.

Federal Reserve Chairman Ben Bernanke is due to speak to the Senate Tuesday and the House of Representatives on Wednesday, but many see the annual Jackson Hole, Wyo. conference held by the Kansas City Fed at the end of August as the most likely venue for the chief to announce a third round of quantitative easing. Read Bernanke preview.

The second implication, Stanley says, is that there is a “low” but increasing chance that Congress and the president could try to reach a deal to avoid the so-called fiscal cliff before the election. The fiscal cliff is the name given to the series of tax hikes and spending cuts that will be triggered at the beginning of 2013 unless legislative action is taken.

07-16-2012, 06:15 PM
I went to the doc yesterdy. Sciatica.
But my pain in the bum shood be ok in a couple of weeks.

I went onto the aged pension last week. $300 per week for praktising billiards at home all day.
If the goodolusofa goze under i might be able to afford a holiday in New York.
Hell, if Mitt wins i might be able to liv in NY on my ozzy pension for most of eech year.
Interesting times.

07-17-2012, 06:16 AM
Better and cheaper place to maximize leveraging you income in the USA.

07-17-2012, 08:22 AM
Great news in the war on properity.

07-17-2012, 09:16 AM
We deliberately engaged in an arms race back in Reagan's day to bankrupt the Soviet Union if they tried to keep up. Between their misadventure of 10 years of so in Afghanistan and the need to try to match our buildup, it worked, in combination with their very poor economic efficiency, in their corrupt and aging economic arrangements.

After we won, we decided to do an arms race with ourselves, had our own 12 year misadventure in Afghanistan, and a $1 trillion plus additional stupid war in Iraq, with at least a tripling of our military spending. It has bankrupted this nation, as it did the Soviet Union.

This was all papered over by an explosion of financial assets based on thin air, house of cards, creating the Potemkin village of an appearance of prosperity that wasn't real.

That time is over, the bills have come due, and oh, by the way, the huge financial bubble our Wall Streeters blew up engulfed most of the developing world and ruined their economies when it burst, along with the 40% loss of wealth in this country.

This was a generation or more in the making, and there is no magic bullet fiscal policy available to get back to the apparently go-go economic boom times we thought had become the new normal. That was phony even at the time it was taking place.

An average person has seen stagnant wages back to 1978 or so. We are not going to do better in this service economy, using the dry cleaners, having hair dos done at the hair salon, or going to the dog groomer.

Probably the only thing that would work is re-industrializing America, but that task involves capital investment (with capital in short supply), major retraining, and most likely needs a national effort led by the federal government, which is a toxic proposal to the right and the small government idolators.

Those very loud parties propose policies that would gravely worsen the situation right now, without any reason to think they would work in the short, medium or long term.