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Don't Worry. Be Happy

By Big Tent Democrat, Section Economy
Posted on Fri Jul 31, 2009 at 10:25:58 AM EST
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Atrios:

YAAAY!

Gross domestic product, the broadest measure of economic activity, fell at a 1 percent annual rate in the April through June quarter, the Commerce Department said.

Oh, wait...

That compares with a 6.4 percent pace of decline in the first quarter, a revision from an earlier estimate of a 5.5 percent rate of decline.

Don't worry. Be Happy.

Speaking for me only

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    Don't Worry. Be Happy | 36 comments (36 topical)

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    As long as the tequila holds (5.00 / 2) (#1)
    by Militarytracy on Fri Jul 31, 2009 at 10:35:29 AM EST
    I will experience episodes of happiness coinciding with a dumbed down ability to worry.

    I just heard Obama say that (5.00 / 3) (#2)
    by Militarytracy on Fri Jul 31, 2009 at 10:42:55 AM EST
    due to slowing of the contraction we can deduce that we have stepped away from the precipice.  I hate to be such a negative energy but ummmm....when an economy experiences contractions like ours has we fell off the precipice.  There are several things that can happen now, and one of those will be when we have hit the bottom.  The other thing that happens during contractions is that a new economic reality is given birth to.  Whether Obama likes it or not, our past economic reality that we all have grown accustomed to is going splat.  Decide what you want to give birth to...that's your option now.

    Parent
    For those who have already given (5.00 / 2) (#3)
    by oculus on Fri Jul 31, 2009 at 10:50:15 AM EST
    birth, here's my question:  when will what I have given birth to be likely to be employed again?  Very bleak prospects here.

    Parent
    I'm asking the same question (5.00 / 2) (#6)
    by Militarytracy on Fri Jul 31, 2009 at 10:54:36 AM EST
    And while all this is going on the thing I birthed is birthing....  Obama had better get busy on this NOW!  If I hear anymore bull about him not allowing this economy situation to derail his own agenda and goals for his Presidency I will scream, and it will be very very loud!

    Parent
    Well, at least those I birthed haven't (5.00 / 1) (#7)
    by oculus on Fri Jul 31, 2009 at 10:58:14 AM EST
    birthed anyone--yet.

    Parent
    Yes, that's one reason I worry (5.00 / 4) (#10)
    by Cream City on Fri Jul 31, 2009 at 11:01:27 AM EST
    and find it hard to be anything but heartbroken for all of the laid-off, unemployed, furloughed, etc., kids in our family.  Of five now, including the new in-law, one is employed -- but worried, with past furloughs and now work speed-ups so more potential for injury (as already happened to his brother, just out of his second surgery but not getting good coverage).

    One has worked so hard to finally graduate, only to land in this mess -- and recent reports are more reason for worry with the data showing that first jobs found in a recession will depress income for the rest of his working life.  And the student loans start to come due soon. . . .

    Parent

    I am going to start griping! (none / 0) (#12)
    by oculus on Fri Jul 31, 2009 at 11:02:59 AM EST


    Parent
    "stop" not "start." (none / 0) (#15)
    by oculus on Fri Jul 31, 2009 at 11:04:14 AM EST


    Parent
    Depends.... Do they speak Mandarin? (none / 0) (#23)
    by Rojas on Fri Jul 31, 2009 at 12:51:18 PM EST


    Parent
    Ponies for everyone! (5.00 / 3) (#5)
    by jbindc on Fri Jul 31, 2009 at 10:54:30 AM EST


    You've ponied up? (none / 0) (#8)
    by Militarytracy on Fri Jul 31, 2009 at 10:59:07 AM EST
    I miss Billy Idol

    Parent
    The House is working on adding money (5.00 / 2) (#13)
    by andgarden on Fri Jul 31, 2009 at 11:03:00 AM EST
    to cash for clunkers. Perhaps not the best program from a policy standpoint, but I do like that it's putting money into the economy quickly and getting people to buy.

    Hope so. I like it, too (none / 0) (#17)
    by Cream City on Fri Jul 31, 2009 at 11:09:19 AM EST
    as it beats bailing out the banks and just might get some people I know back to more hours of work.

    Parent
    It's the first win/win (5.00 / 1) (#19)
    by Militarytracy on Fri Jul 31, 2009 at 11:12:36 AM EST
    in the areas of economy/energy/poverty I can remember since slick Willy.  I'll take it.  Probably don't qualify for it but I'll take it.

    Parent
    Dave Obey is speaking on it now (none / 0) (#20)
    by andgarden on Fri Jul 31, 2009 at 11:13:10 AM EST


    Parent
    The House is working on adding money (5.00 / 1) (#14)
    by andgarden on Fri Jul 31, 2009 at 11:03:01 AM EST
    to cash for clunkers. Perhaps not the best program from a policy standpoint, but I do like that it's putting money into the economy quickly and getting people to buy.

    Fun fact (5.00 / 1) (#18)
    by Makarov on Fri Jul 31, 2009 at 11:11:32 AM EST
    The initial GDP reports for the last 3 quarters, I believe, have subsequently been downgraded in terms of performance.

    Bait, meet switch.

    If there are any "green shoots" for the economy here, note that Government Spending is up 11% over the previous quarter. Fiscal stimulus is working in some capacity.

    Stimulus money spent on safe bridges (5.00 / 1) (#21)
    by MO Blue on Fri Jul 31, 2009 at 11:21:24 AM EST
    Tens of thousands of unsafe or decaying bridges carrying 100 million drivers a day must wait for repairs because states are spending stimulus money on spans that are already in good shape or on easier projects like repaving roads, an Associated Press analysis shows.

    ...Of the 2,476 bridges scheduled to receive stimulus money so far, nearly half have passed inspections with high marks, according to federal data. Those 1,123 sound bridges received such high inspection ratings that they normally would not qualify for federal bridge money, yet they will share in more than $1.2 billion in stimulus money.

    The wooden bridge built in 1900 carrying Harlan Springs Road in Berkeley County, W.Va., is one of the nation's unsafe structures not being repaired. About 2,700 cars cross it every day. But with holes in the wooden deck and corroded railings and missing steel poles, only one car at a time can travel the 300-foot rickety span. AP
    GOP favors getting those bridges (none / 0) (#25)
    by oculus on Fri Jul 31, 2009 at 01:22:15 PM EST
    repaired w/stimulus $$:

    AP

    Parent

    The Doom And Gloom Crowd (none / 0) (#4)
    by ChiTownMike on Fri Jul 31, 2009 at 10:53:29 AM EST
    Always hoping for the worst.

    Got jobs for my kids? (5.00 / 5) (#11)
    by Cream City on Fri Jul 31, 2009 at 11:02:36 AM EST
    Easy to lighten our moods, just come through.

    To suggest that parents here are hoping for the worst for our kids is just, uh, acting stupidly.

    Parent

    Actually (none / 0) (#22)
    by ChiTownMike on Fri Jul 31, 2009 at 11:47:56 AM EST
    I responded to the main post which was originally authored by Atrios.

    There are signs we are headed upward but yet people like Atrios never post about that. Instead they chose to highlight the doom and gloom instead. They are probably bitter because they didn't get to nationalize all the banks like they wanted to and now the banks are making profits and loans which was the last thing the Doom and Gloom Crowd wanted to see.

    Parent

    I really enjoy reading Atrios (none / 0) (#24)
    by Militarytracy on Fri Jul 31, 2009 at 01:00:25 PM EST
    because it usually has a reality in real life flavor verses creative over intellectualization of chosen facts that are not even personally experienced by the intellectualizer. I have found no equal to his understanding of urban possibilities and problems so far.

    Parent
    This is the same logic (5.00 / 1) (#26)
    by Steve M on Fri Jul 31, 2009 at 01:31:18 PM EST
    that says if you don't think Iraq will go well, you're "rooting for failure."  A cheap shot that's really par for the course for a troll like talex.

    Parent
    I ventured a peek at the statement (none / 0) (#9)
    by oculus on Fri Jul 31, 2009 at 10:59:23 AM EST
    re my deferred comp accounts and realized the bottom line had increased.  Hasn't help the local labor market though.

    It is sad that those of us who have such (5.00 / 1) (#16)
    by Militarytracy on Fri Jul 31, 2009 at 11:07:38 AM EST
    things resort to "peeking" at our statements as if we are doing something wrong by seeking the bottom line of our retirements at this time.  We have all been thoroughly brainwashed. Having faith in the unregulated gamed markets is the new religion :)  Do Not Peek.  Do Not Test God Lest God Test You for your sin of peeking damn it.  Have faith or you will fall.

    Parent
    fwiw, a relative is a stock broker (none / 0) (#27)
    by sarcastic unnamed one on Fri Jul 31, 2009 at 01:39:10 PM EST
    and he says the market will rebound strongly and then drop like a rock again in Q1 or Q2 of 2010.

    Well, at least he'll still be employed.

    considering (none / 0) (#28)
    by Steve M on Fri Jul 31, 2009 at 01:41:03 PM EST
    that I defend stockbrokers against claims by their customers, it sounds like I'll still be employed as well.

    Parent
    Well, there's two of you. (none / 0) (#29)
    by sarcastic unnamed one on Fri Jul 31, 2009 at 01:52:04 PM EST


    Parent
    I heard In China (none / 0) (#32)
    by NYShooter on Fri Jul 31, 2009 at 04:27:20 PM EST
    doctors get paid only if their patients get better.

    How about that same deal here.......for brokers and lawyers?

    ouch! lol

    Parent

    i was thinking 3rd qtr (none / 0) (#31)
    by Jlvngstn on Fri Jul 31, 2009 at 04:24:50 PM EST
    this year but it may take until qtr one next year,  i still think 6800 is the next bottom...I hope the correction is more like 8000, i can live with that.   too many debt restructures and inventory run-offs to make me think profits have legs.....

    Parent
    I think you're right --- 6400...6800 (none / 0) (#33)
    by jimakaPPJ on Fri Jul 31, 2009 at 05:54:38 PM EST


    Parent
    when jim? (5.00 / 0) (#34)
    by Jlvngstn on Fri Jul 31, 2009 at 08:52:58 PM EST
    i went long on everything and shorted a ton several months ago.  now i am watching and counting the money i lost knowing that i will go on a buy frenzy at 6800.  I was certain come october I could buy again but i think sarcs' family member has it right.....

    Parent
    So will... (none / 0) (#36)
    by kdog on Sat Aug 01, 2009 at 09:33:35 AM EST
    the blackjack dealers...no economy is so bad as to slow down the gamblers too much, the handle may be down but the tables will always be open.

    Parent
    so does this slowed decent mean... (none / 0) (#30)
    by pluege on Fri Jul 31, 2009 at 03:42:53 PM EST
    a) we hit the trampoline slowing our decent before the rebound, or

    b) we ricocheted off an outcropping somewhere down the abyss?

    But Don't Be So Intellectually (none / 0) (#35)
    by bob h on Sat Aug 01, 2009 at 08:19:01 AM EST
    invested in economic calamity from an admittedly corrupt and degenerate capitalist system that you deny the major accomplishment represented here.

    Don't Worry. Be Happy | 36 comments (36 topical)

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