[Graeme]

Economy showing solid growth despite rising energy prices

$this->bbcode_second_pass_quote('', 'S')at, Jul. 30, 2005
WASHINGTON — The economy is holding up well despite high energy prices. Economic activity expanded at an energetic 3.4 percent clip in the second quarter as consumers and businesses showed they were still in the mood to spend.
The latest snapshot, released by the Commerce Department on Friday, offered fresh evidence that the economy had recuperated after a brief slip in the early spring and possesses good momentum heading into the second half of the year.
The increase in gross domestic product in the April-to-June quarter followed a 3.8 percent growth rate in the first three months of 2005. It marked the ninth straight quarter that the economy has logged growth topping 3 percent — a performance that economists view as especially encouraging.
“The economy is rolling along like a freight train. High energy prices are less of a drag than what many people had feared,” said Ken Mayland, president of ClearView Economics.

[wilburke]

There is a site called "Shadow Government Statistics" run by a fellow named John Williams. His analysis paints a rather skeptical view of the economic statistics churned out monthly by the government. I'd suggest people look into his analysis before accepting the government's growth figures at face value. Here's a link:

http://www.gillespieresearch.com/cgi-bin/bgn/

Williams finds the current government numbers "suspect", a very mild way of stating that we're being lied to on a montly (even weekly) basis. The situation is much worse than we're led to believe.

[Sys1]

$this->bbcode_second_pass_quote('', '�')��The economy is rolling along like a freight train. High energy prices are less of a drag than what many people had feared,”

[EnergySpin]

Maybe I'm stupid .. but why is growth a good thing at this point?
We do need something BIG to shake people in changing.
Maybe influenza will do the trick

[tokyo_to_motueka]

$this->bbcode_second_pass_quote('', '�')��The economy is rolling along like a freight train.” said Ken Mayland, president of ClearView Economics.

[advancedatheist]

$this->bbcode_second_pass_quote('Sys1', '
')BTW, poor countries are already suffering from those prices. Everything is not just about USA.

[Eli]

I have said it before no one sees the crash before it happens.

Wait until the fall. The weather change, the month of October is always a good bet we could see oil hitting 70 to 100 dollars. Natural gas is a sure bet to go through the roof heating oil is going to be tight. The happy go lucky summer time is over, leaves falling during a cold october rain. This changes the mood of everyone they start to reflect that hey my gas bill is double last years I am paying 2.70 at the pump my friends house is not selling and interest rates are going up, I am having trouble keeping up with credit card bills.

The mood changes and everything is not so good any more.

I think the economists are shocked that the economy has not slowed down as it should. No one is going to stop this freight train. And the economists won't
know it is happened until after the crash.

[khebab]

Maybe the economy is less dependent on cheap oil the way it was 40 years ago. Gas consumption is still a small part of an household budget. I think we should look at the numbers of the entertrainment industry, people will probably cut on their entertrainment budget if gasoline prices stay high.

[RonMN]

The economy keeps rolling along because of cheap/easy credit. Look at the smaller countries (like others have said)...they're hurting BAD! The wider the divide becomes between the "haves" and the "have nots" can only bring conflict.

This is gonna get downright ugly i tells ya!

[Eli]

I think the freight train analogy is best for this current economy.

Ron is absolutely right it is going to be as bad as it has ever been and things are going to get very ugly.

But it takes a helluva lot to stop a freight train. More than a bunch of chicken littles on the Internet. (tongue in cheek)

Interest rates are rising smaller economys are faltering Oil prices are set to go higher energy prices are headed higher. Major industries in this country are in trouble airlines, auto. Real Estate is over bought and over invested. And the US just passed Cafta which will allow the last of the manufacturing to move out of the US. Which is the final conformation that all our elected leaders are shills and whores bought and paid for by big Corporations.

And Joe American has borrowed all he can is credit card bill is about to drown him.


This train is not just going to go off the track it is going to be annihilated.

By the time the average American figures out what has gone wrong and marches on Washington (like the vets of WWI did during the depression) the powers that be will call out the National Guard to crack a few skulls and spill some blood.

and again most of us will just be thinking about where are next meal is coming from and how we are going to feed our kids.