October Surprise: U.S. Economy Booms

That's right kids. Despite the China virus. Despite endless lock downs and restrictions.

Third quarter growth was at 33.1%! The economy has now recovered a good chunk of what it lost to the pandemic - two-thirds of it.

That beat the Dow Jones estimates for it. The Dow said 32%. That's the fastest growth ever.

Coming off the worst quarter in history, the U.S. economy grew at its fastest pace ever in the third quarter as a nation battered by an unprecedented pandemic started to put itself back together, the Commerce Department reported Thursday.

None of this would have been possible without Trump's economic policies in place, including on tax and trade. And understand this is even with governors continuing on their lock downs in some of our largest economy states (Newsome, we're talking about you and your so-called huge economy in Cali that you keep shut down) and with small businesses like restaurants hampered pretty much everywhere.

This is fueled by consumer spending and increases in business and residential investment. There have also been strong exports which is another positive sign.

Obviously there is still work to do, but this is a good start.

Remember, Biden promises to kill all of this.

a reply to: ketsuko

don't post this on twitter, you are likely to get banned.

33%!
That's a BOOM!

a reply to: ketsuko

The issue is much of the economy is still being propped up with bailout money, unemployment and deferrals. There's some bad times ahead, we've still not dealt with the full ramifications of shutting down the world's largest economy for 6+ months.

Sorry to be a stick in the mud but the industry I'm in is a good barometer of future growth and we're not seeing the level of orders coming in for next year that would indicate a strong recovery.

a reply to: ketsuko

Everything the Democrats did to damage this economy this year, is backfiring.

They underestimated the resiliency of Americans and our Economic Infrastructure.

The prospect that President Trump will win re-election next week is causing everyone's stocks and retirement accounts to SOAR once again.

originally posted by: carewemust
The prospect that President Trump will win re-election next week is causing everyone's stocks and retirement accounts to SOAR once again.

The DOW is down nearly 2,000 points this week, what are you talking about?

a reply to: AugustusMasonicus

I agree completely that some of this is being held up artificially with the bailout money but at least on the bright side the money is keeping the economy in a relatively okay place.

The key is we need to open up to get the device and hospitality industries going again and we can start building some manufacturing business for pharma and other items we were relying on overseas companies to produce.

It is a razors edge right now and the new few weeks will be critical with potential holiday shopping and travel which could provide a boost as well, not to mention the election

originally posted by: AugustusMasonicus

originally posted by: carewemust
The prospect that President Trump will win re-election next week is causing everyone's stocks and retirement accounts to SOAR once again.

The DOW is down nearly 2,000 points this week, what are you talking about?

Coincidence.
Definitely not Pelosi and "COVID-COVID-COVID!".

originally posted by: IAMTAT
Coincidence.
Definitely not Pelosi and "COVID-COVID-COVID!".

It's definitely 'Vid-related, most of the market watchers have attributed it to this already. But either way, if you're gonna claim it's 'soaring' at least be clear that it's soaring downwards.

a reply to: AugustusMasonicus

Your right it is down that much. Since we have over 60+ Billionaires all donating big bucks to Joe and almost all of Wall Street supporting Joe, this must be the "Pre Election Correction"

Wall Street can turn the spigot on and off at will

As In:

They already know that Trump will win?

Ya, Da, or Nein, Nyet?

I give you a

a reply to: AugustusMasonicus

Damn! It's only at 26,500 right now. Let me see wasn't it at 18,000 about five years ago?

originally posted by: Charliebrowndog
I agree completely that some of this is being held up artificially with the bailout money but at least on the bright side the money is keeping the economy in a relatively okay place.

Propping things up doesn't work, you still need to reconcile the money at some point.

originally posted by: AugustusMasonicus

originally posted by: carewemust
The prospect that President Trump will win re-election next week is causing everyone's stocks and retirement accounts to SOAR once again.

The DOW is down nearly 2,000 points this week, what are you talking about?

You realize thats less than 1% right? Fluctuations of 3-5% are common in that timeframe, irrespective of the condition of the economy. In other words, that's a "strawman" , agenda driven arguement, IMO.

originally posted by: JIMC5499
Damn! It's only at 26,500 right now. Let me see wasn't it at 18,000 about five years ago?

It was over 30,000 too, not sure what your point is.

originally posted by: Mach2
You realize thats less than 1% right?

2,000 is 1% of 26,000? Is that new math or something?

ETA: The people who star your post should look into some remedial math courses as well.

a reply to: AugustusMasonicus

I guess from my standpoint I look at it if the economy was really really bad I think there would be a huge panic happening and things would be much much worse. Is it better to have some confidence or none at all?

originally posted by: Charliebrowndog
I guess from my standpoint I look at it if the economy was really really bad I think there would be a huge panic happening and things would be much much worse. Is it better to have some confidence or none at all?

The 'huge panic' won't occur until the free money starts to dry up, then you'll get the full impact of the layoffs, closures and cancellations. I don't have confidence in houses of cards.

originally posted by: AugustusMasonicus
a reply to: ketsuko

The issue is much of the economy is still being propped up with bailout money, unemployment and deferrals. There's some bad times ahead, we've still not dealt with the full ramifications of shutting down the world's largest economy for 6+ months.

Sorry to be a stick in the mud but the industry I'm in is a good barometer of future growth and we're not seeing the level of orders coming in for next year that would indicate a strong recovery.

Nothing wrong with being optimistic ...but you are 100% correct. It's why to me Joe saying I'm not gonna shut down the economy I'm gonna shutdown COVID is doublespeak for yes I will shut down the economy and have no answer for COVID. All the while talking about screwing with the oil industry and the insurance industry doesn't sound like a winning gameplan in the short term.

The economy is doing ok, at least in Tennessee. Our physical year ended in September. We would have even made a profit with out the PPP program. But just barely. The Coved pandemic is beating us up this quarter. I have my first 3 employees test positive this week. I expect little to no profits for the upcoming physical year. The money from the PPP may well be the difference between a 40 year old company surviving or not. The loss of productivity during quarantine is painful.

I would like to see congress get it together and make a deal with the President for another run of the program. But it doesn’t look like Nancy wants to play ball. She doesn’t want anything to happen that will give the President any relief. If the election goes red, perhaps that will change, and we can get through this thing.

My guys are tuff and the ones with Covid aren’t very ill. One of them even went deer hunting on Monday. He can’t come back to work until next week, so he is enjoying being sick.

originally posted by: AugustusMasonicus

originally posted by: Mach2
You realize thats less than 1% right?

2,000 is 1% of 26,000? Is that new math or something?

ETA: The people who star your post should look into some remedial math courses as well.

You are correct. My 1% comment was for a daily adjustment, though I certainly wasn't clear on that. Thus the 3-5 % per week comment.

The point remains valid.