[Red Steel]

I'll wait and see what the GDP number is for this quarter before making a judgement. Last quarter reported in at 3.3% - that's no recession.

McCain doesn't want to be accused of being insensitive. And Obama loves to lie about the economy, like many Dems, for political gain.

[Mr. Jeeves]

Last quarter reported in at 3.3% - that's no recession.

That number will be revised way downward in six months - just like the others. It came from the same people who are bringing you all of these one-time bailouts.

Fraudulent statistics aside, the existence of a recession can only be denied by a fool or Larry Kudlow...but I repeat myself. ;)

[NVDave]

Last quarter’s 3.3% was based on two things:

1. Exports, which were up very strongly.
2. A GDP deflator that does not track the CPI.

Take out those two issues and you’ll see that you’re down to a couple tenths of a percent GDP growth.

The two things that stood out for me in the GDP report were:

1. The collapse of import spending.
2. An astonishing increase in savings.

We might disagree on the particulars of the economy, but if you crack open the internals of that 3.3% headline number, you will see that it is not a great report.