In case traditional news outlets "forget" to tell you, Uncle Sam announced this morning that second-quarter Gross Domestic Product (GDP) growth was revised sharply upward to 3.3% from the late July's advance estimate of 1.9%.
Dude, where's my recession?
Y'know, the recession that Barack Obama claimed we "almost certainly in" back in mid-July?
Believe it or not, there are supposedly legitimate economists out there who, despite today's news, still insist that we are in a recession -- right now! -- and have been for some time. And of course, reporters are finding them, and quoting them.
Earlier this week, when it was clear that a significant upward GDP revision was in the works, "journalists" at MarketWatch and CNNMoney.com, with the help of their "experts," did everything they could to downplay its impending significance. One even called it a "mirage."
Well, there were certainly plenty of large corporate downsizing and layoffs due to the 'recession'. And some retail stores or food chains going belly up, or not expanding due to a 'recession'.
Perhaps it is just an 'economic adjustment'. I love when they use that term.
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I saw you say "Uncle Sam announced" and my first thought was...Did Joe Suhrada come out with a release? No, I know. They, in fact, said that the biggest part of fending off the recession is the exportation of products. That's right, people, the ships don't (always) leave the docks empty, just like those Railex trains that come in aren't supposed to (always) be heading back towards the west coast empty.
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