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Old 10-30-2003, 12:11 PM   #1
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It's The Economy, Stupid - He Got The Message

Economic Growth Strongest Since 1984

Quote:
WASHINGTON (Reuters) - The U.S. economy rocketed ahead at its fastest pace in more than 19 years in the third quarter of 2003 as consumers, their wallets fattened by tax cuts, went on a buying spree, an unexpectedly strong government report showed on Thursday.

U.S. gross domestic product surged at a 7.2 percent annual rate in the July-September period, the Commerce Department (news - web sites) said. It was the steepest climb since the first quarter of 1984 and more than double the second quarter's 3.3 percent rate.

The increase, which also reflected a big gain in business capital spending, outstripped forecasts on Wall Street, where most economists had looked for a rise closer to 6 percent.
Let hope job growth kicks in as well.
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Old 10-30-2003, 12:13 PM   #2
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in a recovering economy, jobs are always the last thing to come around... the economy has been turning around for a while now... the jobs will come in due time.
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Old 10-30-2003, 02:50 PM   #3
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Damn that Bush and his tax cuts!
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Old 10-30-2003, 04:39 PM   #4
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Personally I don't see things improving

How much of that "buying spree" is on credit that people don't have the $ to pay for (tax cut or no tax cut)? I'm not trying at all to be argumentative, just my worthless .02...that btw has nothing to do w/ my feelings about the President

I think it also depends upon where you live
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Old 10-30-2003, 05:35 PM   #5
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Old 10-30-2003, 05:47 PM   #6
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Business capital spending is the real news, not just the personal spending.


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Old 10-30-2003, 06:42 PM   #7
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Right now, it looks good for numbers. Take note that government spending is also included in GDP, and, for last quarter, at least, most of the growth was fuelled by defense spending. To be fair, it is also noted that government spending wasn't as dramatic this quarter, so that makes the prospect for economic recovery all the more optimistic.

I am cautious, because this might be growth on a one-time deal. There are no more tax rebate checks on the horizon, aside from the standard rebates that come every tax season. Some other cautious optimism is being fuelled by Bank of America's upcoming mega-merger with Fleet (my employer, actually), although "cautious" is the key word. While Fleet's stock jumped, BoA's stock took a dive on investor concern that BoA is going to pay too much for Fleet.

There should also be cautious optimism on the job market, because it is true: job growth does come last. There are concerns, however, that much of the job expansion for U.S. companies are going to come from overseas labor, and, thus, there are many jobs that are permanently lost.

Tax cuts are only the band-aid on a wound; if we cannot replace the jobs that were lost, we are in trouble. Even if America is turning more into a "creative" economy, as many have suggested, it doesn't change the fact that it is the spending habits of the blue-collar and lower white-collar "uneducated" working class that still makes or breaks our economy. If they remain unemployed, then prospects for good economic recovery is questionable.

That is, unless, the banks start lowering their credit requirements.

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Old 10-30-2003, 06:49 PM   #8
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Strong GDP brings yawns

Quote:
"This is a very preliminary report, and it will surely be revised downward in the neighborhood of 5 or 5.5 percent, but even that is extraordinary, coming off of last quarter's growth," said Ram Kolluri, chief investment officer at Global Capital Partners. "People know that it will be revised downward, and so maybe they are a little cautious today, but you need to look at the longer-term implications of this."
I forgot to mention another piece of the equation.

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Old 10-30-2003, 07:10 PM   #9
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the rich only gets richer
and the poor... well, you know.

If companies have been downsizing over the past few years and can still operate efficiently without hiring more people... then companies can make greater profit than paying off more employees.

So what if the economy is said to get better... we've been hearing that for years. No one's really winning in this country, except the CEOs and other multi-millionaires.
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Old 10-30-2003, 07:34 PM   #10
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The unemployment rate is only 6.1% at the moment in the USA. This is not a very high rate of unemployment and is about the same as the first years of the Clinton administration. Steady consistent GDP growth will eventually lead to more job growth and a reduction in the unemployment numbers. If the growth continues, companies should start to hire significant numbers of workers in about 6 to 9 months. If Bush can reduce the unemployment rate from 6.1% to around 5% by November 2004, the Democrats will not be able to retake the White House. Problem is, if significant job growth does not begin until 6 to 9 months from now, that will only allow about a 3 to 6 month period of reduction in unemployment, to small a time perhaps to reduce the unemployment rate to 5%.

The economy I think is going to rebound over the next 2 years. The only question is will it do so in time for the election?
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Old 10-31-2003, 02:40 PM   #11
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Quote:
Originally posted by theSoulfulMofo
the rich only gets richer
and the poor... well, you know.

...No one's really winning in this country, except the CEOs and other multi-millionaires.
Or, you can choose to BELIEVE IN YOURSELF and make yourself rich! That is the beauty of America - you can do it if you believe it.

Naysayers like yourself are the anomaly. YOU will never "win" as you put it, becuase you don't believe it's possible.

Most of the millionaires wouldn't exist if they had your attitude.
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Old 10-31-2003, 02:49 PM   #12
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Quote:
Originally posted by Zoocoustic


Or, you can choose to BELIEVE IN YOURSELF and make yourself rich! That is the beauty of America - you can do it if you believe it.

Naysayers like yourself are the anomaly. YOU will never "win" as you put it, becuase you don't believe it's possible.

Most of the millionaires wouldn't exist if they had your attitude.
This infomercial on "How to get rich", brought to you by Zoocoustic!
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Old 10-31-2003, 03:23 PM   #13
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Old 10-31-2003, 04:04 PM   #14
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or more importantly, some have define rich or wealthy in a different way...
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Old 10-31-2003, 04:05 PM   #15
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Quote:
Originally posted by Zoocoustic
Most of the millionaires wouldn't exist if they had your attitude.
Actually, there is something to this statement. Most millionaires are not people born into money, or people who graduated at the top of their classes. They are people who have the will and the drive to get it done.
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