By John Galt
October 30, 2009
I’m often told that I blabber too much and don’t let the facts speak for themselves. Well, too bad, I’ll blabber less though and let three key figures do the talking from today’s BEA GDP report.
1. Durable Goods/Non-Durable Goods
Basically we are still below the quarter when the recession started. As many love to say on the financial media only to be shouted down, this is a “Statistical” recovery as this chart and the next two shall bear out.
None too impressive, eh? Stick that in your Liesman and smoke it.
2. Residential and Non-Residential Structures
Both are still far below the beginning quarter of the recession thus officially making GDP a Bubblevision “lagging” indicator. Wait until they find out that commercial and residential construction still has further to fall.
3. Gross Private Domestic Investment
Uh, that’s not what I would call a “V” shaped recovery in that number. Nor is it that awe inspiring a future indicator for the quarters which follow. Perhaps Obama can double down and get the Congressional spendpigs to double down and add another $2 trillion to the deficit to insure their re-election.
And just for fun, I’ll drag out an oldie but goodie private chart that I shared last year just to illustrate that when you start to compare economic growth via the Nominal GDP numbers compared to the equivalent in 1982 and 1967 (Gold Standard era) dollars, you realize just how much destruction we’ve imposed on our society by diluting our currency:
Woo-Hoo! Rip roaring happy days are here again times return.
Once again boys and girls, don’t believe everything you hear. Once the government trough is taken away and the realization that risk has been assigned to taxpayers while profit assigned to campaign contributors, the capitalist system some of us grew up with will fade quickly into the background.
Say around 1973?