Economy finally back in gear,Government says GDP grew 3.5% in third quarter..can I get a woo hoo?

[Peacetrain]

Let me start.. woo hoo :bounce:



http://money.cnn.com/2009/10/29/news/economy/gdp/index.htm


Economy finally back in gear
Government says GDP grew 3.5% in third quarter, ending a year-long string of declines and coming in better than forecasts.

Last Updated: October 29, 2009: 9:31 AM ET



NEW YORK (CNNMoney.com) -- The U.S. economy grew at a 3.5% annual rate in the third quarter, ending a string of declines over four quarters that resulted in the most severe slide since the Great Depression.

The growth, reported by the government Thursday morning, was slightly stronger than expectations. Economists surveyed by Briefing.com had forecast 3.2% growth in gross domestic product, the broadest measure of the nation's economic activity. The economy shrank at a 0.7% rate in the second quarter.

The positive GDP report is one more sign that the economy has likely pulled out of the deep recession that started in December 2007.

[Dr.Phool]

1. Rigged numbers don't rate a woo-hoo.

More likely, it's a bump in the road, and the road is going downhill.

No jobs, no recovery.

[Tansy_Gold]

8. Ditto

:hi:

[mkultra]

14. no GDP, no jobs

GDP growth instead of contraction is a real number.

[Craftsman]

15. Where are the jobs?

[Craftsman]

17. How much of this was gov spending money we do not have and how much was private sector?

[hileeopnyn8d]

30. How much more of a right-wing talking point

can you come up with?

"this was gov spending money we do not have"

[Craftsman]

32. The question still stands, was it growth or just money borrowed and spent

The debt is to high to be sustained.

[Dawgs]

40. Not according to most economists.

Many say we should spend more now, and we'll have plenty of time to worry about the debt.

Are you an economist?

[Craftsman]

44. No, but I know you can not spend in this manner for ever, it has to stop

before the dollar devalues much more.

[avaistheone1]

45. The admin needs to change it policies on free trade if we want JOBS, JOBS, JOBS and

a strong middle class in THIS country.

:kick:

[Craftsman]

48. Obama has yet to touch NAFTA, and I think he won't

[avaistheone1]

55. Then we are going to have more of the same jobs deterioration in this country.

In fact, all of our trade policies need to be revisited. The health of the middle class should be the priority in revising these agreements.

[Ikonoklast]

50. Haven't been watching the dollar lately, I see.

:eyes:

[Craftsman]

56. It way down from were it was earlier this year

[Ikonoklast]

64. Not to be a jerk, but is English a second language for you?

If it is, I apologize.

[Garam_Masala]

47. My best economists are my laid off friends and relatives!

and so many are laid off! When most find jobs I will do a big woo-hoo!!

Until now all are looking for job and collecting unemployment checks.
Not a single laid off friend has found job yet!!

[girl gone mad]

65. Which economists?

The same ones who completely missed the crisis in the first place?

We simply can't print money forever.

"Selling U.S. debt was a bit harder than expected today.

Today's treasury auction came in a bit below expectations, with the 7-year yield hitting 3.14% after initial expectations of 3.11%."

[paulk]

49. cheap argument

it's a legitimate question.

[Dawgs]

23. Boat has to make the full turn first.

It's not going to be easy for the Democrats to fix the things that Reagan/Bush f'ed up.

[Craftsman]

27. No decent jobs not recover it is simple as that

[Dawgs]

39. That's what I said.

Starting to turn the boat is just the beginning. The point is that growth in GDP is starting to put it in the right direction.

When the boat gets turn around we will see job growth and a real recovery.

[Craftsman]

43. This boat is not turning around, it is waiting for the next mine

Most likely commercial property defaults or the next wave of foreclosures. Add to that the very real possibility of a high rate of muni defaults in the next 12 to 18 months due to plummeting tax revenue, run away spending, credit card defaults are way up, falling value of the dollar, real chance the credit rating of the US will be lowered. I could go on and on.

[avaistheone1]

59. Disaster capitalism still seems to be the blue print for recovery.

[treestar]

62. No, it's not

[dmallind]

2. To get in first ...NO - decreasing unemployment is NOT the metric for a recession's end.... NO. NT

[FSogol]

3. It is a start at least. n/t

[Peacetrain]

4. Why would economic growth get an Unrec?...

or is it just me posting it that gets you juiced :rofl:

[Tansy_Gold]

9. Probably one of two things

1. somebody just likes to unrec 'cause they think it's sooooo cool and the novelty hasn't worn off yet

2. somebody thinks the govt's numbers are bullshit and shouldn't be encouraged


It ain't necessarily about you, honey.





TG

[Peacetrain]

12. Now you hurt my feelings..

;)..

[Tansy_Gold]

24. Well, I'll tell ya. . . .. .

there are a whole lotta folks here on DU who really get their panties in a twist if they get unrecced. Oh the horror and all that.

I mean, c'mon, it's a freakin' discussion board. There are a whole lot worse things in life than gettin' your precious post unrecced. LOTS worse.

So I just take the opportunities as I see 'em to let people know it ain't the end of the world to get unrecced.


Glad you could ;-) -- others take it VERY personally



TG

[mkultra]

16. and what, pray tell, woudl make people think GDP numbers are fabbed?

Is it because Obama is a liar?

[Clio the Leo]

5. Whooohoooo!!!!! NT

[WeDidIt]

6. I'd say that rather than ending the recession, the economy has basically stagnated

With initial jobless claims dropping from 531,000 to only 530,000 and a modest GDP increase of 3.5%, the economy is stagnant. Until there's a real drop in jobless claims and/or a real spike in GDP growth, it'll stay in the stagnation bucket.

[phleshdef]

10. A year ago, it was on the verge of collapse. Stop the bleeding, then worry about physical therapy.

[mkultra]

18. sorry bout contraction is recession and growth is not

these are the first numbers in a year that actually show growth. this is a big step.

[WeDidIt]

22. Agreed, stagnant is better than falling in the crapper. n/t

[mkultra]

25. growth is not stagnation by simple definition

in economics, under 2% is considered stangnation.

[SpiralHawk]

7. "Waaah. This sounds like socialism" - Republicon Whiners Against America

"There is nothing good about this. How can we make America FAIL if the economy is rebounding. Waaaah."

- Rush 'DraftDodger' Limbaugh and Republicon Homelanders Against America

[quantass]

11. YAY! Timmy Geitner's plan to give tax payer $ for Wall Street Banker bonuses WORKED!!

:sarcasm:

[Name removed]

35. Deleted message

Message removed by moderator. Click here to review the message board rules.

[girl gone mad]

66. Geithner was in on all of the decisions.

You were promoting TARP like mad back then. I would think you would remember that.

[NYC_SKP]

13. NO, You can not get a woo hoo from me.

You can get multiple woo hoos!

:woohoo: :woohoo: :woohoo:

:bounce: :bounce: :bounce:

:kick:

[mkultra]

19. you can get a HELL YEAH for actual GROWTH!

[Rosa Luxemburg]

20. brought back from the precipice of extinction

how about that!

:bounce: :bounce::bounce::bounce::bounce::bounce::bounce::bounce:
:toast: :party: :loveya: :pals: :fistbump: :woohoo: :woohoo: :woohoo:

[Beacool]

21. No "woo hoo" yet.

When people are back to work I'll do a jig, but not until then.

;-)

[mkultra]

28. look for that in 2010, just as predicted.

[Beacool]

31. If it happens, then it'll be something real to celebrate.

But not right now, far too many people are still suffering.

:(

[mkultra]

54. if you celebrate, ill be suprised.

[Bluenorthwest]

26. I'll give a slight nod of appriciation for some potential progress

But my life of good fortune taught me long ago that one must look to others before a personal 'woo hoo'. The 80's downturn, well, for me it was nothing but more more more. I 'woo-hoo'd' once and got told off for it.

[GeorgeGist]

29. The Audacity of Dope

LOFLMAO. :woohoo: indeed

[Stinky The Clown]

33. I'll give you a woo hoo when the jobless rate goes below 6%

[HamdenRice]

34. Amazing what Obama administration accomplished-like stopping a train wreck with a sledge hammer

The tools of macro economics are still pretty crude, yet if an administration is part of the reality based community and accepts the insights of John Maynard Keynes, it's pretty clear what to do, and this administration did it.

Things are not great, but we avoided Great Depression II.

K&R

[mkultra]

37. yup, some can only see whats still wrong while others see what could have gone wrong

Things could have really taken a dive if he hadn't acted so quickly. The interesting part is that with so little understanding of economics in the general public, all most people can think is Obama=current economy. They don't really understand clearly that bush started it and hes averting disaster. He may just get it turned around in time to look real good in 2012.

[brentspeak]

36. You can get a horselaugh

Do you think we're dumb enough to believe the economy is "recovering" when there's national double-digit unemployment and no real job prospects?

[mkultra]

38. well, not you brentspeak

we knew you would see right through these "false" numbers to the true definition of economic growth. what was the definition again?

[Dawgs]

42. You can start by looking up the word "recovering" in the dictionary.

Specifically the "ing" part of the word.

It means that we are in the process of a recovery; which means that we are at the beginning of getting things back to normal. Did you really expect full recovery over night?

[Peacetrain]

51. Yes we are in recovery... and yes we have huge unemployment problems

They are existing side by side.. and were predicted from the very outset, that this is how it would play out.

Basically companies tried to balance their credit sheets with layoffs.. As the GDP grows businesses will start to rehire and expand the hours of the employees. It is happening now.
I put an op out earlier about John Deere rehiring. This is how it starts. Deere is good money honey, that is not 6.00 an hour service job.

The money has been put out to small businesses, and banks are starting to open up and give loans.

The money has been put out for green job growth.. which will be huge..

You may not like how it works, but that is how it happens.

We were off a damn cliff.. and if you cannot see the rest of us pulling the cart back from the edge.. then there is nothing more that I can say.

Horselaugh away..

[treestar]

63. A good sign is a good sign

Heavens, there is such a thing as economics. It's this entire discipline that people study.

[SpartanDem]

41. It's just first gear, but it's sure beats reverse

[Garam_Masala]

46. I will agree when all my laid off friends find jobs!

until then it is just numbers from Washington.

[treestar]

60. So it's only people you know that matter?

If strangers don't have jobs then it's OK?

[Garam_Masala]

68. Yes, friends and relatives have a bigger impact

on my psyche than strangers. I can see the impact of losing a job
first hand. It really hits home. Luckily I am retired and don't need a job...yet!

[avaistheone1]

52. WooHoo! We have another bubble with the Wall Street heist.

More disaster capitalism. The rich get richer and the poor get poorer, and the middle class is an endangered species.

This is a terrific a recovery with no jobs. And 1% of the wealthiest Americans own 95% of the country's wealth and they keep getting richer...and our jobs keep going away. Wow this is marvelous news!!

http://www.wowowow.com/politics/naomi-klein-no-logo-shock-doctrine-wall-street-bailout-greatest-heist-monetary-history-278740?page=0%2C3

[paulk]

53. 1st gear, maybe

we've pulled out of a deep recession into a shallow one? I guess that's good news, if you're one of those who's benefited from that 3.5% jump. Like if you work for goldman sachs and are about to share in that 20 billion dollar bonus pool...

[HopeOverFear]

57. woo hoo!!!!!

[Cha]

58. Baby steps are going forward

instead of sprialing down into the abyss..

Yes, it's cause to be appreciative instead of grousing like an old bitter prune.

:fistbump:

[treestar]

61. Yes!

K&R

[girl gone mad]

67. Celebrating the "job loss" recovery..

which has been built primarily on interest rate theft from savers and fixed-income retirees and amounted to little more than a mass transfer of wealth and power from the working classes to the gambling rich seems in bad taste to me.

[MadHound]

69. No jobs, no sustained growth, dollar tanking, gas rising, foreclosures still climbing,

What the hell is there to "woo hoo" about? Sorry, but these are bullshit numbers designed to fool the rubes. Congratulations on being one.

Meanwhile here in the real world, the fact of the matter is that our economy is still tanked and no amount of one off buying stimuli is going to pull it out. Cash for clunkers and such like only go far, and not much beyond the quarter they were run in. Long term health of the economy is contingent on real growth, not fake growth based on the government throwing money at banks and car companies.