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

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

    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

    The essence of freedom is the proper limitation of Government

    #2
    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.
    The essence of freedom is the proper limitation of Government

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      #3
      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.
      May 31st, 2007: Petition Filed by my lawyer
      July 2nd, 2007: 341 Meeting Held
      September 4th, 2007: Discharged and Closed.

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        #4
        Originally posted by JRScott View Post
        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.
        Last edited by banca rotta; 08-28-2008, 08:36 PM.
        The essence of freedom is the proper limitation of Government

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          #5
          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!
          Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17

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            #6
            Originally posted by BigJohn View Post
            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.
            The essence of freedom is the proper limitation of Government

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              #7
              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.
              Filed Joint, No Asset, > $100,000 Unsecured Ch.7 6/7/13 ~~ 341 Meeting 7/15/13 ~~ Discharged 9/16/13 !!

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                #8
                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
                California Bankruptcy Central

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