Somehow I Was Too Optimistic On The Economy
It’s even more of a crap sandwich than I feared
June’s trade deficit swelled 18.8% to $49.9 billion, the highest since October 2008. That was much worse than Wall Street predicted — or what the Commerce Department estimated in the recent Q2 GDP report. The new report, along with recent inventory data, suggest Commerce will revise down Q2 economic growth from the already-sluggish 2.4% annual rate to about 1%, according to Action Economics. Action Economics is looking for stronger retail inventory figures later this week that would imply a 1.4% GDP pace.
Good thing the Pres is focused like a laser on the important issues, like the Missus going out for tapas, sinking those pesky three-footers, and getting Pelosi to take $26 billion from silly stuff like food stamps to buy off some union votes.
Exit question: when that next 2 am phone call comes, what are the odds that someone will actually be in the White House to answer it?
Biz, Nanny State, People, Politics | Mr. Bingley | 
August 11, 2010 9:08 pm
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**sigh** It was a THREE a.m. phone call, so YOU SUCK at NUMBERS, TWO!!!!!
LEAVE. BahWHAWK. A-LONE!!!!!
3 am, 2 am
Must be a time zone thing.
Doesn’t matter what time the phone rings, the responsible adults won’t be around to answer it. They all left the White House in January 2009.
Or as Mr. Mom Jeans would say:
“3 am, 2 am. Whatever it takes.”
Ah well, don’t worry about the trade deficit. It is the other side of international capital transfers. When other countries no longer want to hold dollars and no longer trust the US of A’s finances enough to lend us money, then the trade defoicit will vanish along with our foreign trade and foreign capital inflows. The US ran a wonderful trade surplus during the Depression, when there was almost no international trade at all.