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Good Economic News

Discussion in 'BBS Hangout: Debate & Discussion' started by Rashmon, Feb 17, 2012.

  1. Rashmon

    Rashmon Contributing Member

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    I am the anti-bigassotexestebanraccoonhigcroptoycen

    Thanks President Obama...

    Good economic news continues to pour in
    10:42 am February 16, 2012, UPDATE at 11:52: CNN adds a fourth important component to the good economic news:

    “NEW YORK (CNNMoney) — New home construction got off to a strong start for the year, with housing starts and building permits rising in January on a monthly and annual basis — another sign that the U.S. housing market and broader economy are headed in the right direction.

    The Census Bureau reported that housing starts rose to an annual rate of 699,000, up 1.5% from December. Compared to a year ago, housing starts were almost 10% higher.”

    ———————

    Three stories, all from the AP, all reporting significantly improved economic performance:

    “DETROIT — General Motors earned its largest profit ever in 2011, two years after it nearly collapsed into financial ruin.

    Strong sales in the U.S. and China helped the 103-year-old carmaker turn a profit of $7.6 billion, beating its old record of $6.7 billion in 1997 during the pickup truck and SUV boom.”

    And:

    “WASHINGTON — U.S. factories boosted output last month and December ended up being their best month of growth in five years.

    Strong auto sales and growing business investment in machinery and other equipment are keeping factories busy and helping the economy grow.

    The Federal Reserve said Wednesday that manufacturing production increased 0.7 percent in January. And output soared 1.5 percent in December, according to an upward revision. That’s the biggest one-month gain since December 2006.”

    And:

    “WASHINGTON — The number of people seeking unemployment benefits fell to the lowest point in almost four years last week, the latest signal that the job market is steadily improving.

    Weekly applications for unemployment benefits dropped 13,000 to a seasonally adjusted 348,000, the Labor Department said Thursday. It was the fourth drop in five weeks and the fewest number of claims since March 2008 — six months before Lehman Brothers collapsed and only a few months into the Great Recession.

    The four-week average, which smooths out fluctuations in the weekly data, fell for the fifth straight week to 365,250. The average has fallen nearly 13 percent in the past year.

    The consistent decline indicates that companies are laying off fewer workers, and hiring is likely picking up further. When applications drop consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate.

    Jeremy Lawson, a senior economist at BNP Paribas, said the report points to solid hiring this month, similar to the average net gain of about 200,000 in the past three months.

    “Most indicators are pointing in the same direction: a healthy job market,” Lawson said. The additional jobs will provide more income for consumers and support greater spending, an importance source of growth.

    To review:

    – GM — “Government Motors”, as its detractors like to call it — posts its highest profit ever.

    – Manufacturing scores its biggest one-month jump since December 2006.

    – Weekly jobless numbers fall to lowest in almost four years.

    As always, it’s important to note that we still have a long way to go, with millions of our fellow Americans still wanting to work and still unable to find it. But a corner does seem to have been turned.

    – Jay Bookman

    http://blogs.ajc.com/jay-bookman-blog/2012/02/16/good-economic-news-continues-to-pour-in/

    Feel free to add your own good economic news.
     
  2. MoonDogg

    MoonDogg Member

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    [​IMG]
     
    1 person likes this.
  3. esteban

    esteban Member

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    Ha ha ha!!!! Need a good laugh to start my weekend.
     
  4. Northside Storm

    Northside Storm Contributing Member

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    Aggressive Keynesian action has saved the day, for now.

    Unfortunately, there will come a day where inflation will have to be fought, and deficits racked back, but it is not this day. Much better to have those policy prescriptions in an economy preforming up to potential rather than one that is threatening to die at any moment.

    Hopefully the Fed gets more hawkish on inflation, they were unnecessarily dovish and pessimistic in my view by offering sky-low rates for the next two years, but I guess considering they hold all of the hands on vulnerable banks, it may not be without reason. An unanticipated macro event---whether in conjunction with Greece's bankruptcy or an iceberg that connects the financial sector somehow---could be in the books. We are still in the weeds, my friends.
     
  5. pgabriel

    pgabriel Educated Negro

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    how about just saying congrats? its friday and you just got good news
     
  6. dandorotik

    dandorotik Contributing Member

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    That's right, because sick, twisted individuals would rather see more people out of homes and more people out of work. **** you very much.
     
    1 person likes this.
  7. Northside Storm

    Northside Storm Contributing Member

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    unfortunately, this forum is marked for debate & discussion, not "give homage to our Democrat lords and Republican masters".
     
  8. esteban

    esteban Member

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    Maybe when you guys stop with the lies then I will stop with the laughing.
     
  9. QdoubleA

    QdoubleA Member

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    Because democrats are demonic liars still, right?
     
  10. Northside Storm

    Northside Storm Contributing Member

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    If by you guys, you mean Bloomberg, the US Census Bureau, Reuters, NASDAQ, and the Wall Street Journal aka the same exact sources that you use to slam the "Obama Recession", then yes, maybe you should stop with the laughing, if only because laughing at oneself is, I have heard, rather uncomfortable and socially awkward.
     
    2 people like this.
  11. FranchiseBlade

    FranchiseBlade Contributing Member
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    Esteban was just pwned.
     
  12. esteban

    esteban Member

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    Hey you stole my line Mr Blade, have a good weekend in liberal land!
     
  13. FranchiseBlade

    FranchiseBlade Contributing Member
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    will do, you have a good one as well. It's a 3 day weekend here. Wahoooo!
     
  14. pgabriel

    pgabriel Educated Negro

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    why don't you pay homage to good economic news. i didn't say anything about politcal parties, don't assume or project. i'll tell you exactly what i mean.
     
  15. Northside Storm

    Northside Storm Contributing Member

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    My point still stands.

    This is D&D, not C&C (congratulate and clap).

    If you don't want to discuss the fact that the agency with the most amount of knowledge about the full fiscal situation is being unnaturally pessimistic, then so be it. Others might.
     
  16. pgabriel

    pgabriel Educated Negro

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    you're not debating anything your post is what might happen. inflation might happen. it ain't even with high oil prices, that will come down
     
  17. Northside Storm

    Northside Storm Contributing Member

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    I'm saying that even if it looks good, we're still not out of the bushes yet. You clearly disagree. Great. See, this discussion wouldn't have happened if I said "I love you good economic news, and that is all my brain can seem to think about you for the moment."

    Incidentally, significant inflation will most likely happen. I'm not even an inflation hawk, but to ignore the fact that significant inflation won't happen when the new Keynesian and neo-classical models that led to the definition of the problem in the first place all say it most likely will, is foolhardy. It won't be hyperinflation or anything, but there will be some inflation problems which will probably merit contractionary policy solutions in the future.
     
  18. pgabriel

    pgabriel Educated Negro

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    i read your post for the third time and all you are is guessing what might happen based on your philosophy.
     
  19. Rashmon

    Rashmon Contributing Member

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    Still more good economic news buoys Obama and Dems
    By Jonathan Bernstein

    Today’s economic news is that new claims for unemployment benefits have fallen again, with the four-week average now at the lowest point since spring 2008. That’s not all; the stock market is also at its highest point since spring 2008, and Gallup’s economic confidence numbers are also approaching post-recession highs.

    It’s no coincidence that the run of good economic news — and employment is only a part of that — has been accompanied by a climb by Barack Obama in the polls. Indeed, the Pollster average now has Obama with an average 5.5 point lead over Romney.

    The less obvious, but also important, point is that virtually everything else in our politics is affected by good economic news, too.

    If it continues, expect the popularity of other policies associated with the president to improve, too. If Obama become more popular — which is one effect of good economic news — then “Obamacare” will, too. Moreover, if Members of Congress, bureaucrats, and lobbyists start assuming the president will be around for four more years, it’s easier for him to get his way in policy terms, because waiting him out suddenly becomes a much less viable strategy. That, in turn, could buoy his approval, too.

    One other key point: There’s a real possibility that everyone is still being overly cautious about believing in an economic turnaround. The White House’s official numbers used to make projections in the soon-to-be-released budget are very likely far too pessimistic (for technical reasons, the Office of Management and Budget doesn’t do constant revisions of its economic forecasts and so the budget released in February includes forecasts made back in the fall).

    Outside economic forecasters, too, are making projections that don’t seem to reflect the recent much better news. And even some liberal economists are emphasizing what could still go wrong and why we shouldn't get too confident — with the result that people may assume that the truth must be even worse, since liberal economists might be assumed to sugar-coat their comments when a Democrat is in the White House.

    It’s certainly possible that the new economic momentum will, again, dissipate. But the signs are mounting that people are being a bit too pessimistic. And if so, there’s a chance that Democrats and the president could be about to receive a whole lot of unexpected good news indeed.

    By Jonathan Bernstein | 12:13 PM ET, 02/09/2012
     
  20. Northside Storm

    Northside Storm Contributing Member

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    ...if you read the first part, that's actually an implied congrats, the second part is a caveat that should be taken with this "good economic news."

    anyways, I have no idea why we are even having this argument about whether there should be argument, so if you don't mind, I'm just not going to pursue it further.
     

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