Gee, can't Bush do anything right...

US economy grows 3.9% in third quarter
By Andrew Balls in Washington
Published: November 30 2004 13:45 | Last updated: November 30 2004 13:45
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http://news.ft.com/cms/f6987a78-44be-11d8-81c6-0820abe49a01.jpgStrong consumer spending and business investment and a slightly lower than previously reported trade deficit meant the US economy grew at a 3.9 per cent rate in the third quarter, the Commerce Department said.

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The upward revision from the 3.7 per cent advance estimate was above consensus expectations and represented a rebound from 3.3 per cent growth in the second quarter.

Core personal consumption expenditures inflation, excluding food and energy, the Federal Reserve's preferred measure of inflation, was unchanged at a 0.7 per cent rate in the quarter - the lowest reading since the 1960s.

http://news.ft.com/cms/s/07ef349a-42d6-11d9-bea1-00000e2511c8.html

The funniest thing I have seen lately was a guy on the news saying how the economy sucked while he was pouring 35 gallons of premium into his Escalade..."the economy stinks cause I don't own two escalades"

When will people learn that the reason the economy blew up in the mid to late 90's was not because of President Clinton and his wise leadership but because of the internet explosion? Small people left their real jobs to earn fistfulls of money selling electronic "space" on the info superhighway. Big buisness got wind of how much money they were losing and put all the small guys out of buisness. Another thing I am always trying to beat into people heads is that 10,000 pts on the Dow is hardly a bad economy. Another problem with alot of these people complaining about jobs is that they think a person sweeping the floor at GM should make $20 p/hr. C'mon guys...I get shot at for a living and I only make 30k a year...

Oh well, maybe I should get of my :soapbox:

Hi FreeFaller

FreeFaller said: "I get shot at for a living and I only make 30k a year..."

If I shot at you you would no longer need that 30,000 :D

Regards

Dereck

Those figures are very misleading. The economy grew at an "annual" rate of 3.9% in the last quarter, not 3.9% "for" the fourth quarter as stated.

The economy has not rebounded in many sectors. The numbers look good only because of 5 hurricanes and massive spending to restock the US military. Once that work is done we'll be in the :q:q:q:qs again.

The economy in Michigan is the pits. We have the nation's highest unemployment rate. That rate is artificially low because so many people are chronically unemployed and have dropped off the employment rolls altogether.

We, in Michigan, are hit with a double whammy in that artificially low interest rates have caused people to buy homes leaving the apartment industry in a 15 to 20% overbuilt condition. High unemployment only adds to this problem as people are doubling up or moving back in with family, leaving further vacancies.

The commercial building industry is also down the tubes with vacancy signs on every other building. So many second tier automotive suppliers have been forced out of business by high fuel and steel costs.

I've been in the lighting maintenance business for 27 years. My customers are not spending money unless forced to. My gross sales are down by 33% while my costs have risen 20% in the last four years. I don't see an end in sight.

Freefaller,

You couldn't pay me enough to get shot at. I have to commend anyone, be it military or law enforcement, who puts themselves in harm's way to protect me.

When will people learn that the reason the economy blew up in the mid to late 90's was not because of President Clinton and his wise leadership but because of the internet explosion
so true.

[QUOTE=FreeFaller]The funniest thing I have seen lately was a guy on the news saying how the economy sucked while he was pouring 35 gallons of premium into his Escalade..."the economy stinks cause I don't own two escalades"

When will people learn that the reason the economy blew up in the mid to late 90's was not because of President Clinton and his wise leadership but because of the internet explosion? Small people left their real jobs to earn fistfulls of money selling electronic "space" on the info superhighway. Big buisness got wind of how much money they were losing and put all the small guys out of buisness. Another thing I am always trying to beat into people heads is that 10,000 pts on the Dow is hardly a bad economy. Another problem with alot of these people complaining about jobs is that they think a person sweeping the floor at GM should make $20 p/hr. C'mon guys...I get shot at for a living and I only make 30k a year...
:I :gr_hail: :Beer :yourock:
THANK YOU! THANK YOU! THANK YOU! THANK YOU! THANK YOU! THANK YOU!