What happened to all of the doom and gloom economic threads?

[koalabear]

Spin?

Fed cuts growth forecast, sees higher unemployment

(AFP) – 6 hours ago

WASHINGTON — The Federal Reserve on Wednesday slashed its US economic growth forecast through 2013, as it raised its estimate on unemployment.

After announcing monetary policy essentially unchanged in the face of economic growth that had "strengthened somewhat" in the third quarter, the Fed released a set of projections that included 2014 estimates for the first time.

Gross domestic product growth is expected to increase only modestly -- 1.6 to 1.7 percent -- this year, before picking up to a pace of between 2.5 and 2.9 percent next year, according to the central bank's latest economic projections.

That marked a sharp downward revision from the Fed's June estimates of GDP growth of 2.7-2.9 percent in 2011 and 3.3-3.7 percent in 2012.

For 2013, GDP expansion was slashed to 3.0 percent to 3.5 percent, down from 3.5 percent to 4.2 percent.

"The pace of progress is likely to be frustratingly slow," Fed chairman Ben Bernanke said at a news conference after a meeting of the Federal Open Market Committee that produced no new change in monetary policy.

The Fed projected the painfully high unemployment rate would be in the range of 9.0-9.1 percent in the current fourth quarter, instead of the rate of 8.6-8.9 percent seen less than five months ago.

For the 2012 fourth quarter, the jobless rate estimates were upwardly revised a half a percentage point or more, to a range between 8.5 percent and 8.7 percent.

The Fed, whose dual mandate is full employment and price stability, said that inflation was on a downward trend, following a spike in commodity prices.

Consumer inflation would end the year 0.4 percentage points higher than previously estimated, the Fed said, at between 2.7 percent and 2.9 percent.

The Fed slightly narrowed the prior estimate of the 2012 inflation, to 1.4 percent to 2.0 percent, and left unchanged the 1.5-2.0 percent numbers for 2013.

For 2014, the Fed projected GDP growth roughly in line with the prior year, at 3.0 percent to 3.9 percent.

The unemployment rate was seen as falling to a range of 6.8 percent to 7.7 percent, while inflation would hold steady at 1.5 percent to 2.0 percent.

http://www.google.com/hostednews/af...docId=CNG.b1ecd2f45c2af3823a72fc1471df02dc.c1

MORON gets confused easily in his lib fits.

 

[Sean Renaud]

He can't run on his record, that's why he's telling lies about the Pubs and running against those lies.

Osama and most Al Qaeda leadership are dead.
We'll be out of Iraq by Christmas
Health Care passed, it's not perfect but hey what we had was horrid can
Gays can serve openly in the military

He can easily run on his record if he so chooses. The only thing he can't run on is the economy. And there all he has to do is run against the 1% and state the truth. They're making money, many are claiming record quarters and years but they aren't hiring.

And spreading lies. C'mon we both know Cain probably said something. He's a guy, we all have. The only difference is he had enough money at the time to make it worth while for some feminazis to claim to be offended and get paid some where north of 10k to simply not bother him anymore.

 

[koalabear]

Osama and most Al Qaeda leadership are dead.
We'll be out of Iraq by Christmas
Health Care passed, it's not perfect but hey what we had was horrid can
Gays can serve openly in the military

He can easily run on his record if he so chooses. The only thing he can't run on is the economy. And there all he has to do is run against the 1% and state the truth. They're making money, many are claiming record quarters and years but they aren't hiring.

And spreading lies. C'mon we both know Cain probably said something. He's a guy, we all have. The only difference is he had enough money at the time to make it worth while for some feminazis to claim to be offended and get paid some where north of 10k to simply not bother him anymore.

http://i305.photobucket.com/albums/nn233/koalabear_photo/haha4.gif​

 

[unregistered]

 

[unregistered]

 

[mercury14]

Spin?

Yes, spin. The report from the Fed was good. Just look at the market's response to it. But you choose to focus on any shred of negativity you can.

Really though, this is comedy. Righties here on this thread bitched when GDP growth was -5.5%. Now you're bitching when it's +2.5% to +3%. How quickly you forget that just one quarter ago it was a lame 1.3%...

Righties here bitched about inflation and here it is at 2.8% on a downward trend. Whatever happened to the oh-so-wise predictions of hyperinflation, deflation, and "stagflation"? How come nobody ever admitted that they were wrong?

"Ben Bernanke has been the most inflationary Fed Chairman in the last forty years"
- Newt Gingrich


*facepalm*

 

[mercury14]

Those profits are being generated for the most part on overseas profits. I

Link please.

 

[Sean Renaud]

People are thinking jobs and economics, and there he has no record except failure. Those profits are being generated for the most part on overseas profits. If he could run on his record he'd be doing it, he isn't, cuz he can't.

We're not losing jobs, the stock market is back up, profits are being made overseas because the top 1% willed it to be. If you run a Republican who's gonna do something to discourage jobs overseas maybe you'll have a chance, but really this thing was over a long time ago which is specifically why the current batch are running. This is the throwaway year so pick your Kerry!

 

[RightField]

Good point, if his record is so good, why isn't he choosing to run on it?

 

[mercury14]

Link please.

So no link, Vette?

 

[Disgustipated]

So no link, Vette?

He's getting worse and worse at backing up his nonsense. It's like Perg berating Ish in the Climate Bozo thread. I'm guessing senility has finally taking over all faculties with those two lying idiots.

 

[unregistered]

 

[IrezumiKiss]

So no link, Vette?

Nope, doesn't seem to be any link so far. Maybe not ever.

 

[mercury14]

Do you really think Bernanke would give you a report critical of himself?

Now you're just flailing around.

Link please. Still waiting for you to back up your fiction.

 

[Sean Renaud]

Good point, if his record is so good, why isn't he choosing to run on it?

Who says he isn't? I haven't heard a single Obama campaign ad. There haven't and likely won't be and Democrat primary debates. I can't afford the ticket price to get into any of the fundraisers to know what he saying when he's out on the road. If we count anything he's doing now as campaigning, which is bullshit, but if we go that route then he's running on his jobs bill and against the Congress that won't pass it. You wouldn't do something again that you didn't think worked the first time. Sounds rather solid to me.

 

[busybody..]

Another attempt to spin good news into bad. When was the last time you looked at something honestly when a Democrat was in office?

what a fucking clown, NIGGERPOONZANDI!

 

[unregistered]

 

[mercury14]

Study it yourself you imbecile, I'm tired of schooling you like a child.

Pulling a turd out of your ass and calling it a lump of gold just means you're holding a turd. It certainly doesn't mean you schooled anyone in metallurgy.

Back up your own point, coward.

 

[4est_4est_Gump]

Yes, spin. The report from the Fed was good. Just look at the market's response to it. But you choose to focus on any shred of negativity you can.

Really though, this is comedy. Righties here on this thread bitched when GDP growth was -5.5%. Now you're bitching when it's +2.5% to +3%. How quickly you forget that just one quarter ago it was a lame 1.3%...

Righties here bitched about inflation and here it is at 2.8% on a downward trend. Whatever happened to the oh-so-wise predictions of hyperinflation, deflation, and "stagflation"? How come nobody ever admitted that they were wrong?

"Ben Bernanke has been the most inflationary Fed Chairman in the last forty years"
- Newt Gingrich


*facepalm*

In fact, it was SO good that we might hit that all-important mark of 12K and THEN the stock market will be a meaningful indicator again!

Yeah, well Lefties bitched when it was 5% and there was a statistical full unemployment number and they bitched and bitched and bitched about how it felt like a recession and the rich were getting richer and Wall Street was fucking evil and the infrastructure looked like the ruins of Athens until we gave them the government back in order to deal with the bubble burst they created beginning with Carter and accelerated under Clinton (link? go back a couple of pages) and then in an act of sheer fucking madness defended under Bush as being as sound as Freddie, or Fannie, or even Sallie and the Post Office...

It was racist Republican "fear-mongering" to suggest that the Democrat housing for the poor Ponzi was about to implode.

And now they think it's simply horrible that we don't love their ecomnomic acumen and endless spending coupled with "meaningless" deficits that make even the average Communist-lifestyle-hardened Greek blush..

And yeah Bernake said, the glass is half full if you look at it with hope and change, but if you're grounded in reality, it's half empty.

 

[4est_4est_Gump]

Newt's smarter than you are.



We'uns all grok that.



Have a Nice Day!

 

[Wat_Tyler]

Face it - it's all Greenspan's fault.

 

[4est_4est_Gump]

Bretton Wood




Okay, you don't have to have ALL the gold...

 

[JohnnySavage]

Bretton Wood




Okay, you don't have to have ALL the gold...

I never figured you for a Goldnick. I mean, I know you have some wacky ideas, but a Goldnick? Really?

 

[4est_4est_Gump]

I never figured you for a Goldnick. I mean, I know you have some wacky ideas, but a Goldnick? Really?

Not really, but at the same time, even you have to admit that it gave the government the power to inflate in order to not control social spending...

Mises and Rothbard have made some powerful arguments.

"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."
John Maynard Keynes

Shit Happens!

 

[JohnnySavage]

Anytime you have the power to create your own money there is a risk others will laugh at it. This is why we need an independent Fed (sorry Ron, I want someone other than Congress controlling our money supply). But gold doesn't solve that problem, unless you own all of it. Russia, China, South Africa... all have huge reserves. THEY could devalue a gold-based economy just like the Fed printing more paper money could.