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Thread: Economy grows for third straight quarter

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    Economy grows for third straight quarter

    NEW YORK (CNNMoney.com) -- The U.S. economy kept growing in the first three months of this year but at a much slower pace than at the end of 2009, according to a government report Friday.


    Gross domestic product, the broadest measure of the nation's economic activity, rose at a 3.2% annual rate in the quarter, the Commerce Department said.
    And, according to the article, the Great Recession is over.......

    Damn, could have fooled me. For anyone who actually believes this, take a good look around you, and don't be fooled.

    Article is here.
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    Re: Economy grows for third straight quarter

    I think this is all mind games by the govt. Though employment rates don't drop till growth increases, we're still seeing job losses. And the idiot stimuli haven't worked according to the experts.
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    Re: Economy grows for third straight quarter

    Quote Originally Posted by danarhea View Post
    take a good look around you
    I agree, none of this matters if people don't have jobs available to them.

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    Re: Economy grows for third straight quarter

    Load of crap. No it hasn't.

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    Re: Economy grows for third straight quarter

    It's not over. Some say it's just a slight reprieve, but because we've done nothing to fix the problems (just threw our money at the really rich people for awhile), that it'll come back and even worse this next time. If only the government would quit pandering to the aristocracy and actually work for the people. It's a shame.
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    Re: Economy grows for third straight quarter

    The economy could have very well have grown. Of course from a lower base then before the crash. Now does this mean the economic crisis is over, far from it in reality in my opinion.

    You still have a large number of forclosures that will be hitting, the sale of the those homes and the ones still in the banking inventory will hit housing prices further. You still have overleveraged private individuals who need to cut back on debt. Banks without the vast intervention of the government would be in deep trouble, if the government stops its massive intervention they would stop lending.

    The main and only reason the US economy has grown is the large governmental intervention in the economy. Withouth the large federal government deficit the US economy would still be shrinking.

    What does this mean, another recession most likely, when it will hit is hard to predict, but I expect that the government and the fed will do what they can to ensure it hits after the mid term elections
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    Re: Economy grows for third straight quarter

    Quote Originally Posted by Lord Tammerlain View Post
    The economy could have very well have grown. Of course from a lower base then before the crash. Now does this mean the economic crisis is over, far from it in reality in my opinion.

    You still have a large number of forclosures that will be hitting, the sale of the those homes and the ones still in the banking inventory will hit housing prices further. You still have overleveraged private individuals who need to cut back on debt. Banks without the vast intervention of the government would be in deep trouble, if the government stops its massive intervention they would stop lending.

    The main and only reason the US economy has grown is the large governmental intervention in the economy. Without the large federal government deficit the US economy would still be shrinking.

    What does this mean, another recession most likely, when it will hit is hard to predict, but I expect that the government and the fed will do what they can to ensure it hits after the mid term elections
    Why do think this?

    Is it mostly because of the second wave of home foreclosures?
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    Re: Economy grows for third straight quarter

    Rightists will mark this quarter of growth to be the working of the next President that they agree with.
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    Re: Economy grows for third straight quarter

    Quote Originally Posted by Harry Guerrilla View Post
    Why do think this?

    Is it mostly because of the second wave of home foreclosures?
    Generally the issues that caused the economic crisis still exist

    The current wave of home foreclosures has not been worked through, the next is coming, along with a commercial wave. Secondly government spending at the state and local levels are being constrained and will lead to cut backs very soon (real ones not accounting tricks)

    Pretty soon the UI benifits that have been extended for a long time, will stop, leading to a decline in consumer spending, and a few more job loss's. And more people unable to pay their debts.

    Basically the excess's of the past have not yet been accounted for either in having the debts paid off or written off. Untill the bad debts are taken care of one way or another the economy will not be able to have healthy sustainable growth, The current growth is not healthy or sustainable as it is being funded by government debt
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    Re: Economy grows for third straight quarter

    Quote Originally Posted by Lord Tammerlain View Post
    Generally the issues that caused the economic crisis still exist

    The current wave of home foreclosures has not been worked through, the next is coming, along with a commercial wave. Secondly government spending at the state and local levels are being constrained and will lead to cut backs very soon (real ones not accounting tricks)

    Pretty soon the UI benifits that have been extended for a long time, will stop, leading to a decline in consumer spending, and a few more job loss's. And more people unable to pay their debts.

    Basically the excess's of the past have not yet been accounted for either in having the debts paid off or written off. Untill the bad debts are taken care of one way or another the economy will not be able to have healthy sustainable growth, The current growth is not healthy or sustainable as it is being funded by government debt
    Makes sense.
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