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mrgybe



Joined: 01 Jul 2008
Posts: 5178

PostPosted: Thu Jul 28, 2022 9:55 am    Post subject: Reply with quote

boggsman1 wrote:
GDP growth 6.9% in Q4
3.7% unemployment.,.strongest job market in 35 years.
Household wealth at record highs.
Real estate prices...etc etc ..I could go on.... economy is ripping. I was just in Washington, Idaho, Wyoming, and Colorado.. economy is RAGING in all 4...

Boggsy, This was your view of the US economy at the beginning of the second quarter. Any updates?
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boggsman1



Joined: 24 Jun 2002
Posts: 8929
Location: at a computer

PostPosted: Thu Jul 28, 2022 10:16 am    Post subject: Reply with quote

mrgybe wrote:
boggsman1 wrote:
GDP growth 6.9% in Q4
3.7% unemployment.,.strongest job market in 35 years.
Household wealth at record highs.
Real estate prices...etc etc ..I could go on.... economy is ripping. I was just in Washington, Idaho, Wyoming, and Colorado.. economy is RAGING in all 4...

Boggsy, This was your view of the US economy at the beginning of the second quarter. Any updates?


Every one of those stats is accurate. What is the question? Please be more clear.
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mrgybe



Joined: 01 Jul 2008
Posts: 5178

PostPosted: Thu Jul 28, 2022 11:19 am    Post subject: Reply with quote

OK, if you really want to prolong the agony.......would most people reading your post of a mere three months ago believe that the US economy was a) expanding or b) contracting or c) headed for a significant stock market correction and a recession? Thanks.
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boggsman1



Joined: 24 Jun 2002
Posts: 8929
Location: at a computer

PostPosted: Thu Jul 28, 2022 12:58 pm    Post subject: Reply with quote

Sure .. The economy has certainly soured in 2022.. It doesn't take a Philadelphia lawyer to determine that .. The job market is still quite strong , and home prices have come off the boil .. What's the question ? Is there a question ?
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mrgybe



Joined: 01 Jul 2008
Posts: 5178

PostPosted: Thu Jul 28, 2022 3:13 pm    Post subject: Reply with quote

Just hoping you are learning that dismissing the opinions of others as "clueless", "hopelessly partisan", and "wrong on everything for the last 10 years" looks a bit silly when those opinions turn out to be right. I'm trying to make you a better person!
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boggsman1



Joined: 24 Jun 2002
Posts: 8929
Location: at a computer

PostPosted: Thu Jul 28, 2022 3:27 pm    Post subject: Reply with quote

Are you suggesting 6.9% GDP is not strong or 3.6% unemployment isn't outstanding? Or record household net worth? Record home equity? What am I missing?
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boggsman1



Joined: 24 Jun 2002
Posts: 8929
Location: at a computer

PostPosted: Thu Jul 28, 2022 3:27 pm    Post subject: Reply with quote

Are you suggesting 6.9% GDP is not strong or 3.6% unemployment isn't outstanding? Or record household net worth? Record home equity? What am I missing?
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mrgybe



Joined: 01 Jul 2008
Posts: 5178

PostPosted: Thu Jul 28, 2022 3:59 pm    Post subject: Reply with quote

Wow! Myopia doesn't even cover it! You are missing the negative growth in the first quarter, at the end of which you told us that the economy was raging. You are missing the negative growth in the second quarter which followed your enthusiastic assessment of the economy. You are missing the 2% decrease in the labor participation rate which is huge. You are missing the fact that household net worth/ record home equity resides with those at the top of the wealth spectrum, driven, in part, by government handouts they didn't need and put straight into savings, and by a housing market hyped by easy money. Perhaps you are unaware that averages can be misleading.

We are in a recession by the most widely accepted definition. Some of the clueless could see this coming and said so.
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boggsman1



Joined: 24 Jun 2002
Posts: 8929
Location: at a computer

PostPosted: Thu Jul 28, 2022 4:10 pm    Post subject: Reply with quote

Both quarters had inventory adjustments...so, I'm not buying the recession talk. I've never seen a recession with sold out airlines, 3.6% unemployment with 2 job openings for every job applicant, iPhone demand raging, average selling price of autos above $50,000, and on and on and on... Restaurants packed, etc . etc.

But , I'll add that recessions are inevitable and I certainly think we will have one... hopefully you're happy now.
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mac



Joined: 07 Mar 1999
Posts: 17345
Location: Berkeley, California

PostPosted: Thu Jul 28, 2022 4:19 pm    Post subject: Reply with quote

And of course most of the job growth is in the Bay area. But at least you can still kneel at the base of confederate monuments in Virginia and North Carolina.
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