Another Big Wrinkle Today: An Ugly GDP Report

TBI ^ | 7-29-2011 | Joe Weisenthal

[blam]

Another Big Wrinkle Today: An Ugly GDP Report

Joe Weisenthal
Jul. 29, 2011, 4:50 AM

Just in case today wasn't going to be hectic enough, what with everyone sorting out where we are on the debt ceiling, there's going to be another interesting wrinkle: Advance GDP for Q2.

The official estimate is still at 1.9%, but there's definitely a louder and louder "whisper" number that's way lower than that, perhaps even lower than 1%?

When in does come in bad, expect to hear it invoked by politicians all around, eager to score points in the debt ceiling fight.

And even on its own it will be watched closely by markets.

That's out at 8:30.

Should be a wild day.

[blam]

Obama's Economy.

Keep saying that.

The press will want to say it's the Republicans fiddling with the budget, etc.

[blam]

Markets Lower After Debt Ceiling Disaster

[blam]

Barney Frank: Default Is Now "More Likely Than Not"

[Roccus]

The American Economy

[blam]

It's Perfect Timing For This Economist Cover

[Covenantor]

...I hear hoof beats, sounds like four horsemen coming this way, maybe.

[LibLieSlayer]

They can easily fudge their unemployment numbers... reporting a 24.3% unemployment rate using the Great Depression formula as 9.2%... but the GDP is something that is a tad bit harder to fabricate... tweaked yes but not like the UE numbers. FUbo... and every rino ally you own!

LLS

[bert]

The piece is wrong.

The markets are lower in anticipation of the lower GDP report and slowing economy. The debt/deficit are already part of the pricing and the current dithering has no real effect. The prospect of lower sales translates to lower earnings thus lower prices.

[Roccus]

I don't see it quite that way.
When we hear the politicians talk, when we hear the economists talk, when we hear the talking heads in the media talk, one aspect is ALWAYS neglected......the American people. Somehow I do not believe that Americans will be anywheres near as acquiescent as the Japanese.....at least I hope not.

[blam]

THE DANGER IS FROM THE SPENDING CUTS, NOT THE DOWNGRADE

[RipSawyer]

“...I hear hoof beats, sounds like four horsemen coming this way, maybe.”
////////////////////////////////////////////////////////////

Well, you can bet your boots it ain’t Roy, Rex, Gene and Tex, the four singing cowboys of the golden age.

[101voodoo]

Any numbers coming out of this Administration are to be taken with a few pounds of salt.

[blam]

"Any numbers coming out of this Administration are to be taken with a few pounds of salt. "

Yup.

Shadow Government Statistics

[Covenantor]

Well, you can bet your boots it ain?t Roy, Rex, Gene and Tex, the four singing cowboys of the golden age.

Tonto no hear singing. Kimo Sabe right.

[faucetman]

Ahhh, the good ole days!

[Roccus]

TIC - TOC - TIC - TOC

15 minutesw to go.......

[Bobalu]

[Justa]

You’re citing a Politico article? Pfft.

Since when does not raising the debt ceiling equate to not paying interest on the national debt?

Since raising the debt ceiling is in the best interest of Democrats? Is that when?

So instead of saying “the government will shutdown” the Dems and MSM are saying “the government will default [on debt payments]”. And FReepers are repeating this BS!?

Defaulting on the debt would give Fed Reserve banks the justification they need to jack up interest rates. The Dems, the MSM and some FReepers (!!) want to make sure conservatives get the blame.

But it is the Democrats’ choice. If they choose to instruct the Treasury to not make payment on the national debt that is their decision and their’s alone.

Please don’t tie the DEMOCRATS’ DECISION TO DEFAULT to the conservatives’ decision to reduce DEMOCRATS’ SPENDING.

STOP WATCHING the MSM!

[John W]

STOP WATCHING the MSM!

BUT WHERE WILL I GET MY COMEDY FIX?

[Roccus]

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