U.S. Economy Grew Faster Than Estimated in Second Quarter on Export Gains

[banca rotta]

Here's some good news that the forum needs. The media is already digging for something negative from this news. It simply means there is NO recession. There is a slowdown, but NO RECESSION

http://www.bloomberg.com/apps/news?pid=20601087&sid=aMuMosauQxa4&refer=home

[banca rotta]

Some of you may say "yeah but the 2nd half will be sluggish", that's what they said in the article so it must be true. They predicted that we are in a recession at this time and they are way off.

Chances are they are way off about the 2nd half too.

[JRScott]

Actually if you went back to how things were counted in the 70s we are indeed in a recession, the government changed how they count certain things in the 80s to make it appear as cherries.

[banca rotta]

Actually if you went back to how things were counted in the 70s we are indeed in a recession, the government changed how they count certain things in the 80s to make it appear as cherries.

By that standard then we have been in a recession for the past 30 years.

I do agree with you that these numbers are calculated differently today just as Inflation numbers do not include food and energy which is what they included back in those days.

This is more of an experiment to see how many hits any positive news will get when posted here. MSN and all the other news sites are looking for all the negative.

[BigJohn]

If you had asked me, I would have toldl you we are not in a recession; we are in a depression.

In 1998, I could exchange $1.00 for 54 units in a foreign currency.
Today, I can exchange $1.00 for 24 units in the same foreign currency.

It used to cost me $.72 for breakfast in that foreign country.
Breakfast included coffee, orange juice, 2 slices of toast, 2 eggs, and 2 strips of bacon.
Today, that same breakfast cost $1.71!

The greatest increase for this meal came within the last 3 years!

Last fall I wanted to ship things back in a container from overseas. I was shocked at the money exchange rate, I was shocked at how much it cost now to ship anything, and I was shocked at how much it would cost me to purchase items overseas. I ended up shipping what I did buy by UPS air!

[banca rotta]

If you had asked me, I would have toldl you we are not in a recession; we are in a depression.

In 1998, I could exchange $1.00 for 54 units in a foreign currency.
Today, I can exchange $1.00 for 24 units in the same foreign currency.

It used to cost me $.72 for breakfast in that foreign country.
Breakfast included coffee, orange juice, 2 slices of toast, 2 eggs, and 2 strips of bacon.
Today, that same breakfast cost $1.71!

The greatest increase for this meal came within the last 3 years!

Last fall I wanted to ship things back in a container from overseas. I was shocked at the money exchange rate, I was shocked at how much it cost now to ship anything, and I was shocked at how much it would cost me to purchase items overseas. I ended up shipping what I did buy by UPS air!

That's just high inflation due to the government spending more then it takes in as well as the rest of us.
The exchange rate you mention is actually the reason we have avoided the worst because foreign countries are spending more on our products since they get more for less then if they bought their own. Hopefully they will keep up the good work and send more money our way.

[Pizza]

I don't know if I buy the "Export Boom" Theory. Exports are up because the dollar is down. When the dollar is down, inflation goes up. When inflation is up, consumer spending goes down. When consumer spending is down, jobs are lost. So it may be a little soon to declare victory on the economy.

[epiphany]

Did you actually read that article cause I gleaned something totally different than you did, including a quote that said we are in a recession and another saying that we are slipping into a good old fashioned one. I looked for the part about NO recession and couldn't find it.

This is great News if you are Tiffany or another manufacturer who is able to tap the global market. The problem with that is that as soon as they do, they find it much cheaper and more realistic to actually manufacturer the goods, and employ people in the countries they are selling in. Way to go.

If it comes around again on the discovery channel, you should watch the series entiteled THE PEOPLE'S REPULIC OF CHINA. It's an eye opener.

Recession Smession. Call it whatever you like. Things aren't good.

ep