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U.S. Economy Shrinks By Most Since Great Recession in 1Q (Unprecedented In Other Than Recession)
Fox Business ^ | June 25, 2014 | Reuters

Posted on 06/26/2014 5:20:45 AM PDT by lbryce

Unprecedented!!US Economy Shrinks By Most Ever Outside Recession!

The U.S. economy contracted at a much steeper pace than previously estimated in the first quarter, but there are indications that growth has since rebounded strongly.

The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy's worst performance in five years, instead of the 1.0 percent pace it had reported last month.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Business/Economy; Extended News; Government; News/Current Events
KEYWORDS: economyshrinks; recordlevel; unprecedented
ANOTHER BANNER DAY FOR THE OBAMA HISTORY BOOKS

FTA: While the economy's woes have been largely blamed on an unusually cold winter, the magnitude of the revisions suggest other factors at play beyond the weather. Growth has now been revised down by a total of 3.0 percentage points since the government's first estimate was published in April, which had the economy expanding at a 0.1 percent rate.

I included this paragraph because of the egregious hypocrisy in which the shrinkage of the economy was blamed on an unusually cold winter.

1 posted on 06/26/2014 5:20:46 AM PDT by lbryce
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To: lbryce

Canada’s GDP went up. But of course it’s warmer up there.


2 posted on 06/26/2014 5:24:31 AM PDT by agere_contra (I once saw a movie where only the police and military had guns. It was called 'Schindler's List'.)
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To: lbryce

Looks similar to the first quarter of 2008.


3 posted on 06/26/2014 5:28:21 AM PDT by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; We need a second party!)
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To: agere_contra

I seem to recall that we turned the corner and were well on the road to recovery. Guess the harsh winter due to glow-bull discombobulation kind of tossed a wrench in to that huh? Stupid weather. We need to fix the weather. Congress ought to pass a bill. Or better yet, the lyin’king could just use his pen and phone to take care of it. Has algore answered the question yet as to the exact/precise correct temperature and CuhO2 content? Waiting...............crickets.


4 posted on 06/26/2014 5:30:14 AM PDT by rktman (Ethnicity: Nascarian. Race: Daytonafivehundrian)
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To: lbryce

Time for another Summer Recovery tour?


5 posted on 06/26/2014 5:31:42 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: lbryce
But geeks like Larry Kudlow insist the economy is doing fine because stocks are up.
Of course, Larry doesn't buy groceries or pump gas - or perform blue-collar work for one of those companies that are "doing great".....
6 posted on 06/26/2014 5:33:40 AM PDT by Psalm 73 ("Gentlemen, you can't fight in here - this is the War Room".)
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To: lbryce

As I’ve been pointing out, I heard 3, 4, maybe 5 radio stories a month or so ago, explaining that the winter was NOT harsh or real cold. We in the East may have felt super-cold, but if you look at the above average temps out West, it balanced out, and the winter was utterly unremarkable.

These BS stories were an attempt to save face for the global warming scumbags.

Now that they want to bail out the kenyan, all of a sudden, the winter was the coldest in 10 billion years.

Filth and scumbags, all of them.


7 posted on 06/26/2014 5:36:18 AM PDT by Doctor 2Brains
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To: lbryce

Welcome to the Obamacare economy, when combined with massive regulations and massive federal debt underwritten by the federal reserve. May I introduce you to Obamaville where food/energy inflation is high; labor participation is at an all-time low; those that are employed have experienced shrinking wages; and last but not least - if you have any money left, you have to purchase health insurance that covers umpteen different things that you’ll never need/use. Good job democrats.


8 posted on 06/26/2014 5:36:56 AM PDT by Go Gordon (Barack McGreevey Obama)
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To: Jack Hydrazine

If you want a good gauge on the state of the economy just watch a NASCAR race on TV and take a look at the stands.

NASCAR fans are among the most loyal fans in all sports and the stands are half empty at most tracks.

These are working folks who spend their hard earned money on a sport they love, but when they no longer are coming to the tracks that means that they don’t have the $$ to do so.

I graduated high school in 1977 and college in 1981 and remember the “Carter Malaise”, this is much worse.

I happen to believe that the GDP numbers have been grossly inflated for the past 4 years after Obozo replaced the heads of the BLS with his sycophants.

If you knock off 3 points from each quarter you are probably closer to reality. you will also realize that we have never exited the recession in the first place.

Just my $0.02.


9 posted on 06/26/2014 5:38:23 AM PDT by boilerfan (Hoosier born, Boilermaker educated!)
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To: Go Gordon
Welcome to the Obamacare economy, when combined with massive regulations and massive federal debt underwritten by the federal reserve. May I introduce you to Obamaville where food/energy inflation is high; labor participation is at an all-time low; those that are employed have experienced shrinking wages; and last but not least - if you have any money left, you have to purchase health insurance that covers umpteen different things that you’ll never need/use. Good job democrats socialists.

Socialism Is Legal Plunder - Bastiat "The Law"

Good post, Go Gordon

10 posted on 06/26/2014 5:48:26 AM PDT by PGalt
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To: lbryce
"(Unprecedented In Other Than Recession)"

. It's still unprecendented, we never got out of the recession. The idea we did is moronic.

11 posted on 06/26/2014 5:49:36 AM PDT by Jabba the Nutt (You can have a free country or government schools. Choose one.)
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To: lbryce

Don’t like the numbers shown by inflation...how the index is calculated gets changed. Unemployment numbers...getting better, even though there are less people (as a percentage of population) working.

GDP? Wait for the official announcement that it is no an indication of growth and is to be replaced by some newly made up index that is practically impossible to calculate with any degree of accuracy or precision. After all, if the numbers are just going to be made up anyway, what difference does it make?


12 posted on 06/26/2014 6:01:31 AM PDT by voicereason (The RNC is like the "One-night stand" you wish you could forget.)
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To: Doctor 2Brains

There was still ice on lake Superior in June, that hasn’t happened since the 1800’s.


13 posted on 06/26/2014 6:08:25 AM PDT by Beagle8U (Unions are an Affirmative Action program for Slackers! .)
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To: lbryce

The economy just can’t recover because it’s too cold in the winter and too hot in the summer. And then there are those severe snow flurries... Damn global warming!


14 posted on 06/26/2014 6:08:57 AM PDT by FlingWingFlyer (Feed the wacko enrviromentalists to the starving polar bears.)
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To: Jabba the Nutt

Obama is the double dip.


15 posted on 06/26/2014 6:20:28 AM PDT by Freedom of Speech Wins
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To: FlingWingFlyer

All Hail the Obama recovery!


16 posted on 06/26/2014 6:22:21 AM PDT by Freedom of Speech Wins
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To: lbryce

0 takes pride in this...he sees himself as successful at completing his plan.


17 posted on 06/26/2014 6:24:28 AM PDT by Jane Long ("And when thou saidst, Seek ye my face; my heart said unto thee, Thy face, LORD, will I seek")
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To: lbryce

It’s 1937 all over again; the depression within a depression, occurring in part because of all the bad economic moves that occurred in FDR/Obama’s first term, and in part because of the sense in both administrations that, having been re-elected, they are essentially untouchable. (That WWII was already brewing in 1937, and WWIII is already brewing in 2014, is, I sincerely pray, just a coincidence.)


18 posted on 06/26/2014 6:30:21 AM PDT by chajin ("There is no other name under heaven given among people by which we must be saved." Acts 4:12)
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To: boilerfan
Even the Berkshire Hathaway Real Estate services building is empty in Las Vegas.
19 posted on 06/26/2014 6:30:23 AM PDT by Freedom of Speech Wins
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To: FlingWingFlyer

Nothing to fear, Michelle Obama has been promoting the drinking of water. What would we do without her?


20 posted on 06/26/2014 6:32:46 AM PDT by Freedom of Speech Wins
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To: Psalm 73

Yahoo just told us that Dow 40,000 is just around the corner.


21 posted on 06/26/2014 6:36:02 AM PDT by Freedom of Speech Wins
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To: lbryce
While the economy's woes have been largely blamed on an unusually cold winter, the magnitude of the revisions suggest other factors at play beyond the weather

LOL! Imagine that.Things other than weather can affect the economy. Perhaps the national weather service and the commerce dept. should merge into a single dept.

22 posted on 06/26/2014 6:39:07 AM PDT by Right Brother
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To: lbryce


23 posted on 06/26/2014 6:41:07 AM PDT by Iron Munro (The Obamas Black skin has morphed into Teflon thanks to the Obama Media)
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To: Opinionated Blowhard

The Islamic State of Iraq and Syria will come out tomorrow, bet your bottom dollar that those gas prices will go up! They’ll be sawing some heads off , tomorrow, bet your bottom dollar that there will be international respect for gay and lesbian rights. There will be illegal immigrants, and FEMA camps, and rioting. There will be joblessness and health care fines, carbon taxes, and bank runs.


24 posted on 06/26/2014 6:48:34 AM PDT by Freedom of Speech Wins
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To: lbryce
ANOTHER BANNER DAY FOR THE OBAMA HISTORY BOOKS

"Unprecedented - U.S. Economy Shrinks By Most Ever Outside Depression"


25 posted on 06/26/2014 6:56:01 AM PDT by Iron Munro (The Obamas Black skin has morphed into Teflon thanks to the Obama Media)
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To: Freedom of Speech Wins
"Yahoo just told us that Dow 40,000 is just around the corner."

Great - I feel much better.
Most of us in engineering/technical jobs for large manufacturers have had no raise (or paltry ones) for several years.

26 posted on 06/26/2014 6:59:43 AM PDT by Psalm 73 ("Gentlemen, you can't fight in here - this is the War Room".)
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To: Opinionated Blowhard

Michelle Obama school lunches will be popular tomorrow, we’ll ask for them at McDonald’s when we go there to get served. Martial law will come out tomorrow, the mainstream media will push the Hildabeast down our throats for 2016. Michelle Obama will run for Senator in Illinois tomorrow. Hillary Clinton will be broke tomorrow, Bill will yell at the press and tell them to treat her right. She’ll even give back her speaking fee from UNLV. The mainstream media won’t be liberal suck ups tomorrow and Alec Baldwin won’t be on every station on tv.


27 posted on 06/26/2014 7:10:05 AM PDT by Freedom of Speech Wins
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To: Freedom of Speech Wins

The Washington Redskins will change their name, tomorrow, Howard Cosell will come back from the dead and compare Michael Sam to a gay chimpanzee. Hank Williams Jr. will be back doing the music on Monday Night football tomorrow, Obama won’t be controlling who is on and off, your tv. Tomorrow, tomorrow, I love you tomorrow, which one was Michael and which one was Sam, anyway?


28 posted on 06/26/2014 7:22:08 AM PDT by Freedom of Speech Wins
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To: Freedom of Speech Wins
Michelle Obama school lunches will be popular tomorrow, we’ll ask for them at McDonald’s when we go there to get served. Martial law will come out tomorrow, the mainstream media will push the Hildabeast down our throats for 2016. Michelle Obama will run for Senator in Illinois tomorrow. Hillary Clinton will be broke tomorrow, Bill will yell at the press and tell them to treat her right. She’ll even give back her speaking fee from UNLV. The mainstream media won’t be liberal suck ups tomorrow and Alec Baldwin won’t be on every station on tv.

Obama has been an agent of change.

I grew up having great empathy for the poor souls behind the Iron Curtain living their lives out under the insuufferable arrogant and brutal tyranny of Russian Stalinists like Nikita Kruschev.

But that has changed, thanks to Barack Obama.

Now I have great empathy for all of us poor souls living our lives out under the insuufferable arrogant and brutal tyranny of American Stalinists like Barack Obama.


29 posted on 06/26/2014 7:24:47 AM PDT by Iron Munro (The Obamas Black skin has morphed into Teflon thanks to the Obama Media)
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To: Psalm 73

The price of stock is up because the prices of everything else is up.


30 posted on 06/26/2014 7:26:22 AM PDT by The Duke ("Forgiveness is between them and God, it's my job to arrange the meeting.")
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To: Iron Munro
The VA hospital won't turn patients away tomorrow and when a scandal comes Obama will come out and say he knew, what was going on.

George Zimmerman won't be free tomorrow, he'll just lie there and let Trayvon Martin pound his head, into the concrete.

31 posted on 06/26/2014 7:44:43 AM PDT by Freedom of Speech Wins
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To: Iron Munro

Bowe Bergdahl will be a war hero tomorrow, instead of just a deserter who went AWOL to join the Taliban.
Obama won’t trade Al Qaeda commanders tomorrow, instead he will make a trade for Carmelo Anthony and LeBron.
Tomorrow, Tomorrow, the Muslim Brotherhood won’t be terrorists tomorrow, things will be just like Obama say!


32 posted on 06/26/2014 8:00:51 AM PDT by Freedom of Speech Wins
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To: lbryce

Listened to a radio finance guy last night saying he thinks they shifted obamacare money from Q1 to Q2 and interest from Q2 to Q1 to make Q1 worse (since it was already known to be bad) and to prevent Q2 from being booked as a recession (2 negatives quarters in a row). I’m leaning toward this. Did anyone else hear anything similar?


33 posted on 06/26/2014 10:07:10 AM PDT by reed13k (For evil to triumph it is only necessary for good men to do nothings)
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To: Freedom of Speech Wins
Nothing to fear, Michelle Obama has been promoting the drinking of water. What would we do without her?

No doubt she'll get around to suggesting that when we eat that we should eat food.

This is clearly a job for:


34 posted on 06/26/2014 11:43:57 AM PDT by xzins ( Retired Army Chaplain and Proud of It! Those who truly support our troops pray for victory!)
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To: Freedom of Speech Wins
Nothing to fear, Michelle Obama has been promoting the drinking of water. What would we do without her?


35 posted on 06/26/2014 11:56:08 AM PDT by xzins ( Retired Army Chaplain and Proud of It! Those who truly support our troops pray for victory!)
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To: boilerfan

Let’s just say the economy, both American and global, are very close to collapsing. It won’t take much of a straw on the camel’s back to bring it down.


36 posted on 06/26/2014 8:01:16 PM PDT by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; We need a second party!)
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