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Economy Grows 5.7 Percent; Chicago PMI Jumps

danarhea

danarhea

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The U.S. economy grew at a faster-than-expected 5.7 percent pace in the fourth quarter, the quickest in more than six years, as businesses made less-aggressive cuts to inventories and stepped up spending.Separately, The Institute for Supply Management-Chicago said on Friday its index of Midwest business activity rose more than expected in January to 61.5 from 58.7 in December. Economists polled by Reuters had forecast a January figure of 57.4. A reading above 50 indicates expansion in the regional economy.
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This is good news, but job seekers should be too encouraged yet, since employment is a lagging factor. Improvement still won't show up there for a while. Hopefully, the bottom has already happened, and the economy is still rebounding. But we are not out of the woods yet. If Obama's stimulus is the only thing that is driving the economy right now, then we could be in for a double dipper. But, maybe, we could finally be coming out of this crisis. I am taking a wait and see attitude for right now. Let's see what the next couple of quarters bring.

Article is here.
 
Certainly that 5.7% will be revised down, but still good news indeed.
 
So who's fault is this? Do we blame Bush or Obama? :mrgreen:

Jokes aside.. nice numbers.
 
PeteEU said:
So who's fault is this? Do we blame Bush or Obama? :mrgreen:

Jokes aside.. nice numbers.
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Geeeee :roll: is there any question?

obama-the-messiah.jpg


:lol:
 
PeteEU said:
So who's fault is this? Do we blame Bush or Obama? :mrgreen:

Jokes aside.. nice numbers.
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Funny how you haven't compared the last couple of quarters to the Eurozone. :2wave:
 
danarhea said:
This is good news, but job seekers should be too encouraged yet, since employment is a lagging factor. Improvement still won't show up there for a while. Hopefully, the bottom has already happened, and the economy is still rebounding. But we are not out of the woods yet. If Obama's stimulus is the only thing that is driving the economy right now, then we could be in for a double dipper. But, maybe, we could finally be coming out of this crisis. I am taking a wait and see attitude for right now. Let's see what the next couple of quarters bring.

Article is here.
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Excellent news! And I share your hope that the bottom has been reached.
 
Nobody tell Maximus Zeebra. He's so determined to predict failure and turn everything into America's ultimate doom he may just slash his wrists.
 
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MSgt said:
Nobody tell Maximus Zeebra. He's so determined to predict failure and turn everything into America's ultimate doom he may just slash his wrists.
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Well this was only the 4th quarter... as a whole year GDP fell 2.7% so in a way Maximus Zeebra did have a point.
 
PeteEU said:
So who's fault is this? Do we blame Bush or Obama? :mrgreen:

Jokes aside.. nice numbers.
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Actually, I blame both Republicans and Democrats. Ending the Glass Steagal protections, which have protected markets ever since the Great Depression, was sponsored by Phil Gramm, a Republican, supported overwhelmingly by Democrats and Republicans in both houses, and signed into law by President Clinton, a Democrat. The enactment of this law is a direct cause for the crapstorm that followed a decade later, and there is plenty of blame to go around on both sides of the aisle.
 
danarhea said:
Actually, I blame both Republicans and Democrats. Ending the Glass Steagal protections, which have protected markets ever since the Great Depression, was sponsored by Phil Gramm, a Republican, supported overwhelmingly by Democrats and Republicans in both houses, and signed into law by President Clinton, a Democrat. The enactment of this law is a direct cause for the crapstorm that followed a decade later, and there is plenty of blame to go around on both sides of the aisle.
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People have argued that this enabled the crisis, but I'm not sure anyone could argue that it actually caused it.
 
PeteEU said:
Well this was only the 4th quarter... as a whole year GDP fell 2.7% so in a way Maximus Zeebra did have a point.
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What...the end of America? "In a way" is always the saving grace isn't it? I would think the world would learn after everything we have accomplished in history and persevered through that betting against us is a bad bet.

There will be more quarters and more years and more decades. America will still be America and still "big brother."
 
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Dav said:
People have argued that this enabled the crisis, but I'm not sure anyone could argue that it actually caused it.
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Oh I believe that if we had to go back to direct decisions these would be it.
 
danarhea said:
Actually, I blame both Republicans and Democrats. Ending the Glass Steagal protections, which have protected markets ever since the Great Depression, was sponsored by Phil Gramm, a Republican, supported overwhelmingly by Democrats and Republicans in both houses, and signed into law by President Clinton, a Democrat. The enactment of this law is a direct cause for the crapstorm that followed a decade later, and there is plenty of blame to go around on both sides of the aisle.
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To simplistic. There were many causes for the crash, not sure if this one really ranks up there. Even the new Obama/ Volker plan does not reinstate Glass/ Steagall.
 
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