October Surprise: U.S. Economy Booms

originally posted by: RenaJN
a reply to: Ringsofsaturn777

GDP Annual Growth Rate in the United States averaged 3.12 percent from 1948 until 2020, reaching an all time high of 13.40 percent in the fourth quarter of 1950 and a record low of -31.40 percent in the second quarter of 2020.

...And for those of us who can do non-republican math,
We had 33.10 percent in the third quarter of 2020 and a record low of -31.40 percent in the second quarter of 2020...or 1.7% for the second and third quarter combined.

Thanks for answering a question no one was asking, cared about and was completely off topic.

a reply to: UKTruth

Just pointing out how our economy isn't doing well like the original poster tried to state.

originally posted by: RenaJN
a reply to: UKTruth

Just pointing out how our economy isn't doing well like the original poster tried to state.

It did well in the 3rd quarter - which is actually what the OP was stating.
He specifically stated it was a great RECOVERY.

Q2 was a covid ravaged nightmare.

originally posted by: RenaJN
a reply to: Ringsofsaturn777

GDP Annual Growth Rate in the United States averaged 3.12 percent from 1948 until 2020, reaching an all time high of 13.40 percent in the fourth quarter of 1950 and a record low of -31.40 percent in the second quarter of 2020.

...And for those of us who can do non-republican math,
We had 33.10 percent in the third quarter of 2020 and a record low of -31.40 percent in the second quarter of 2020...or 1.7% for the second and third quarter combined.

Right and what is your point?

originally posted by: AugustusMasonicus

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

About 1500....And that is on the surge of COVIS-19 all over the world. EU is surging rather bad now as we see some places in the US too. People are wearing their masks outside of the riots and people are social distancing working from home still, so what do you think is causing it? Italy is getting bad again and they are close to 100% mask and 100% lockdown, seem that isn't helping much.

originally posted by: ThirdEyeofHorus

But anyway Joes rally was a wee bit smaller that Trumps which I think was over in Tampa.

One side (Biden) screams doom and gloom as people sit in their cars masks on in some fear mongering trance. The other side (Trump) is not afraid of the bogyman and want to normalize as much as possible. Biden changed his number now of how many people Trump has killed. He is now saying 165,000 of the 227,000 dead Trump basically killed, and of course it gets retweeted over and over. Seems that is not fake news to Twitter...lol

I do think Biden has an easier path to victory, but boy I kind of dread a Biden world. I can see us go the way of Italy who are seeing big surges again while 100% masks, lockdown etc... We can expect the same thing while Pelosi might let us eat cake.

Nope, not an economic boom. The US economy has recovered but only up to the level of the Great Recession of 2007-2009. As for the continuation of the 32% increase in GDP, it won't happen. The US economy will take at least a decade to return to its pre-covid levels.

This means more riots, looting and violence because people can't sustain themselves with in the current state of the US economy.

originally posted by: eManym
As for the continuation of the 32% increase in GDP, it won't happen. The US economy will take at least a decade to return to its pre-covid levels.

No one has claimed it would continue to grow at 32% that would be preposterous.

No it will not take anything like ten years.

Ppl were not rioting because they couldnt feed themselves etc.

I don’t see it happening. The fed pumped 7 trillion into the market, and that was in June. Not sure how much they’ve put since then. But with the stock market being about 21 trillion that means the fed essentially owns 30-40% of the market all by itself. Doesn’t seem like a booming market to me.

originally posted by: UKTruth
Not with the index.
Stock prices are not directly linked to GDP - at least not solely.
GDP can go up, stock process can go down all in the same period.

Of course it's with their index, there's no other point in mentioning the DOW if it's not relative.

originally posted by: Ringsofsaturn777
Economists predict the GDP by looking at a large amount of different economic data.. they gauge how good their predictions were by comparing them to actual GDP.. like in the original post.

That's nice, this one likes the DOW Jones.

originally posted by: Xtrozero
About 1500...

The February high was 29,300, it's at 26,300 now.

originally posted by: AugustusMasonicus

originally posted by: UKTruth
Not with the index.
Stock prices are not directly linked to GDP - at least not solely.
GDP can go up, stock process can go down all in the same period.

Of course it's with their index, there's no other point in mentioning the DOW if it's not relative.

DOW JONES is a company that provides a number of services - including insight.
The DOW JONES INDUSTRIAL AVERAGE is an index.

Their 32 percent prediction came from a survey.

Where the confusion may have come from is this line from the thread starters OP.

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

The comment refers to the Dow Jones - a company that provides analysis of economic indicators amongst other things - but then shortens it to 'The DOW', which is commonly used to reference the DJIA

originally posted by: eManym
Nope, not an economic boom. The US economy has recovered but only up to the level of the Great Recession of 2007-2009. As for the continuation of the 32% increase in GDP, it won't happen. The US economy will take at least a decade to return to its pre-covid levels.

This means more riots, looting and violence because people can't sustain themselves with in the current state of the US economy.

while you could be exactly right, you also could be an idiot.

and when people make empirical statements like that, they usually fall into category B.

As an American living in America, I hope the economy grows and continues to improve.

Knowing that our system of money is based on an idea, and not anything tangible, I find it entirely possible that we can have an imaginary positive increase drive an actual increase. You just have to believe in it. Click your heels 3 times an all.

a reply to: UKTruth

Have you noticed I've been quoting that line the entire thread?

a reply to: network dude
What part of my post do you consider idiotic? Is this a personal attack?

Money isn't intangible, it is based on the power of the country that issues it. Based on the power a country has to enforce its value. If you want an intangible currency, all you have to do is look at Bitcoin.

originally posted by: eManym
a reply to: network dude
What part of my post do you consider idiotic? Is this a personal attack?

Money isn't intangible, it is based on the power of the country that issues it. Based on the power a country has to enforce its value. If you want an intangible currency, all you have to do is look at Bitcoin.

it won't happen

this part. empirical statements are idiotic. You back yourself into a corner and the only way out is to be 100% correct, and when you are dealing with an entire economy, based on feelings and fear, you surely can't know anything for sure.

Please don't take that as an attack on you, anyone who makes empirical statements usually get's that kind of response from me.

The drastic GDP spike was caused by actions of the Federal Reserve not actual economic growth where the populous uses actual earnings from a free market economy to spur growth.

The question is if the Federal Reserve can continue dumping money into the economy, they could for some time but I think not for much longer.

originally posted by: AugustusMasonicus
Here's a perfect example, Darden, the top growing restaurant chain this year is shutting over 100 Applebees. Why? Because things are awesome? Because they see some sort of huge recovery? Try thinking critically instead political cheerleading.

Yeah, it couldn't be because they're actually not allowed to serve customers, thus, not allowed to make any money.

originally posted by: AugustusMasonicus
a reply to: UKTruth

Have you noticed I've been quoting that line the entire thread?

You incorrectly claimed he was comparing GDP to the Dow Jones Index.

It's a fairly trivial error that has little relevance to the actual OP but at least be honest about it.