economy grows!

netrox · 10-29-2009, 09:10 AM

Sorry, Kokonut, seems like Obama's Stimulus is working!

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

A rebuilding of inventories by businesses that had slashed production and jobs over the past year was a major contributor to the growth in the third quarter. So was a rebound in auto sales, which were helped by the government's Cash for Clunkers program. The economic stimulus package, with public works projects and aid to state and federal governments, also boosted growth.

GDP up 3.5% in third quarter, topping expectations - Oct. 29, 2009

Foxrac · 10-29-2009, 09:57 AM

Quote:

Originally Posted by netrox

Sorry, Kokonut, seems like Obama's Stimulus is working!

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

A rebuilding of inventories by businesses that had slashed production and jobs over the past year was a major contributor to the growth in the third quarter. So was a rebound in auto sales, which were helped by the government's Cash for Clunkers program. The economic stimulus package, with public works projects and aid to state and federal governments, also boosted growth.

GDP up 3.5% in third quarter, topping expectations - Oct. 29, 2009

It sounds like we will get out of recession soon but economy wouldn't grow like crazy until 2011, just like after we got out of recession in late 2001 and don't experience any crazy growth until 2003.

netrox · 10-29-2009, 12:54 PM

of course, it takes a while for employment to pick up.

sequoias · 10-29-2009, 12:56 PM

I guess the economy will start seeing improvements by 2011 or so....unemployment is still rising, anyway.

society's_child · 10-29-2009, 02:29 PM

I'm not suprised. This bum economy..seems like there's nowhere to go BUT up.

rockin'robin · 10-29-2009, 02:29 PM

All I want for Xmas is lower gas and food prices and employment for the jobless.....Xmas isn't gonna be the same this year!....My 18 yr old finally found a job....!....more than minimum wage, which makes him happy....he was depressed w/low self-esteem for awhile.....and he really didn't want to join the military, as many young men are doing.....

yizuman · 10-29-2009, 05:19 PM

Sounds like 2010 is a good time for us unemployees head out for a job hunt.

At least I hope so.

Cowpuppy · 10-29-2009, 08:05 PM

In all honesty...the 'cash for clunkers' input and the public works input don't really count. As the are directly put into economy. They are like props. We have to grow outside of those inputs to be really improving. The other mentioned item sounds good. The rebuilding of inventories good news. Believe the clunkers and public works keeping some things moving along and we avoided a depression, which was a likely scenario.

Quote:

Originally Posted by netrox

Sorry, Kokonut, seems like Obama's Stimulus is working!

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

A rebuilding of inventories by businesses that had slashed production and jobs over the past year was a major contributor to the growth in the third quarter. So was a rebound in auto sales, which were helped by the government's Cash for Clunkers program. The economic stimulus package, with public works projects and aid to state and federal governments, also boosted growth.

GDP up 3.5% in third quarter, topping expectations - Oct. 29, 2009

Beowulf · 10-29-2009, 08:13 PM

Quote:

Originally Posted by yizuman

Sounds like 2010 is a good time for us unemployees head out for a job hunt.

At least I hope so.

Why wait?

Steel X · 10-30-2009, 04:09 AM

VERY slowly improving...still take time and patience.

kokonut · 10-30-2009, 11:20 AM

Hmmm, a near 10% unemployment and see a 3.5% increase in GDP? Where are the jobs? Remember, gross domestic product is the sum of three things: consumption by consumers, investment by business, and spending by government.

Was there any new consumption by consumers? No. If you're going to use the cash for clunker program it was a boondoggle since a study by Edmunds.com suggested that Cash for Clunkers mostly gave money to people who were going to buy a new car anyway. Cash for Clunkers Tab: $24,000 Per Vehicle of Taxpayer Cash - Auto Observer

Any new investments? Hardly. Remember, this is for June/July/August quarter. And in an recession, too.

Govt spending? Yes.

Now, if people are losing jobs left and right over the past months that means that there are much less disposable income, right? That is, money to spend by consumers.

From the looks of it the GDP "growth" is actually in the negative territory but better than the 2nd quarter results which was in the negative territory.
GDP Is..... Better Than Expected? - The Market Ticker

Pretty convenient to trot out this "growth" claim right before the elections next week. Be sure to look for a correction conveniently made after the election.

Reba · 10-30-2009, 11:47 AM

"Cash for Clunkers" was a one-time offer. That's not going to make a long-term positive change for the auto industry.

netrox · 10-30-2009, 12:39 PM

Quote:

Originally Posted by kokonut

Any new investments? Hardly. Remember, this is for June/July/August quarter. And in an recession, too.
Govt spending? Yes.

And the stocks are going up and up and up...

Jiro · 10-30-2009, 12:40 PM

Quote:

Originally Posted by Reba

"Cash for Clunkers" was a one-time offer. That's not going to make a long-term positive change for the auto industry.

50% we can help for them. 50% they need to help themselves.

jillio · 10-30-2009, 05:23 PM

Quote:

Originally Posted by Reba

"Cash for Clunkers" was a one-time offer. That's not going to make a long-term positive change for the auto industry.

It wasn't intended as long term change. It was intended to set off a chain of events that cummulatively will result in long term change.

saywhatkid · 10-30-2009, 08:22 PM

Right now, at least for me:

Working.....check! 48 hours a week
Stocks/401k.....increasing in value
My hopes....increasingly optomistic

If the tax rates increase, I will finally be paying income tax, something I have not done in a year. I would willingly pay more. If I don't keep working, I pay nothing. Let the naysayers have the floor. I am too busy to reply to them now, and glad of it!

jillio · 10-30-2009, 09:10 PM

Glad to hear it, kid! Things are looking up!

saywhatkid · 10-30-2009, 09:15 PM

Quote:

Originally Posted by jillio

Glad to hear it, kid! Things are looking up!

One of the benefits of working: my pants are already fitting looser. Was starting to test the tensile strength of cotton blended fabrics.

Phillips · 10-30-2009, 09:32 PM

Bring Good economy back!!

darkdog · 10-31-2009, 10:28 PM

Quote:

Originally Posted by Reba

"Cash for Clunkers" was a one-time offer. That's not going to make a long-term positive change for the auto industry.

Very true. Auto sales in September plunged because of Cash for Clunkers. It mostly just caused people to buy cars a bit earlier than they would have otherwise. But hey, at least they managed to destroy thousands upon thousands of perfectly good vehicles in the process. It should be obvious that destroying wealth isn't exactly wise economic policy, but apparently not to the geniuses in Congress.

Cowpuppy · 11-01-2009, 12:50 PM

The way I see it...there has been a major re-alignment of the economic base......not only nationally but globally. The new global economy sent everyone to the global slot machines.....it was a new scenario with no historical track record to make judgements...everyone thought it was thier opportunity to get rich. So we got burned. It will never return to the level of free-swinging it was this past decade. And it required a major shakeup and major help in surviving. That is what stimulus is about....it is not about having an immediate affect. Saving large corporationsfor future renewal times. Forcing them to change. Investments in green future, etc.
To try and make political points about an economy report of last few months is very premature and irrelevant to the big picture This is how we got into this mess.....being greedy and the 'instant and constant gratification' society.
There is no instant and constant economic recovery.
It's like an alchoholic or substance abuse ...which we did in not playing our cards carefully and gambling....you abuse yousrself over a long time.....then it takes time to recover.
Save the political spins.
This is going to take years. And it will not return to the free spending it was. Get that thru your heads. So....we do not need to reach that point before we can say we have recovered...we only need to reach a normal healthy state of existence. A point where we don't live in fear. Seems we are getting there slowly but surely. Sure there are jobs lost.....many of those were fluff.....over the top....boomtowns go bust...quit your whinin. Pull your damn boots up and quit expecting a wonderland.and quit trying to insist we won't have recovery unless we have a wonderland. Life sucks and then you die. Get over it.

Mr. Averythest · 11-01-2009, 09:38 PM

Poker $ has been on the rise and rise for me entire recession so I really can't relate.

kokonut · 11-01-2009, 09:57 PM

Quote:

Originally Posted by netrox

And the stocks are going up and up and up...

The GDP was based on the 3rd quarter result. Consumer spending was low. So was investment.The only thing went up is govt spending. Those are the three things that make up the gross in GDP. I see people are easily snookered by this when it mostly govt spending that helpd raise the GDP. Especially with a little accounting creativity.

GDP: 3.5% "Growth" ???

Don't Be Snookered By That +3.5% GDP Report

http://www.northstarnational.com/200...a-cars-pizzas/

Jiro · 11-01-2009, 09:57 PM

kokonut. did you have a good halloween day? I hope you didn't spend it on anti-Obama bash

saywhatkid · 11-02-2009, 01:01 AM

Quote:

Originally Posted by Jiro

kokonut. did you have a good halloween day? I hope you didn't spend it on anti-Obama bash

Wonder if he gives out Mounds and Almond Joys?

kokonut · 11-02-2009, 09:25 AM

Quote:

Originally Posted by darkdog

Very true. Auto sales in September plunged because of Cash for Clunkers. It mostly just caused people to buy cars a bit earlier than they would have otherwise. But hey, at least they managed to destroy thousands upon thousands of perfectly good vehicles in the process. It should be obvious that destroying wealth isn't exactly wise economic policy, but apparently not to the geniuses in Congress.

DD, this I find completely ridiculous. Lots of perfectly good cars. Why not just somehow find a way to give it to people who need automobiles but can't afford one instead of costing taxpayers $24,000 for each new car sold?

Cash for Clunkers Results Finally In: Taxpayers Paid $24,000 per Vehicle Sold, Reports Edmunds.com

Biggest failure in rebate history.

Jiro · 11-02-2009, 01:38 PM

kokonut's ignoring all of my questions

not feeling some love here, bro

netrox · 11-02-2009, 02:44 PM

Quote:

Originally Posted by kokonut

DD, this I find completely ridiculous. Lots of perfectly good cars. Why not just somehow find a way to give it to people who need automobiles but can't afford one instead of costing taxpayers $24,000 for each new car sold?

Cash for Clunkers Results Finally In: Taxpayers Paid $24,000 per Vehicle Sold, Reports Edmunds.com

Biggest failure in rebate history.

You just don't understand. The goal of Clunker is to reduce oil consumption. If you give it to someone else, oil consumption goes up!

You MUST get a more energy efficient automobile if you want the rebate. It's that simple.

Jiro · 11-02-2009, 02:55 PM

Quote:

Originally Posted by netrox

You just don't understand. The goal of Clunker is to reduce oil consumption. If you give it to someone else, oil consumption goes up!

You MUST get a more energy efficient automobile if you want the rebate. It's that simple.

and also to revive auto industry. if that didn't help auto industry - that's too bad. we did our best to help them. they need to help themselves. for starter - they should slash the ridiculously-high salary and bonuses for their executives.

netrox · 11-02-2009, 03:15 PM

Oh, Ford is reporting almost $1 billion profit. Why? Clunkers!

" Ford Motor reported a surprise profit for the third quarter Monday, helped by a bump in sales from the Cash for Clunkers program, a reduced cost structure and problems at its U.S. rivals."

Big gains, I tell you!

*chart of 3Q 2008 showing billion loss til 2Q 09... and a sudden spike to almost 1 billion in 3Q*

Ford Motor returns to profitability in third quarter - Nov. 2, 2009

10-29-2009, 09:10 AM	#1 (permalink)
netrox Registered User Join Date: Mar 2003 Posts: 1,981	economy grows! Sorry, Kokonut, seems like Obama's Stimulus is working! Government says GDP grew 3.5% in third quarter, ending a year-long string of declines and coming in better than forecasts. A rebuilding of inventories by businesses that had slashed production and jobs over the past year was a major contributor to the growth in the third quarter. So was a rebound in auto sales, which were helped by the government's Cash for Clunkers program. The economic stimulus package, with public works projects and aid to state and federal governments, also boosted growth. GDP up 3.5% in third quarter, topping expectations - Oct. 29, 2009

10-29-2009, 02:29 PM	#5 (permalink)
society's_child venustrus unus ;-) Join Date: Sep 2006 Location: The big MD Posts: 3,876 Blog Entries: 5	I'm not suprised. This bum economy..seems like there's nowhere to go BUT up. __________________ ...just passing thru, y'all.

10-29-2009, 05:19 PM	#7 (permalink)
yizuman Sci Fi Fan Join Date: Feb 2008 Location: Indiana Posts: 725	Sounds like 2010 is a good time for us unemployees head out for a job hunt. At least I hope so. __________________

10-30-2009, 04:09 AM	#10 (permalink)
Steel X Registered User Join Date: Mar 2003 Location: North Carolina Posts: 13,075	VERY slowly improving...still take time and patience. __________________

10-30-2009, 08:22 PM	#16 (permalink)
saywhatkid Thinking outside the box Join Date: Oct 2006 Location: Trapped in a box Posts: 1,910	Right now, at least for me: Working.....check! 48 hours a week Stocks/401k.....increasing in value My hopes....increasingly optomistic If the tax rates increase, I will finally be paying income tax, something I have not done in a year. I would willingly pay more. If I don't keep working, I pay nothing. Let the naysayers have the floor. I am too busy to reply to them now, and glad of it! __________________ "When the power of love overcomes the love of power, the world will know peace." — Jimi Hendrix

Today
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10-29-2009, 12:54 PM	#3 (permalink)
netrox Registered User Join Date: Mar 2003 Posts: 1,981	of course, it takes a while for employment to pick up.

10-29-2009, 12:56 PM	#4 (permalink)
sequoias Premium Member Join Date: Jun 2004 Location: A little trip to the extraordinary. Posts: 16,295	I guess the economy will start seeing improvements by 2011 or so....unemployment is still rising, anyway.

10-29-2009, 02:29 PM	#6 (permalink)
rockin'robin Registered User Join Date: Apr 2007 Location: Jacksonville, Florida Posts: 2,771	All I want for Xmas is lower gas and food prices and employment for the jobless.....Xmas isn't gonna be the same this year!....My 18 yr old finally found a job....!....more than minimum wage, which makes him happy....he was depressed w/low self-esteem for awhile.....and he really didn't want to join the military, as many young men are doing.....

10-30-2009, 11:20 AM	#11 (permalink)
kokonut Registered User Join Date: Jul 2006 Posts: 3,621	Hmmm, a near 10% unemployment and see a 3.5% increase in GDP? Where are the jobs? Remember, gross domestic product is the sum of three things: consumption by consumers, investment by business, and spending by government. Was there any new consumption by consumers? No. If you're going to use the cash for clunker program it was a boondoggle since a study by Edmunds.com suggested that Cash for Clunkers mostly gave money to people who were going to buy a new car anyway. Cash for Clunkers Tab: $24,000 Per Vehicle of Taxpayer Cash - Auto Observer Any new investments? Hardly. Remember, this is for June/July/August quarter. And in an recession, too. Govt spending? Yes. Now, if people are losing jobs left and right over the past months that means that there are much less disposable income, right? That is, money to spend by consumers. From the looks of it the GDP "growth" is actually in the negative territory but better than the 2nd quarter results which was in the negative territory. GDP Is..... Better Than Expected? - The Market Ticker Pretty convenient to trot out this "growth" claim right before the elections next week. Be sure to look for a correction conveniently made after the election.

10-30-2009, 11:47 AM	#12 (permalink)
Reba Premium Member Join Date: Jun 2004 Posts: 20,786	"Cash for Clunkers" was a one-time offer. That's not going to make a long-term positive change for the auto industry.

10-30-2009, 09:10 PM	#17 (permalink)
jillio Registered User Join Date: Jun 2006 Posts: 32,396	Glad to hear it, kid! Things are looking up!

10-30-2009, 09:32 PM	#19 (permalink)
Phillips Lets ride horses! Join Date: Aug 2006 Location: Spaceship Posts: 9,158 Blog Entries: 3	Bring Good economy back!! __________________ *Enjoy life today, Yesterday has past and Tomorrow may never come.*

11-01-2009, 12:50 PM	#21 (permalink)
Cowpuppy Registered User Join Date: Oct 2006 Location: On The Road Again Posts: 616	The way I see it...there has been a major re-alignment of the economic base......not only nationally but globally. The new global economy sent everyone to the global slot machines.....it was a new scenario with no historical track record to make judgements...everyone thought it was thier opportunity to get rich. So we got burned. It will never return to the level of free-swinging it was this past decade. And it required a major shakeup and major help in surviving. That is what stimulus is about....it is not about having an immediate affect. Saving large corporationsfor future renewal times. Forcing them to change. Investments in green future, etc. To try and make political points about an economy report of last few months is very premature and irrelevant to the big picture This is how we got into this mess.....being greedy and the 'instant and constant gratification' society. There is no instant and constant economic recovery. It's like an alchoholic or substance abuse ...which we did in not playing our cards carefully and gambling....you abuse yousrself over a long time.....then it takes time to recover. Save the political spins. This is going to take years. And it will not return to the free spending it was. Get that thru your heads. So....we do not need to reach that point before we can say we have recovered...we only need to reach a normal healthy state of existence. A point where we don't live in fear. Seems we are getting there slowly but surely. Sure there are jobs lost.....many of those were fluff.....over the top....boomtowns go bust...quit your whinin. Pull your damn boots up and quit expecting a wonderland.and quit trying to insist we won't have recovery unless we have a wonderland. Life sucks and then you die. Get over it.

11-01-2009, 09:38 PM	#22 (permalink)
Mr. Averythest apotheosis, paragon of Join Date: Nov 2004 Posts: 1,838	Poker $ has been on the rise and rise for me entire recession so I really can't relate. __________________ Bewb patrol here. I'd love to see your bewbs, please send them to me in PM here. Sets of bewbs sent to my pm box: 6 w00t! You guys are awesome! Keep sendin' em in! Itchy groin ASL and Deaf happy hour at Avery Brewery info (January 5th 2010)

11-01-2009, 09:57 PM	#24 (permalink)
Jiro YOU DOMESTIC DISSENT! Join Date: Apr 2007 Location: The Sopranos State Posts: 22,915	kokonut. did you have a good halloween day? I hope you didn't spend it on anti-Obama bash __________________ - Don't forget to buy Jiro's Special Edition Sunglasses for $19.95

11-02-2009, 01:38 PM	#27 (permalink)
Jiro YOU DOMESTIC DISSENT! Join Date: Apr 2007 Location: The Sopranos State Posts: 22,915	kokonut's ignoring all of my questions not feeling some love here, bro __________________ - Don't forget to buy Jiro's Special Edition Sunglasses for $19.95

11-02-2009, 03:15 PM	#30 (permalink)
netrox Registered User Join Date: Mar 2003 Posts: 1,981	Oh, Ford is reporting almost $1 billion profit. Why? Clunkers! " Ford Motor reported a surprise profit for the third quarter Monday, helped by a bump in sales from the Cash for Clunkers program, a reduced cost structure and problems at its U.S. rivals." Big gains, I tell you! chart of 3Q 2008 showing billion loss til 2Q 09... and a sudden spike to almost 1 billion in 3Q Ford Motor returns to profitability in third quarter - Nov. 2, 2009

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