09Q3 GDP Revised to 2.8% from 3.5%

[WildspitzE]

Apologies if it's a repost, didn't find it under a search. Just wanted to be sure that you all didn't miss the revision.

http://www.bea.gov/newsreleases/nati...ewsrelease.htm

"Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.8 percent in the third quarter of 2009, (that
is, from the second quarter to the third quarter), according to the "second" estimate released by the
Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.7 percent.

The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 3.5
percent (see "Revisions" on page 3)."


Tinfoil Hat section :

http://www.zerohedge.com/article/did...s-say-about-it

[GRG55]

Re: 09Q3 GDP Revised to 2.8% from 3.5%

Apologies if it's a repost, didn't find it under a search. Just wanted to be sure that you all didn't miss the revision.

http://www.bea.gov/newsreleases/nati...ewsrelease.htm

"Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.8 percent in the third quarter of 2009, (that
is, from the second quarter to the third quarter), according to the "second" estimate released by the
Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.7 percent.

The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 3.5
percent (see "Revisions" on page 3)."


Tinfoil Hat section :

http://www.zerohedge.com/article/did...s-say-about-it

Nothing to be concerned about. The official Wall Street prayer is being answered [Please Ben let there be another Bubble...I promise I will forsake my compulsive greed and I'll sell at the top this time, so you won't have to bail me out again. Promise. Really...]

Fed Officials Watch Asset Prices for Signs of ‘Excessive Risk’

Nov. 25 (Bloomberg) -- Federal Reserve policy makers said for the first time that their decision to cut interest rates to zero may be fueling undue financial-market speculation even as they called the dollar’s decline “orderly.”

The Federal Open Market Committee said its policy of keeping rates low might cause “excessive risk-taking” or an “unanchoring of inflation expectations,” according to minutes of its Nov. 3-4 meeting released yesterday...

...The decline of the dollar and decisions in the U.S. not to raise interest rates have caused “huge” speculation in foreign exchange trading and global asset prices, Liu Mingkang, chairman of the China Banking Regulatory Commission, said Nov. 15.

Gold prices touched an all-time high of $1,174 an ounce in New York on Nov. 23 as a slumping dollar boosted the appeal of alternative assets. The Standard & Poor’s 500 index has jumped 63 percent since its 2009 low on March 9, and the MSCI AC World stock index is up 72 percent...

At this point one could be forgiven for thinking a modicum of rational thought was creeping into the Fed. One would be mistaken, however...

...Fed policy makers at their meeting this month repeated their commitment to keep the benchmark interest rate “exceptionally low” for an “extended period.” In their discussion of asset prices, they said the likelihood of excessive risk-taking was “relatively low.”...

The Fed is going to have to do a lot better than this if it wants to smack the gold and commodity markets back into line...:rolleyes:

[jk]

Re: 09Q3 GDP Revised to 2.8% from 3.5%

Nothing to be concerned about. The official Wall Street prayer is being answered [Please Ben let there be another Bubble...I promise I will forsake my compulsive greed and I'll sell at the top this time, so you won't have to bail me out again. Promise. Really...]

Fed Officials Watch Asset Prices for Signs of ‘Excessive Risk’

Nov. 25 (Bloomberg) -- Federal Reserve policy makers said for the first time that their decision to cut interest rates to zero may be fueling undue financial-market speculation even as they called the dollar’s decline “orderly.”

The Federal Open Market Committee said its policy of keeping rates low might cause “excessive risk-taking” or an “unanchoring of inflation expectations,” according to minutes of its Nov. 3-4 meeting released yesterday...

...The decline of the dollar and decisions in the U.S. not to raise interest rates have caused “huge” speculation in foreign exchange trading and global asset prices, Liu Mingkang, chairman of the China Banking Regulatory Commission, said Nov. 15.

Gold prices touched an all-time high of $1,174 an ounce in New York on Nov. 23 as a slumping dollar boosted the appeal of alternative assets. The Standard & Poor’s 500 index has jumped 63 percent since its 2009 low on March 9, and the MSCI AC World stock index is up 72 percent...

At this point one could be forgiven for thinking a modicum of rational thought was creeping into the Fed. One would be mistaken, however...

...Fed policy makers at their meeting this month repeated their commitment to keep the benchmark interest rate “exceptionally low” for an “extended period.” In their discussion of asset prices, they said the likelihood of excessive risk-taking was “relatively low.”...

The Fed is going to have to do a lot better than this if it wants to smack the gold and commodity markets back into line...:rolleyes:

there's no such thing as excessive risk taking if you know you'll be bailed out. and anyone who counts [not you or me] will be bailed out. q.e.d.

[touchring]

Re: 09Q3 GDP Revised to 2.8% from 3.5%

there's no such thing as excessive risk taking if you know you'll be bailed out. and anyone who counts [not you or me] will be bailed out. q.e.d.

How about if the bailout is required in the third or fourth quarter of 2010?