{"id":188592,"date":"2010-08-27T17:54:00","date_gmt":"2010-08-27T22:54:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/08\/27\/economics-update-35\/"},"modified":"2010-08-27T17:54:00","modified_gmt":"2010-08-27T22:54:00","slug":"economics-update-35","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/08\/27\/economics-update-35\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p>Well, they just revised the 2<sup>nd<\/sup> quarter GDP, and  <a href=\"http:\/\/money.cnn.com\/2010\/08\/27\/news\/economy\/gdp\/index.htm\">it went from an initial reading of 2.4% to a 1.6%<\/a>, though it should be noted that a lot of this was <a href=\"http:\/\/www.reuters.com\/article\/idUSTRE67N3B320100827\">driven by a surge in imports<\/a>.<\/p>\n<p>Still, this is not an economy expanding, first the US is one of the few nations on earth that applies <a href=\"http:\/\/lmgtfy.com\/?q=gdp+hedonic+adjustment\">hedonic adjustments to GDP<\/a>, and the rate does not even cover growth in population.<\/p>\n<p>But the banks can meet their bonus payments, and who cares about ordinary people.<\/p>\n<p>Well maybe the people who sell stuff to, or make stuff for, ordinary people might care, because the ordinary people, as reported by the Thomson Reuters\/University of Michigan&#8217;s Surveys of Consumers, are <a href=\"http:\/\/www.cnbc.com\/\/id\/38879114\">not in a spending mood<\/a>:, as consumer sentiment fell again.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well, they just revised the 2nd quarter GDP, and it went from an initial reading of 2.4% to a 1.6%, though it should be noted that a lot of this was driven by a surge in imports. Still, this is not an economy expanding, first the US is one of the few nations on earth &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,1089],"tags":[],"class_list":["post-188592","post","type-post","status-publish","format-standard","hentry","category-economy","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188592"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=188592"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188592\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=188592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=188592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=188592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}