GDP second-quarter GDP cut to 1.3 percent on drought (LSM strike again)

Reuters ^

[Perdogg]

Economic growth was much weaker than previously estimated in the second quarter as a drought cut into inventories, setting the platform for an even more sluggish performance in the current quarter against the backdrop of slowing factory activity.

[jersey117]

Why do all economic reports come with an “excuse”?

[nhwingut]

When you’re the affirmative action hire, excuses come with the gig.

[khelus]

The blue line = real GDP using a measure of inflation that accounts for the cost of a set standard of living not a declining one:

[spokeshave]

Why do all economic reports come with an “excuse”?

Because the Trivia Quiz game for Economics...

has 400 questions

and a thousand answers.

[TomGuy]

UE drops 26,000 to 359,000.

[Of course it does. It MUST show that Obama’s policies are working as we get near the election. Look for more massive UE drops in the weeks to come.]

==

[These numbers hold as much credibility as the MSM daily news reports do.]

==

Guess what!

“The prior week's figure was revised up to show 3,000 more applications than previously reported.” per reuters.com

[nhwingut]

According to Zero Hedge, the actual number was 1.25, rounded up to 1.3. Pathetic.

[Perdogg]

I saw that.

[dalebert]

gdp is down ..cant really re write that

[Ravi]

wow that’s really bad.

[Bob Buchholz]

Well, I guess it finally had to happen:

Every communist country or dictatorship seems to have constant problems caused by droughts. North Korea is always blaming their starvation problems on the ‘drought’, Zimbabwe has been in a constant state of drought since Mugabe took over, Russia fell into depression during the droughts under Lenin, Ethiopia’s droughts started almost immediately after the communists took control.

Don’t misunderstand me, there is a severe drought problem in North America but we have had droughts before and pulled through them without a depression.

[TomGuy]

... as a drought cut into inventories

And there was a wreck near an I-40 onramp in Oklahoma City that tied up the traffic flow for nearly 3 hours. [/s]

Drought, Japanese tsunami, ATM's, snow, heatwave, earthquake ...

Excuses, excuses, excuses. They should be fodder for Republican ads.

[The G Man]

[TomGuy]

That image seems to be too accurate.

I have posted a few images of kitties being distracted by shiny things.

Romney-Ryan seem to get distracted easily. The tactic is intentional and it works.

[Excellence]

That is an interesting observation.

[Excellence]

Did you notice on this morning’s Drudge that Hillary, The Won, the Wookie, and Putin are ALL winking. I did a screen grab.

[moovova]

So communism causes droughts?

An excellent reason to avoid communism then.

(Thanks for the historical rundown.)

[griswold3]

There was no widespread drought the second quarter. The effects of the drought will not be fully realized until next year. Prepare accordingly. (Buy Bacon)

[Elendur]

the entire number is misleading.
GDP includes Government spending.
-
in terms of actual valuable economic activity,
that should be subtracted as a liability, a cost,
instead of added !
-
in the graph in post #4, imagine it,
without Obama increasing Government spending
to 25% of GDP instead of 19%.
-
using historical levels of government spending,
GDP would be much lower... a full-blown depression,
for the past 3 years.
-
and borrowing a TRILLION each year,
to artificially increase GDP? makes it worse!
-
and if Romney cuts the budget deficit,
which is a GOOD thing,
it will lower the GDP, and the LSM will point to the “Romney Recession” his policies have caused.

[Elendur]

Last year the Fed purchased 75% of the Treasuries printed by Timmy Geitner.

75%!

So, we print money and buy Treasuries.

We’re buying from ourselves. There’s no way this can work.

http://www.freerepublic.com/focus/news/2936572/posts?page=7#7
///
even GREECE isn’t doing what we are.
and our children will pay for it...