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(The New York Times)   US economy up 4%, while the Russian economy grabs another bottle of vodak in an attempt to blackout ASAP. Thanks Obama   (nytimes.com) divider line 40
    More: Misc, U.S. economy, consensus forecasts, United States Department of Commerce  
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802 clicks; posted to Business » on 30 Jul 2014 at 9:10 AM (7 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



40 Comments   (+0 »)
   
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2014-07-30 09:22:32 AM
oh the vodak has got me through some tough times vodak
 
2014-07-30 09:34:42 AM
This is what happens when we stop fighting 10 year oil wars on the backs of volunteers. Our economy grows. Thanks, Obama. No, seriously, thanks Obama.
 
2014-07-30 09:41:10 AM
i273.photobucket.com
 
2014-07-30 09:43:11 AM
meanwhile, on Yahoo Finance:

img.fark.net

Love the skull and crossbones Yahoo. Keep it real.
 
2014-07-30 09:44:26 AM
So... is the economy improving DESPITE OF or BECAUSE OF this completely inept and disfunctional congress?
 
2014-07-30 09:48:59 AM
"It's a bubble, it's a bubble, it's a bubble!!!"  Seems like the financial talking heads just can't shut up.  Tell me what's going to drop forecasts for corporate profits by 20%.  Then we can talk about bubbles.  PEs are historically at average levels.  So we're nothing like 2000, where "earnings just don't matter".  So either the market is divorced from earnings (a la 2008) or we're just seeing the result of slow steady economic growth.  Nobody on the financial shows ever wants to talk constant dollars, they love talking about new record highs.  But if you don't take inflation into account, you're just being disingenuous.  The "all time high" on the S&P is 2121.38 if you use constant dollars.
 
2014-07-30 09:49:14 AM
You guys need to get THE TRUTH from Zerohedge.  The market is going to crash any day now.  Zerohedge has predicted this with incredible accuracy for the last 5 years.  When the market does crash, you'll have to admit that Zerohedge called the crash first.
 
2014-07-30 09:50:24 AM

Im_Gumby: So... is the economy improving DESPITE OF or BECAUSE OF this completely inept and disfunctional congress?


You obviously didn't get the memo. If economy improves, because Congress. If economy goes sour, because HitlerObama.
 
2014-07-30 09:52:02 AM

Rapmaster2000: You guys need to get THE TRUTH from Zerohedge.  The market is going to crash any day now.  Zerohedge has predicted this with incredible accuracy for the last 5 years.  When the market does crash, you'll have to admit that Zerohedge called the crash first.


Peter Schiff has been 100% about the market crashing when it crashes.
 
2014-07-30 09:55:47 AM
Now, I'm not saying "Benghazi", but... Benghazi!

houseoffacts.com


Also, That wasn't Taxbongo, that was the the seals...
funnyanimalpictures.funnypicturesutopia.com
 
2014-07-30 09:58:07 AM

bdub77: Rapmaster2000: You guys need to get THE TRUTH from Zerohedge.  The market is going to crash any day now.  Zerohedge has predicted this with incredible accuracy for the last 5 years.  When the market does crash, you'll have to admit that Zerohedge called the crash first.

Peter Schiff has been 100% about the market crashing when it crashes.


It reminds me of the excellent timing of Nouriel Roubini.  He can predict market crashes with an incredible accuracy of +/-5 years.
 
2014-07-30 10:02:38 AM
Know what would really help our economy? Letting a lot of people out of jail. Costs a shiat-ton to keep them there and they don't produce value while there.
 
2014-07-30 10:04:11 AM

YixilTesiphon: Know what would really help our economy? Letting a lot of people out of jail. Costs a shiat-ton to keep them there and they don't produce value while there.


Agreed, and with all the open carry laws recently enacted we can start picking them off as they exit the jails.
 
2014-07-30 10:05:46 AM

bdub77: Im_Gumby: So... is the economy improving DESPITE OF or BECAUSE OF this completely inept and disfunctional congress?

You obviously didn't get the memo. If economy improves, because Congress. If economy goes sour, because HitlerObama.


From a partisan bs perspective, that memo is obvious, but realistically, what can the president do to make the economy improve/decline in a long term?

Short of starting wars (undeclared or otherwise) and short term market fluctuations based on the speech du jour, he can't change the tax rates/laws - so no change to income and he can't change what the gov't spends on (all based on congress) - so no change to expendatures.

How can he legitimately claim responsibilty or take the blame for anyhing related to the economy?
 
2014-07-30 10:10:50 AM

Free Radical: YixilTesiphon: Know what would really help our economy? Letting a lot of people out of jail. Costs a shiat-ton to keep them there and they don't produce value while there.

Agreed, and with all the open carry laws recently enacted we can start picking them off as they exit the jails.


Wouldn't this brilliant plan result in you being picked off as you exit a jail?
 
2014-07-30 10:13:54 AM

bdub77: Rapmaster2000: You guys need to get THE TRUTH from Zerohedge.  The market is going to crash any day now.  Zerohedge has predicted this with incredible accuracy for the last 5 years.  When the market does crash, you'll have to admit that Zerohedge called the crash first.

Peter Schiff has been 100% correct about the market crashing when it crashes.


I'm assuming this is what you meant.

Fact is though that even when he's right about the market crashing, he's wrong. He's nothing like John Paulson, who saw the crash coming and made $10 billion off it. He supposedly foresaw the 2008 crash coming, but then put the money he was managing into other assets that ALSO crashed, even though he was sure they were safe.

Here's an analysis of Schiff's "predictions":

http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was- wr ong.html
 
2014-07-30 10:21:28 AM

Free Radical: YixilTesiphon: Know what would really help our economy? Letting a lot of people out of jail. Costs a shiat-ton to keep them there and they don't produce value while there.

Agreed, and with all the open carry laws recently enacted we can start picking them off as they exit the jails.


Both of you are ignoring that prison is an industry that supports a lot of jobs (I am not endorsing that strategy at all, just pointing it out)
//Remember kids, tax dollars spent are earned by someone.
 
2014-07-30 10:27:27 AM

Im_Gumby: bdub77: Im_Gumby: So... is the economy improving DESPITE OF or BECAUSE OF this completely inept and disfunctional congress?

You obviously didn't get the memo. If economy improves, because Congress. If economy goes sour, because HitlerObama.

From a partisan bs perspective, that memo is obvious, but realistically, what can the president do to make the economy improve/decline in a long term?

Short of starting wars (undeclared or otherwise) and short term market fluctuations based on the speech du jour, he can't change the tax rates/laws - so no change to income and he can't change what the gov't spends on (all based on congress) - so no change to expendatures.

How can he legitimately claim responsibilty or take the blame for anyhing related to the economy?

Easy. The President before him literally dumped trillions of dollars down a hole in the Middle East. This President ended that practice, and directed Congress to spend money on domestic programs (before the Tea Party obstructionists took over the House).

Pretty straight forward and 100% related to decisions from the Executive office.
 
2014-07-30 10:29:38 AM
Up 4%, of which 3.95% of that went to our corporate masters and hedge fund managers.

YixilTesiphon: Know what would really help our economy? Letting a lot of people out of jail. Costs a shiat-ton to keep them there and they don't produce value while there.


Agree, though I think many prisoners will still be a tax burden/liability. They'll just end up in jail again because they're farked in the head from sitting in a 4' by 8' cell for years on end. We need to decriminalize pot and other soft drugs, and consider rehab instead of mandatory sentences for hard drugs.
 
2014-07-30 10:37:11 AM

guilt by association: Up 4%, of which 3.95% of that went to our corporate masters and hedge fund managers.

YixilTesiphon: Know what would really help our economy? Letting a lot of people out of jail. Costs a shiat-ton to keep them there and they don't produce value while there.

Agree, though I think many prisoners will still be a tax burden/liability. They'll just end up in jail again because they're farked in the head from sitting in a 4' by 8' cell for years on end. We need to decriminalize pot and other soft drugs, and consider rehab instead of mandatory sentences for hard drugs


The WoD is a complete failure and if the Democrats gave a shiat about the poor they would end it.
 
2014-07-30 10:38:58 AM

MrSteve007: Im_Gumby: bdub77: Im_Gumby: So... is the economy improving DESPITE OF or BECAUSE OF this completely inept and disfunctional congress?

You obviously didn't get the memo. If economy improves, because Congress. If economy goes sour, because HitlerObama.

From a partisan bs perspective, that memo is obvious, but realistically, what can the president do to make the economy improve/decline in a long term?

Short of starting wars (undeclared or otherwise) and short term market fluctuations based on the speech du jour, he can't change the tax rates/laws - so no change to income and he can't change what the gov't spends on (all based on congress) - so no change to expendatures.

How can he legitimately claim responsibilty or take the blame for anyhing related to the economy?
Easy. The President before him literally dumped trillions of dollars down a hole in the Middle East. This President ended that practice, and directed Congress to spend money on domestic programs (before the Tea Party obstructionists took over the House).

Pretty straight forward and 100% related to decisions from the Executive office.


In Bush's defense (LOL WUT?) much of that money was spent paying defense contractors most of whom reside primarily in the US - so, domestic spending. Kind of. Of course most true domestic programs actually yield something useful to the public, where defense spending programs really only end in someone dying somewhere while corruption runs rampant. Not to mention the arms dealers probably making out big time. Not to mention all of the programs needed to take care of vets coming home from combat. The wrong people are getting the money for the wrong things, basically.

Still, those defense contracts do employ people residing in the US. It's just that war sucks and is rarely useful or necessary. Obama's been in office over 5 years and we still employ WAY too many people in the military.
 
2014-07-30 10:41:12 AM

bdub77: Still, those defense contracts do employ people residing in the US.


They do, but there are more efficient ways to spend that money and create jobs. Defense spending is capital intensive, not labor intensive. The proof is in Bush's economic record, the worst on record since Eisenhower.
 
2014-07-30 10:45:41 AM

guilt by association: Up 4%, of which 3.95% of that went to our corporate masters and hedge fund managers.

YixilTesiphon: Know what would really help our economy? Letting a lot of people out of jail. Costs a shiat-ton to keep them there and they don't produce value while there.

Agree, though I think many prisoners will still be a tax burden/liability. They'll just end up in jail again because they're farked in the head from sitting in a 4' by 8' cell for years on end. We need to decriminalize pot and other soft drugs, and consider rehab instead of mandatory sentences for hard drugs.


Also need to start sending criminals that are mentally ill to treatment instead of solitary confinement.
 
2014-07-30 10:49:59 AM

bdub77: MrSteve007: Im_Gumby: bdub77: Im_Gumby: So... is the economy improving DESPITE OF or BECAUSE OF this completely inept and disfunctional congress?

You obviously didn't get the memo. If economy improves, because Congress. If economy goes sour, because HitlerObama.

From a partisan bs perspective, that memo is obvious, but realistically, what can the president do to make the economy improve/decline in a long term?

Short of starting wars (undeclared or otherwise) and short term market fluctuations based on the speech du jour, he can't change the tax rates/laws - so no change to income and he can't change what the gov't spends on (all based on congress) - so no change to expendatures.

How can he legitimately claim responsibilty or take the blame for anyhing related to the economy?
Easy. The President before him literally dumped trillions of dollars down a hole in the Middle East. This President ended that practice, and directed Congress to spend money on domestic programs (before the Tea Party obstructionists took over the House).

Pretty straight forward and 100% related to decisions from the Executive office.

In Bush's defense (LOL WUT?) much of that money was spent paying defense contractors most of whom reside primarily in the US - so, domestic spending. Kind of. Of course most true domestic programs actually yield something useful to the public, where defense spending programs really only end in someone dying somewhere while corruption runs rampant. Not to mention the arms dealers probably making out big time. Not to mention all of the programs needed to take care of vets coming home from combat. The wrong people are getting the money for the wrong things, basically.

Still, those defense contracts do employ people residing in the US. It's just that war sucks and is rarely useful or necessary. Obama's been in office over 5 years and we still employ WAY too many people in the military.


I frequently people (Austrian economic enthusiasts) compare infrastructure projects as "paying someone to dig a hole and then paying someone to fill it", but it seems we pay defense contractors to blow a holes in other countries and then pay KBR and Bechtel to fill them and I never hear much complaining about that.
 
2014-07-30 10:57:50 AM

Im_Gumby: So... is the economy improving DESPITE OF or BECAUSE OF this completely inept and disfunctional congress?


Yes.
 
2014-07-30 11:31:51 AM

MrSteve007: Im_Gumby: bdub77: Im_Gumby: So... is the economy improving DESPITE OF or BECAUSE OF this completely inept and disfunctional congress?

You obviously didn't get the memo. If economy improves, because Congress. If economy goes sour, because HitlerObama.

From a partisan bs perspective, that memo is obvious, but realistically, what can the president do to make the economy improve/decline in a long term?

Short of starting wars (undeclared or otherwise) and short term market fluctuations based on the speech du jour, he can't change the tax rates/laws - so no change to income and he can't change what the gov't spends on (all based on congress) - so no change to expendatures.

How can he legitimately claim responsibilty or take the blame for anyhing related to the economy?
Easy. The President before him literally dumped trillions of dollars down a hole in the Middle East. This President ended that practice, and directed Congress to spend money on domestic programs (before the Tea Party obstructionists took over the House).

Pretty straight forward and 100% related to decisions from the Executive office.


Are you talking about the Tea Party Obstructionists that never actually stopped us from spending an extra trillion a year?

Another sucker caught up in political theater.
 
2014-07-30 12:29:01 PM

Im_Gumby: bdub77: Im_Gumby: So... is the economy improving DESPITE OF or BECAUSE OF this completely inept and disfunctional congress?

You obviously didn't get the memo. If economy improves, because Congress. If economy goes sour, because HitlerObama.

From a partisan bs perspective, that memo is obvious, but realistically, what can the president do to make the economy improve/decline in a long term?

Short of starting wars (undeclared or otherwise) and short term market fluctuations based on the speech du jour, he can't change the tax rates/laws - so no change to income and he can't change what the gov't spends on (all based on congress) - so no change to expendatures.

How can he legitimately claim responsibilty or take the blame for anyhing related to the economy?


How is the not unpossibel?!  The pres just visits and it goes up. His VP; on the other hand?
 
2014-07-30 12:52:15 PM
If Romney was in office, it would have gone up 4000%.
 
2014-07-30 01:01:34 PM

valkore: If Romney was in office, it would have gone up 4000%.


The Palestinians and Iranians would have converted to Christianity, and Jesus would have signed the Second Constitution himself.
 
2014-07-30 02:06:46 PM

Rapmaster2000: I frequently people (Austrian economic enthusiasts) compare infrastructure projects as "paying someone to dig a hole and then paying someone to fill it", but it seems we pay defense contractors to blow a holes in other countries and then pay KBR and Bechtel to fill them and I never hear much complaining about that


Austrian economists have always been hostile to military keynesianism. In fact, it's often the example they give to ridicule Keynesian theory. Itself based on the analogy Bastiat gave.
 
2014-07-30 02:43:47 PM

guilt by association: Up 4%, of which 3.95% of that went to our corporate masters and hedge fund managers.


...and the 50% of Americans who have money in the stock market, and the millions of Americans who have jobs now that didn't 6 years ago. I'm not a 1% but I'm pretty thrilled by the economy right now, as are my retirement funds and the house that I just sold for 40% more than I bought it for five years ago.
 
2014-07-30 03:22:27 PM

Free Radical: YixilTesiphon: Know what would really help our economy? Letting a lot of people out of jail. Costs a shiat-ton to keep them there and they don't produce value while there.

Agreed, and with all the open carry laws recently enacted we can start picking them off as they exit the jails.


They can steal all our stuff, and we'll create millions of jobs when we all buy new stuff!
It's the trickle down theory! Now with more Laffer curve!!
 
2014-07-30 04:24:17 PM
So if the correction is the same as last time, it will track (depending on your source) to at best 3% to at worst 1%...

So yay, I guess.
 
2014-07-30 04:29:46 PM

bdub77: meanwhile, on Yahoo Finance:

[img.fark.net image 644x213]

Love the skull and crossbones Yahoo. Keep it real.


Yahoo is right of Fox News these days, and their Finance site is apparently run by a hedge fund interests.
 
2014-07-30 04:31:15 PM

Rapmaster2000: You guys need to get THE TRUTH from Zerohedge.  The market is going to crash any day now.  Zerohedge has predicted this with incredible accuracy for the last 5 years.  When the market does crash, you'll have to admit that Zerohedge called the crash first.


Yep. Broken watch and all that...
 
2014-07-30 06:29:41 PM
Wow , after hearing this for the fifteenth time , this month it actually seems true . At least for my economy .
Yeah I know "personal economy does not equal national economy , but hey I'm having a good month .
 
2014-07-30 07:07:31 PM

RottenEggs: Wow , after hearing this for the fifteenth time , this month it actually seems true . At least for my economy .Yeah I know "personal economy does not equal national economy , but hey I'm having a good month .

Agreed. While personal economy doesn't equal national economy - here's the number of cities my office currently has a new, large hotel project that have started just this year . . .

-Tigard, CA
-Oyster Point, CA
-Bend, OR
-Oklahoma City, OK
-Duluth, MN
-Casper, WY
-Bellevue, WA
-San Juis Obispo, CA
-Boise, ID
-Tucsan, AZ
-San Diego, CA
-Colorado Springs, CO
-Bloomington, MN
-Denver, CO
-Seattle, WA
-Anchorage, AK
-Fort Lupton, CO
-Little Rock, AR
-Hillsboro, OR
-Sidney, MT
-Tallahassee, FL

And that's a pretty good sampling of the nation, minus the northeast.

We've got a couple nice ones going up in the Seattle area right now (all of these photos are from the past month).
fbcdn-sphotos-h-a.akamaihd.net

scontent-b-sea.xx.fbcdn.net

scontent-b-sea.xx.fbcdn.net

fbcdn-sphotos-g-a.akamaihd.net

As you can see, most of these are in the 8-18 story range and can span up to several blocks. They're no small projects, and the bottom photo will have roughly a 1,000 residents. That's a lot of TV's, beds, couches, etc that have to be bought, let alone the construction materials. And consider each of the above projects have on order of 100-300 construction workers at the site at any given time, you're talking about a sizable expenditure.

And that doesn't include about 60-70 renovations, multiple hotels in the same city, our housing projects on the West Coast, or the hotel projects we started last year. It's looking very likely that 2014 will be our best year in terms of profits in the firm's 37-year history; which in a ~20 person architecture firm, will mean sizable bonuses at the end of the year: I'm guessing in the $20k to $40k range. Anyone who says the economy isn't doing well right now needs to open their farking eyes. The hotel and apartment industry is booming in many areas. We simply can't keep up with demand these days.

/also, if you're a licensed architect, send your resume my way
//I get a $1,000 bonus for forwarding a qualified candidate to an interview ;)
 
2014-07-30 08:33:32 PM
Honestly, what truly worries me is that top line earnings are still in the tank, while bottom lines are just peachy. That should concern EVERYONE because it is not a path that can be sustained.
 
2014-07-31 09:20:30 PM

MrSteve007: RottenEggs: Wow , after hearing this for the fifteenth time , this month it actually seems true . At least for my economy .Yeah I know "personal economy does not equal national economy , but hey I'm having a good month .
Agreed. While personal economy doesn't equal national economy - here's the number of cities my office currently has a new, large hotel project that have started just this year . . .

-Tigard, CA
-Oyster Point, CA
-Bend, OR
-Oklahoma City, OK
-Duluth, MN
-Casper, WY
-Bellevue, WA
-San Juis Obispo, CA
-Boise, ID
-Tucsan, AZ
-San Diego, CA
-Colorado Springs, CO
-Bloomington, MN
-Denver, CO
-Seattle, WA
-Anchorage, AK
-Fort Lupton, CO
-Little Rock, AR
-Hillsboro, OR
-Sidney, MT
-Tallahassee, FL

And that's a pretty good sampling of the nation, minus the northeast.

We've got a couple nice ones going up in the Seattle area right now (all of these photos are from the past month).
[fbcdn-sphotos-h-a.akamaihd.net image 850x1200]

[scontent-b-sea.xx.fbcdn.net image 718x1001]

[scontent-b-sea.xx.fbcdn.net image 850x483]

[fbcdn-sphotos-g-a.akamaihd.net image 850x467]

As you can see, most of these are in the 8-18 story range and can span up to several blocks. They're no small projects, and the bottom photo will have roughly a 1,000 residents. That's a lot of TV's, beds, couches, etc that have to be bought, let alone the construction materials. And consider each of the above projects have on order of 100-300 construction workers at the site at any given time, you're talking about a sizable expenditure.

And that doesn't include about 60-70 renovations, multiple hotels in the same city, our housing projects on the West Coast, or the hotel projects we started last year. It's looking very likely that 2014 will be our best year in terms of profits in the firm's 37-year history; which in a ~20 person architecture firm, will mean sizable bonuses at the end of the year: I'm guessing in the $20k to $40k range. Anyone who says the economy isn't doing well right now nee ...


That's great . Lets hope the trend continues .
 
2014-07-31 09:27:22 PM

RottenEggs: That's great . Lets hope the trend continues .

Yup, just in the last hour, got new banners and photos of a site that's about to break ground tomorrow:
fbcdn-sphotos-h-a.akamaihd.net

When complete, the $60-million development will have a new county library, housing for 600 seniors in assisted living, a police station, a city park, community center, shops/cafes, and a medical office facility:
media.pnwlocalnews.com

We've gotten to the point where we have to turn down new, similar developments on a weekly basis, because we simply can't come close to keeping up with demand. Give it 6 months, and the media will catch up to the fact that there's a construction boom, and there aren't near enough people to meet the demand.
 
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