Pic Of The Moment: Economy Surges 7.4% To... 2018 Levels?

[EarlG]

U.S. Economy Grows At Record Pace But Still Has A Long Way To Go

The "economy is roughly as far below its peak as in the darkest days" of 2008

Follow @demunderground

[lapfog_1]

1. the market is already pricing in the next lockdown

so expect GDP to drop again

and Trump will hand Biden/Harris a recession

[sandensea]

2. +1

That's the idea: wreck everything as much as possible, such that the incoming Democrat has as hard a time as possible.

Obama knows all about that.

[sandensea]

3. Exactly. It's still 3.5% BELOW pre-Covid levels - and we've spent $4 TRILLION

propping up the economy!

[central scrutinizer]

8. It's 11% below pre-covid level if you combine 2nd and 3rd quarter

Annualized rates. Down 32.9 2nd Q, up 33.1 3rd Q. Round both to 33% for ease of calculation. Start with $100. Then you lose $33. Now you have $67. It goes up 33%. Now you have $89. If you combine 2nd and 3rd quarters and annualize that you get a GDP rate of -21%

[sandensea]

9. Even worse than I thought - thank you for explaining that

Really begs the question: where did much of that $4 trillion go!

Other countries have had similar downturns, yes - but spending 7 to 10% of GDP typically, rather than 19% as was our case.

[NoMoreRepugs]

4. Considering the (never fully explained number of) TRILLIONS committed by the FED to prop up

the financial markets in addition to the stimulus packages - small wonder we had 7+% growth for the quarter. Government spending along with consumer spending are the major components of GDP calculations.

[dalton99a]

5. Kick

[King_Klonopin]

6. He managed to get the ball back to the 50-yard line (by endagering people's lives),

and then he spikes the ball like he scored a TD. Jackass!

It is such a hallmark trait of his personality. He proclaims every
mediocre accomplishment is a "huge" victory and then gloats
like he is some kind of a hero.

Que cabron!

[orangecrush]

7. KICK