Economic Growth Slows to 1.6%; Trade Gap Widens

[Grim17]

So, can we officially call the "Recovery Summer" DOA? Or maybe calling it DBA (Dead before arrival) would be more appropriate.

Hope and change baby... Hope and change.

Economic Growth Slows to 1.6%; Trade Gap Widens
Goverment Sharply Reduces Estimate of GDP Growth in the Second Quarter; Q3 Expected to Be Just as Bad

(AP) The government has sharply cut its estimate of U.S. economic growth in the second quarter, adding fuel to worries about the barely-moving economy.

The Commerce Department revised its estimate of gross domestic product growth in the April-to-June period to a 1.6 percent annual rate from 2.4 percent.

That's a sharp slowdown from the first quarter, when the economy grew at a 3.7 percent annual rate, and economists say it's a taste of the weakness to come. The current quarter isn't expected to be much better, with many economists forecasting growth of only 1.7 percent. Still, many economists had expected a sharper drop in the second-quarter reading.

Economic Growth Slows to 1.6%; Trade Gap Widens - CBS News

 

[MaggieD]

So, can we officially call the "Recovery Summer" DOA? Or maybe calling it DBA (Dead before arrival) would be more appropriate.

Hope and change baby... Hope and change.

I think our economy can best be described as "Chinese Water Torture." As we move closer to deflation, about the only tool in the Feds toolbox any more is printing money -- which is what Bernahnke is talking about when he says we'll invest in government securities. Yikes.

As a Realtor, I see the banks making huge mistakes by not having systems in place to make timely decisions to sell their foreclosures. We've simply GOT to get those foreclosures out of the marketplace. I'm thinking that's WHY the government bailed out banks -- to let them do just that. But the banks don't respond in a timely way to potential buyers. They let deals fall over little crap that makes no difference. And buyers walk away and say, "next." 'Cause there's plenty of nexts.

 

[donsutherland1]

For those who are interested, Ben Bernanke's speech from this morning can be found at:

FRB: Speech--Bernanke, The Economic Outlook and Monetary Policy--August 27, 2010

 

[The Prof]

a delphic oracle, but far less poetic

Ben Bernanke dashes Democrats' hopes - Ben White - POLITICO.com

15 minutes with bloomberg and then---tee time!

The Associated Press: Vacationing Obama can't escape economy

wednesday's press release inspired all kinds of confidence

Readout of President Obama's Conference Call with His Economic Team | The White House

by the way, where's robert gibbs?

have you noticed?

 

[The Prof]

these incompetent klutzes can't even keep their accounts from corkscrewing

last friday: Obama had facts wrong about visit here | Columbus Dispatch Politics

yesterday: The Associated Press: SPIN METER: What Biden didn't mention on stimulus

read, learn