Economy weakest in 3 years

[swag]

http://money.cnn.com/2006/10/27/news/economy/gdp/index.htm

October 27 2006: 8:36 AM EDT

NEW YORK (CNNMoney.com) -- The pace of the nation's economic growth slowed to weakest level in more than three years, as the government's key reading on the strength of the U.S. economy came in weaker than forecasts.

The gross domestic product, the broad measure of the nation's economic activity, grew at an annual 1.6 percent rate in the third quarter, according to the commerce department. That's down from the 2.6 percent growth rate in the second quarter.

Economists surveyed by Briefing.com had forecast a slowdown, but only to a 2.1 percent growth rate in the period. A rising trade gap and a slump in the nation's housing market has been a major drag on the U.S. economy in recent months.

Home builders have cut back on construction due to a glut of homes on the market. Two of the largest U.S. home builders, Pulte Home (Charts) and Centex (Charts) both reported sharply lower earnings and cut their forecasts this week, and Pulte announced it would cut 10 percent of its staff.

The U.S. automakers have also seen slumping sales and increased inventory, causing Ford Motor (Charts) and the Chrysler Group of DaimlerChrysler (Charts) to post losses and announce production cuts. Even with improved results at General Motors (Charts) the company cut output at U.S. factories in the quarter.

. . . more

[Kagemusha]

1. Gee, and they were so shocked Bush got no political benefit

Maybe the public was ahead of the published statistics in its perceptions?

But that's not possible!

[liberal N proud]

2. That leaves the republicans with what?

NOTHING?
:rofl:

[swag]

3. Hey, at least they tried to steal Social Security.

[mom cat]

9. Nothing but lies, tired slogans and cheap transparent tricks.

[Fovea]

10. Don't forget graft!

And no bid contracts... too bad corporations can't actually vote.

[dubyaD40web]

4. Bush caught in another lie.

Strong economy my azz! This should be on the front page. K & R!

[Canuckistanian]

5. But Hannity said the economy was booming

Just look at that Stock Market, keep looking at the

Stock Market

he always says.

[ProfessorGAC]

6. Yeah The Dow Growth of 0.4% Annualized is Sure Phenomenal!

Ain't it! Hannity is a moron and he proves it every single day.
The Professor

[Lasher]

14. Junior's real economic performance

The pre-Junior DOW high water mark was at 11,723 on January 14, 2000. It was at 10,578 when Bush took office on January 22, 2001. It didn't reach another all-time high until this month, when it closed at 11,727 on October 4. It closed on Friday October 20 at 12,011, which is an annualized growth of about 2.5% during the Bush administration. I think you must have used the January 14, 2000 benchmark to calculate your figure of 0.4%.

And guess what, it was 15.9% under Clinton, 9.8% under Poppy, and 11.3% under Reagan. The index also did better under Presidents Ford, Johnson, Kennedy, Eisenhower, Truman, Franklin D. Roosevelt and Calvin Coolidge. Much better.

Since World War I, the only presidents with a worse Dow Jones Industrials record than the incumbent were Herbert Hoover, Richard Nixon and Jimmy Carter.

How about gas prices? They're down now but they were $1.46 in January 2001. Today they're $2.26, an increase of 55%.

How about jobs? Unemployment was 4.2% in January and February 2001. It has not ever been that low since and is at 4.6% today.

http://www.blackenterprise.com/yb/ybopen.asp?section=ybem&story_id=99048945&ID=blackenterprise

Out of respect for the copyright rule I will not post more but hope you will hit the above link for comparison of performance on job creation. And don't even get me started on the deficit.

Worst president and worst congress ever!

[Igel]

18. So you're saying that the DOW lost

10% in Clinton's last year?

[Lasher]

19. Yes, that happened (EOM)

[HughBeaumont]

8. 30 Large Cap stocks . . .

growing at a dismal rate since 2001 = GREAT ECONOMY!!! SUNDAY SUNDAY SUNDAY MONSTER TRUCKS!!!

Why isn't there a cure for Football Field Jaw?

[Lasher]

22. Beeee Therrrre!!

I've come back to this thread about once for the past 3 days. I get a laugh every time I read your post. Bet you're a boatload of fun to drink beer with.

[hatrack]

27. CHART-BUSTING GRAPH-SWAMPING POWER!!!!!!!!!!

AS NITRO-BURNING PENNY STOCKS EXPLODE ACROSS THE BOILER ROOM FLOOR!!!!!!!!!

[Fovea]

11. The economy *IS* booming

Like a roadside IED.

[barb162]

17. Yeah their one barometer of the economy

[usregimechange]

7. kick

[Zorra]

12. It's going to take a long time to repair the damage that republicans

have done to this country.

We may have to focus on creating and maintaining an alternative economy as much as is possible.

[Akoto]

13. Glenn Beck said the economy was soaring!

B-but, he said it was doing so well and the poor President was getting no credit! He was WRONG?! :crazy:

[swag]

15. Such a pustulant gasbag he is.

Where do they find wankers like Glenn Beck and Tucker Carlson anyway?

[Wells]

16. Good luck overthrowing the corporate plutocracy...

The leading measurement of the US economy has long been car and home sales. We should not forget how sprawling suburban development is directly related to a car sales component. Suburbanites have no choice but to buy, finance, insure, fuel, maintain and otherwise support car sales in their choice of housing. Banks are more than willing to finance suburban sprawl knowing that additional interest payments include financing the car sales. ???

In other economic matters, the recent stock market record high is a reflection not of a robust economy, but of the extra gambling reserves that the wealthy have acquired as the middle and low income classes have lost wealth.

Good luck overthrowing the fucking corporate plutocracy. We are their servants, their slaves, their fuck holes, their cannon fodder. We will not leave Iraq because its oil empowers corporate domination.

[Megahurtz]

23. Grrrrrrrr.......

Fucking Corporate Plutocracy!:grr: I hate them.

[llmart]

20. Well, boo friggin' hoo......

Chrysler execs kissed Bush's ass and they donate to Repugs so ask me if I care about their slumping car sales.

[modrepub]

21. Talking to Cement Maker

Told us they foresaw a significant slowing in 2007. If basic material produces are expecting a slow down next year I'd expect some real problems. Expect repubs to blame it on the dems.

[Yavin4]

24. The Economy Has Not Grown At All Since 2000

The only "growth" that you've seen is due to the historical lowering of interest rates to 1%. Without that, the economy would have contracted mightily since 2000.

The DOW is up because recently the Fed raised interest rates which has chased a lot of speculators out of Real Estate and into the markets.

[FernBell]

25. This must mean we need another tax cut for the mega-rich robber barons

[Anakin Skywalker]

26. Tell That to ShrubCo., Where Profit is Soaring

from war-profiteering.