[Rickm505]

Thanks... I think.....

This today from Reuters..
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NEW YORK (Reuters) - U.S. industrial output posted its biggest slide in three years last month and September might not be much better, according to data on Monday that raised worries over an economy struggling with the worst bout of financial turmoil in a generation.

U.S. industrial production tumbled a bigger-than-expected 1.1 percent in August due to a big drop in auto production and a slide in utilities output that was tied to mild temperatures, a Federal Reserve report showed.
Manufacturing in New York state unexpectedly contracted in September while price pressures tumbled, according to separate data published by the New York Federal Reserve. The survey is one of the earliest monthly guideposts to U.S. factory conditions.

The data stoked worries that the U.S. economy is still flirting with recession even though gross domestic product growth was a solid 3.3 percent in the second quarter.
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Let's recap.... Chuckles says we aren't in recession because of this 3.3% growth in GDP last quarter. But...all of the experts... can't figure out where the heck the GDP gain came from. When you look inside the numbers the only positives listed were that the construction industry and financials grew by 24%. Well, to say that didn't happen would be accurate and an in fact is an understatement. Which leaves the real economy continuing to contract and Washington issuing reports that nobody can justify. Except the Bush defenders on Sailnet of course.

So, these days our official policy is that the 'numbers' say there is no recession. Therefor there is no recession. Nevermind that Wall Street is crumbling and factory orders are shrinking.

"Don't pay any attention to that man behind the curtain"...

You have to admit that there's a certain logic to this. It's a shame that they can't find a credible economist who will back them up. So, does this mean that Merrill Lynch & Co is now Chicken Little? Or is it Lehman Bros now assuming the role of Chicken Little? Or could it be Secretary Paulson who is in that role? Or is it Bernake?

Wake up.. it's all of the above. There is no Chicken Little. What there is we call reality. And to think that Sailaway21 and Chuckles both said "No problems, it's just mortgages"