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The U.S. economy continues to improve under President Obama -- oh, never mind.

Durable goods orders drop 13.2%
http://www.reuters.com/article/2012/09/ ... S720120927

2Q GDP revised downward from 1.7% to 1.3%
http://www.bloomberg.com/news/2012-09-2 ... arter.html

Thank you, President Obama. Better hit the campaign trail hard today. We need four more years of change.

CitadelGrad wrote:2Q GDP revised downward

Shocker, but this will get half the press of the original, overstated numbers.

I'm not sure most people even see this news - I didn't see it reported anywhere on CNN and ABC and at least the former is somewhat unbiased (not sure what happened to ABC lately, it seems like they are passing MSNBC in that direction. I miss Peter Jennings very much). The only place I read about the drop in GDP and durable goods was on the BBC.

Sitting in a manufacturing job right now, it's easy to see the economy is slowing down considerably. Regardless of who wins in November, they'll have to reverse what's got all the makings of a double dip. I'm not sure we know how to get out of this mess.

GannonFan wrote:I'm not sure we know how to get out of this mess.

Hope and change my friend, hope and change.


Things have been alright for the company I work for but we sure haven't put all the people back to work that we have let go since the first dip. My company just didn't replace many people when they left. They just shuffled staff around when they could and we went from 3K workers to 2.4K over a few years and are staying at about that.

GannonFan wrote:I'm not sure most people even see this news - I didn't see it reported anywhere on CNN and ABC and at least the former is somewhat unbiased (not sure what happened to ABC lately, it seems like they are passing MSNBC in that direction. I miss Peter Jennings very much). The only place I read about the drop in GDP and durable goods was on the BBC.

Sitting in a manufacturing job right now, it's easy to see the economy is slowing down considerably. Regardless of who wins in November, they'll have to reverse what's got all the makings of a double dip. I'm not sure we know how to get out of this mess.

I saw the % change noted on the CNN ticker as I walked past the TV in the break room while I was at work today.

I big part of the revised GDP was the worst drought in 50 years.

Skjellyfetti wrote:I big part of the revised GDP was the worst drought in 50 years.

Private sector, academic sector and Federal Reserve forecasts have been declining month-to-month for at least a year and have been nearly spot on. You can't blame that on the drought.

Is the massive decline in durable goods orders and Northeast manufacturing that the Fed identified several months ago related to the drought? Fvck no.

89Hen wrote:

CitadelGrad wrote:2Q GDP revised downward

Shocker, but this will get half the press of the original, overstated numbers.

Agreed: the liberal MSM will be too busy fellating Obama to notice. Until November 7, when it will start blaming the "fiscal cliff" on the Republicans.

Put that in your pipe and smoke it, Dback!

Ivytalk wrote:

89Hen wrote: Shocker, but this will get half the press of the original, overstated numbers.

Agreed: the liberal MSM will be too busy fellating Obama to notice. Until November 7, when it will start blaming the "fiscal cliff" on the Republicans.

Put that in your pipe and smoke it, Dback!

I can see blaming the msm and it's biased reporting is the excuse du jour for Romney losing now. BTW, this news was reported on Morning Joe.

But I am concerned about the economy as well. I've been saying all along that the fundamentals have not been fixed, Obama simply re-inflated a bubble, and we are over-built in way too many industries. It remains to be seen whether we see another crash or continue on our Japanese course.

SDHornet wrote:

GannonFan wrote:I'm not sure most people even see this news - I didn't see it reported anywhere on CNN and ABC and at least the former is somewhat unbiased (not sure what happened to ABC lately, it seems like they are passing MSNBC in that direction. I miss Peter Jennings very much). The only place I read about the drop in GDP and durable goods was on the BBC.

Sitting in a manufacturing job right now, it's easy to see the economy is slowing down considerably. Regardless of who wins in November, they'll have to reverse what's got all the makings of a double dip. I'm not sure we know how to get out of this mess.

I saw the % change noted on the CNN ticker as I walked past the TV in the break room while I was at work today.

Certainly could've been - I don't see TV at work. But it wasn't on the front page of CNN's website and they cover a fair amount of ground on the front page. It was a top headline on the BBC, even at 5 in the afternoon yesterday.

I've lost all faith in ABC to report on stories, though. That last jobs report that was a dud everywhere and the only headline ABC had on it was that unemployment dropped (as if it was a good thing). Granted, the inside article detailed the bad things that led to the rate to drop, but a casual observer just reading headlines wouldn't know that. But ABC isn't alone in that slanting - the WSJ, whose editorial pages have always been slanted to the right (although normally just economically - they've been pretty laizze faire about social issues) but now you can see the bias seeping out into the rest of the paper where it wasn't before. Everyone seems to have an opinion and a bias and now they seem unable to stop that from affecting their reporting. Kinda sad when you think about it.

kalm wrote:

Ivytalk wrote: Agreed: the liberal MSM will be too busy fellating Obama to notice. Until November 7, when it will start blaming the "fiscal cliff" on the Republicans.

Put that in your pipe and smoke it, Dback!

I can see blaming the msm and it's biased reporting is the excuse du jour for Romney losing now. BTW, this news was reported on Morning Joe.

But I am concerned about the economy as well. I've been saying all along that the fundamentals have not been fixed, Obama simply re-inflated a bubble, and we are over-built in way too many industries. It remains to be seen whether we see another crash or continue on our Japanese course.

Good call on the Japanese comparison. They didn't want anything to fail and they propped up losing businesses for far too long and paid the price for it. We may never see another crash out of this, but like the Japanese, we could see an extended period of a limping at best economy. And their's lasted more than a decade so we could have a long way to go at this rate.

Skjellyfetti wrote:I big part of the revised GDP was the worst drought in 50 years.

Bush's fault

Skjellyfetti wrote:I big part of the revised GDP was the worst drought in 50 years.

Yes, this poor economy certainly isn't OBushma's fault...he'd have it fixed, as he promised (and said he would not deserve re-election if he didn't), if it weren't for that ecological disaster.

On the other hand, here we are struggling with an at least once-in-a-half-century catastrophe and all Obama is doing is flying over the disaster areas in planes and helicopters to get to yet another fund raiser...almost Katrina-esque.

Hope you lead the media charge on that story.

GannonFan wrote:

SDHornet wrote: I saw the % change noted on the CNN ticker as I walked past the TV in the break room while I was at work today.

Certainly could've been - I don't see TV at work. But it wasn't on the front page of CNN's website and they cover a fair amount of ground on the front page. It was a top headline on the BBC, even at 5 in the afternoon yesterday.

I've lost all faith in ABC to report on stories, though. That last jobs report that was a dud everywhere and the only headline ABC had on it was that unemployment dropped (as if it was a good thing). Granted, the inside article detailed the bad things that led to the rate to drop, but a casual observer just reading headlines wouldn't know that. But ABC isn't alone in that slanting - the WSJ, whose editorial pages have always been slanted to the right (although normally just economically - they've been pretty laizze faire about social issues) but now you can see the bias seeping out into the rest of the paper where it wasn't before. Everyone seems to have an opinion and a bias and now they seem unable to stop that from affecting their reporting. Kinda sad when you think about it.

I admit that the WSJ editorial pages and op-eds lean to the right, but the news stories "between the folds" of the front section are as objective as you'll find anywhere.

Ivytalk wrote:

GannonFan wrote:
Certainly could've been - I don't see TV at work. But it wasn't on the front page of CNN's website and they cover a fair amount of ground on the front page. It was a top headline on the BBC, even at 5 in the afternoon yesterday.

I've lost all faith in ABC to report on stories, though. That last jobs report that was a dud everywhere and the only headline ABC had on it was that unemployment dropped (as if it was a good thing). Granted, the inside article detailed the bad things that led to the rate to drop, but a casual observer just reading headlines wouldn't know that. But ABC isn't alone in that slanting - the WSJ, whose editorial pages have always been slanted to the right (although normally just economically - they've been pretty laizze faire about social issues) but now you can see the bias seeping out into the rest of the paper where it wasn't before. Everyone seems to have an opinion and a bias and now they seem unable to stop that from affecting their reporting. Kinda sad when you think about it.

I admit that the WSJ editorial pages and op-eds lean to the right, but the news stories "between the folds" of the front section are as objective as you'll find anywhere.

Hey, I love the WSJ too, but I'm just calling it like I see them. Whereas before you would never see an inkling of the opinion pieces anywhere in the rest of the paper, every now and then you read a story (and it's only the political ones) that some things slip from time to time.

I agree though, compared to anything else it's by far the most objective one out there, but I was saying there's even cracks in its armor. Most other places (like ABC) have just thrown off the armor entirely and have gone full MSNBC/FOX type bias.