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Bush Is Right: Economy BOOMING! Really? "Housing Slump SLOWS Economy"

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The Cleaner Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-28-06 11:34 AM
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Bush Is Right: Economy BOOMING! Really? "Housing Slump SLOWS Economy"

The cooling housing market sent a chill through the economy in the third quarter, helping to slow growth to its weakest pace in more than three years, the government said yesterday.

The nation's gross domestic product, the value of all goods and services produced, expanded at a sluggish 1.6 percent annual rate in the quarter, down from a moderate 2.6 percent pace in the second quarter, the Commerce Department reported. In the first three months of the year, the economy grew at a sizzling 5.6 percent annual rate.

With less than two weeks to go before the midterm congressional elections, the report instantly became campaign ammunition. Democrats emphasized the slowdown while Republicans highlighted signs of economic strength...

The sharp slowdown during the year resulted from a combination of soaring energy prices, rising interest rates and plunging home construction and sales. Oil prices and the cost of a 30-year fixed-rate mortgage peaked in July, and gasoline averaged around $3 a gallon for much of the summer.

Home building plunged at a 17.4 percent annual rate in the third quarter, the steepest fall in four consecutive quarters of declines, the report showed.

Source: http://www.washingtonpost.com/wp-dyn/content/article/20...
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HereSince1628 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-28-06 11:50 AM
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1. Being solipsist he was probably thinking of oil economy.
Exxon just reported record quarterly profits. Chevron reported a great quarter, too. Boo-yah!


But both stocks are expected to get hammered next week as fear of the Democrats interest in recovering unpaid oil royalties and tax agenda will be the only message communicated about oil.
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lostnotforgotten Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-28-06 11:54 AM
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2. Does This Look Like A Booming Economy?
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mrdmk Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-28-06 12:24 PM
Response to Reply #2
3. Yeah, Wall Street was booming in 1928
You cannot use Wall Street as a economic indicator. Besides, the GNP is going to be revised downward because of an error. Depending how it is reported, I really think consumer confidence is going to plummet. Pay off those credit cards boys and girls and do not spend anything on Christmas (make your gifts from scratch).
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lostnotforgotten Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-28-06 12:27 PM
Response to Reply #3
4. You Miss The Point Entirely
seven straight years of horizontal movement versus the growth during the Clinton years.
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