How many economists does it take to screw in a lightbulb?

[marmar]

(Bloomberg) Consumer spending cooled in the first quarter more than previously estimated as the jump in food and fuel costs held back the biggest part of the U.S. economy.

Household purchases rose at a 2.2 percent annual pace from January through March, less than the 2.7 percent calculated last month and short of the 2.8 percent median forecast of economists surveyed by Bloomberg News, according to Commerce Department figures issued today in Washington. The economy grew at a 1.8 percent pace last quarter, the same as previously calculated.

Stocks dropped as the report, combined with other data showing more Americans unexpectedly filed claims for jobless benefits, raised concern last quarter’s slowdown will persist. Manufacturing, at the forefront of the recovery that began in June 2009, may also cool this quarter amid parts shortages resulting from the disaster in Japan.

“Consumer spending was pretty anemic last quarter, and households are likely to be somewhat restrained going forward,” said Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia, who had forecast GDP would be revised to 1.9 percent. “Economic growth will run a little faster than the first quarter but nothing blockbuster.” ..........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-05-26/u-s-economy-expanded-1-8-in-first-quarter-less-than-forecast.html

[Drale]

1. Why screw in a light bulb when

you can inflate to price of oil, make billions, then pay someone to screw in the light bulb for you?

[BOG PERSON]

2. zero - the invisible hand will screw it in eventually n/t

[hfojvt]

3. Where the fuck is the punchline?

Don't tease me with a lightbulb joke and then start talking about inflation.

[bobbolink]

5. Me, too,, also. I LOVE lightbulb jokes!

[KamaAina]

4. I was browsing in a back-street shop in the older part of town one day

when I came across a most peculiar collection of jars on a dusty shelf. Each contained human brains! They were carefully labeled "Mathematician brains -- $20/lb.", "Historian brains -- $30/lb." and so forth.

At the end of the shelf was a jar marked "Economist brains -- $1,000/lb." I was surprised enough that I asked the shopkeeper why there was such a steep disparity.

She replied, "Do you have any idea how many economists you have to kill just to get a pound of brains?"

[BOG PERSON]

7. nice one

:thumbsup:

the best part is, you can swap "economist brains" with your choice of ethnic group. so that joke works in so many ways.

[marmar]

8. "you can swap "economist brains" with your choice of ethnic group"

Huh?

[bobbolink]

9. LOL

I'm flashing on West Wing. President Bartlett was an economist. Surely this could have been worked into one of the episodes.

:rofl:

[deaniac21]

6. It depends on the presence of electricity.

[no_hypocrisy]

10. "How much does a light bulb cost this Quarter?"

[taught_me_patience]

11. What's your point OP?

Are you criticizing the fact that economists were off on their forecasts?

[marmar]

13. "Are you criticizing the fact that economists were off on their forecasts?"

:think:

[taught_me_patience]

15. You're pretty quick to judge

but do you know how the forecasts are made? Do you know what the purpose of economic forecasts are?

Forecasting is a tough job because when you are correct, it goes completely unnoticed, but when you are wrong everyone comes out of the woodwork, and with the benefit of hindsight, proclaims how "dumb" you are.

[ieoeja]

12. We used to employ economists.

We have also weathered the current situation very well.

However, everything we did that worked well, the economists opposed. Everything we successfully predicted, the economists predicted otherwise.

So when it came to layoffs, the first people we laid off were the economists.

[Aerows]

14. Gee, everything in the grocery store has gone up in price

Gas went through the roof to the point where people are abandoning anything more than 4 cylinders unless they absolutely have to, and economists are surprised?

When CNN is running an article entitled "Why you should eat squirrel" that should tell you the economic state of the nation.

What's next - "Why being homeless isn't so bad, and how you can reap the benefits of having nothing to eat but pigeons?"