Thursday, October 30, 2008

GDP Update...

The markets are screaming ahead again today because the economy contracted at a slower pace than expected..... Yes-- down is now up and left is now right.

The economy shrank in the third quarter and the only thing that kept the number from being a complete disaster were massive increases in Federal and State spending.

If people figure this out, the markets could sell-off, but that would require some actual intellectual vigor on the part of investors - don't expect it.

I've got a fairly scary post (just in time for Halloween) to put up later on pension losses. Expect a pension bailout....

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