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GDP Down 6.1%, much worse than expected

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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 11:32 AM
Original message
GDP Down 6.1%, much worse than expected
Edited on Wed Apr-29-09 11:32 AM by Subdivisions

The U.S. economy contracted at a surprisingly sharp 6.1 percent rate in the first quarter as exports and business inventories plummeted.

The drop in gross domestic product, reported by the Commerce Department on Wednesday, was much steeper than the 4.9 percent annual rate expected by economists and followed a 6.3 percent decline in the fourth quarter.

GDP, which measures total goods and services output within U.S. borders, has now dropped for three straight quarters for the first time since 1974-1975.

The data came as the Federal Reserve resumed a regular two-day meeting. The Fed, which has cut interest rates to almost zero and pumped about a trillion dollars into the economy to try and break its downward spiral, is expected to leave policy unchanged at the meeting.

-snip-

http://www.cnbc.com/id/30472516


DOW rallies on news...

Now back to your regularly-scheduled diversions...
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TwixVoy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:02 PM
Response to Original message
1. Shit I had a cough this morning
screw this story. I think I have the evil swine flu.
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FedUpWithIt All Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:12 PM
Response to Reply #1
3. I remember people foreboding economic trouble on these boards
Edited on Wed Apr-29-09 12:12 PM by FedUpWithIt All
They were dismissed and harshly mocked by some. They were correct.

I remember a poster suggesting that a particular hurricane would cause very sever damage and as a result was the poster was insulted and mocked mercilessly.

The poster was correct.

Why is it so troublesome, to some here, for members to discuss a current issue that has some fluidity to it? The discussion still contains a lot of uncertainties. Certainties in some cases mean that things have passed a point of no return.

I simply cannot wrap my head around a vitriol some have for others over things like this. Really just stunning.
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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:34 PM
Response to Reply #3
4. And still everyone is missing this very simple fact:
Edited on Wed Apr-29-09 12:35 PM by Subdivisions

THE UNITED STATES IS IN A SEVERE ECONOMIC DEPRESSION!!!



But, as evidenced by the slack response to this GDP news and the feverish attempts to indulge in any and all distractions manufactured or imagined, it just goes to show the level of denial present on this board and the sheer effort being expended to avoid having to say "I was wrong! We are, indeed, in deep shit!".

WAKE THE FUCK UP, SHEEPLE!

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FedUpWithIt All Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:43 PM
Response to Reply #4
8. I agree that the economy is dire. It has been broadly discussed.
I think it should continue to be discussed.

I think both things can be discussed simultaneously.
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WI_DEM Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:05 PM
Response to Original message
2. Well it's not that unsurprising given the economy, it's also way too early to see what if anything
the Obama program did. It's clear we are in a severe recession.
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spanone Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:36 PM
Response to Original message
5. according to the administration people these numbers are close the their internals
maybe it's a surprise to the media?
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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:38 PM
Response to Reply #5
6. 'was much steeper than the 4.9 percent annual rate
expected by economists', as quoted from the linked article.
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spanone Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:44 PM
Response to Reply #6
10. white house, 'not what economists expected but close to what we expected'
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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:47 PM
Response to Reply #10
12. Excellent. Thanks for the link. Missed it... n/t
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JVS Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:43 PM
Response to Reply #5
7.  If their internals were worse, one would expect they'd have talked about it.
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DireStrike Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:44 PM
Response to Reply #5
9. Internals, schminternals
Did they say that before or after the numbers came out?

If they said a week ago, "we expect a 5-6% GDP drop for Q1", then good, good.

If they said it in response, bleh.


I know this isn't the Bush administration but I'm afraid I'm permanantly untrusting of "internals" now.
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spanone Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:45 PM
Response to Reply #9
11. i know it's not the bu$h* administration too....i tend to trust them
Edited on Wed Apr-29-09 12:47 PM by spanone
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tjwash Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:50 PM
Response to Original message
13. All my stocks are up today
And I actually am ahead, from where I was this time last year.
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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 12:51 PM
Response to Reply #13
14. Send your thanks to the PPT. n/t
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ProgressiveFool Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-29-09 01:55 PM
Response to Original message
15. In related news, GOP down 2.4% /nt
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