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Economy grows 7.2% best growth since '84
Well?
Economy Grows at Fastest Pace Since 1984 Oct 30, 8:54 AM (ET) By JEANNINE AVERSA (AP) After posting a decline in September, the Conference Board's Consumer Confidence Index jumped to... Full Image WASHINGTON (AP) - The economy grew at a scorching 7.2 percent annual rate in the third quarter in the strongest pace in nearly two decades. Consumers spent with abandon and businesses ramped up investment, compelling new evidence of an economic resurgence. http://apnews.myway.com/article/20031030/D7UGHGD02.html The rest here |
#2
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How long are we to expect consumers to keep the economy afloat? Consumer debt has reached a record level, and eventually, bankrupticies and consumer debt settlements are going to take a chunk out of the profits...
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2009 ML350 (106K) - Family vehicle 2001 CLK430 Cabriolet (80K) - Wife's car 2005 BMW 645CI (138K) - My daily driver 2016 Mustang (32K) - Daughter's car |
#3
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I like it. Good growth in all sectors and not bouyed by defense spending which remained constant. The worst 4Q we've had in the last three years has been +1.1 percent. Look forward to a good 4Q.
But like Ted says, hope employment follows.
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You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman |
#4
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Economy
yes but it is some good news, I just hope the job market will turn around. I know the NAFTA sent alot of jobs to other countries..
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2000 Ford 7.3 Powerstroke 4x4 2006 Mazda Tribute 1983 Black 300 D (donated to charity) 1993 Teal 300 D (160K) Sold "I love the smell of burnt diesel fuel in the morning, it smells like ....VICTORY" Semper Fidelis USMC 1973-1976 |
#5
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Job market will turn around, but only in certain sectors. Forget manufacturing. Here's an observation. Despite the increase in business spending on equipment and software, inventories still remain low. Is that optimism?
For one, remember the bruhaha over SUV's and the new tax law? Environmental groups were up in arms saying that it only furthers our dependence on fossil fuels. Congress the tax deduction for business equipment from 17.5k in '96 to 25k in '03. The President plans to take the deduction to 75k. The big surprise from yesterday is the increase in auto sales. Is this directly related to the new tax law? Who knows, the feds don't break out the category. It's all business equipment and software. Low inventories used to hint at cautious behaviour toward the economy. But I don't think inventories are low because companies are unwilling to commit, I think they're low because companies are becoming more efficient in managing their supply chains. Here's a job opportunity. Purchasing! Despite manufacturing job losses, companies are spending money hiring good purchasing personnel who understand supply chain management. They've found that proper JIT purchasing saves time and money. The figures vary, but I've heard figures as high as 10% cost savings for smaller firms. Check it out, see if I'm right. Good luck
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You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman |
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Want to make money--devise a system that will beat Wallmart. Bwah-hahaha! Cry havoc! Unleash the dogs of war! |
#7
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The trend of growth is obvious around here. Between the last month and last 3 months there has been a *huge* increase in businesses spending, at least for my customers in various elements of the service industry. Meanwhile Boeing (not one of my customers :p ), is still not doing much.
Aside: One of the local back-handed witticisms was that they were going to start making aircraft wings for Airbus as soon as Boeing moves out of Renton.
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...Tracy '00 ML320 "Casper" '92 400E "Stella" |
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#9
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Oh-oh, how about this: We'll put a small surcharge on every item sold that was purchased overseas (a tariff) and give the proceeds to employees who produce the same product at a higher price. Or how about this: we'll increase tariffs on those items which compete with our manufacturing, protecting local jobs and fattening the revenues to government so government can offer worthy programs like job retraining or childcare. Lets not innovate, lets legislate. Botnst |
#10
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You free marketeers can blindly follow your ridiculously short-sighted theory right over the cliffs of economic collapse like good little lemmings, but puleez leave the rest of us out of your experiment. Both of the major political parties have bought into this disaster, but how long do you realistically think this little charade can go on before folks catch on? How long can consumer debt continue to finance the ongoing 'hollowing out' of our textile, manufacturing and yes, even our service sectors? Exactly how are the employment figures going to rise? Where are the millions of unemployed to work these days? The tech sector? Whoops! gone to India and Pakistan. Hey, I know, the prison industrial complex is considered to be a field of unlimited growth....there's gold in them thar miseries. And all the while we taxpayers continue to finance imperial escapades abroad...what a cruel hoax. Our boy king fiddles while his Roam-ing burns through the budget. Cynicism is indeed growing at a scorching rate these days... |
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I have never heard of any instance in which a government ever drove an economy anywhere but to ruin. Botnst |
#12
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Free markets have gotten the most individual freeedom that the planet has ever seen. Except for a few feudal societies, free markets have eliminated chattel slavery. In comparison to that, no centralized government has accomplished much more than widespread misery and enslavement. Darned right, "gone to India..", and a good thing, too! That's what we freemarketeers call, "free enterprise". Product gets expensive and somebody innovates. You damned-fool americans want all your high wages and social services, hey, we'll compete with our low overhead. In time, the Indians will demand more benefits and social service so the trade will move, slowly, to Bangledesh. The people of Bangledesh and India will benefit and the people of the USA better get off their their tired-asses and get with the program. All you have to do is compare material prosperity between the era of free market capitalism and any other period in history: which has shown the greatest advance? Don't you think that "Boy-king" is a bit much? The difference between a term-limited execuive and divine right rulers is pretty big. |
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Botnst, you should know by now that I'm a big picture thinker--where's this all leading us? What's the end product of these policies and agendas? That sort of stuff...
Bottom line: is the continual hollowing out of our economy sustainable? And yes, I do think boy-king is perfectly relevant--Sen. Prescott Bush --> Pres. G HW Bush --> Pres.(?)G W Bush --> Gov. Jeb Bush...d'ya see where I'm going with this? Quote:
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BTW: This is the first free weekend I've had in two weeks. I've had an unbelievable workload...but now I'm back, ready to spread my Leftist gibberish! |
#14
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Free market or competitive marketplace? My preference is the latter.
Think about competition. How does it work? It requires rules and a playing field for it to thrive. The true free market reaches consolidation and a state of monopoly, which is terrific for the guy that owns the business, but bad for most everyone. Does anyone think that football, hockey, etc. are not competitive? You bet they are! And they have rule books to make sure that it remains that way. The same thing applies to business. We use government to write the play book. The rules are shaped to encourage and foster real competition. The name of the game is to create an environment where business thrives, and business also serves the needs of the citizenry. It is possible to have GDP growth that benefits a minority of the population. What we need is growth that benefits everyone.
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John Shellenberg 1998 C230 "Black Betty" 240K http://img31.exs.cx/img31/4050/tophat6.gif |
#15
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Prof Z are you suggesting that capitalism will fail in the next 3 years or 300 years? I would hope it would evolve but wouldn’t doubt failure. It would fail if it couldn’t expand or was disrupted in a big way.
Accepting for the moment that the current trend of jobs going to other countries continues, and that slashes in the job market take place, and that in say 10 years everything that ~can~ be done outside of the USA or North America, or the Northern Hemisphere, or what ever scale you wish to use, is in fact done. Or worse, may God forbid that despite our best efforts, al Qaeda or some other group gets hold of not one, but a dozen nukes and “hollows out” the economy in the 12 biggest cities in the USA, plus another in DC...... Where are you going with the line of reason? Is it just a case of saying that capitalism’s failure is gonna happen? One of Botnst’s points is that by employing workers of other countries, they will employ workers of yet other countries. And the economy will thereby grow. This process has been under way for hundreds of years.
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...Tracy '00 ML320 "Casper" '92 400E "Stella" |
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