November 25, 2008

Third Quarter GDP Revised Down to an Annualized -0.5%

Filed under: Economy,MSM Biz/Other Bias,Taxes & Government — Tom @ 2:13 pm

The report from the government’s Bureau of Economic Analysis is here. The -0.5% annualized result is down from the initial reading of -0.3% a month ago.

If the third quarter remains negative, which is nearly a certainty, and the fourth quarter also comes in negative, which seems quite likely, the third quarter will have been the first official quarter of an honest-to-goodness, uncontrived, totally real recession made up of two negative-growth quarters in a row (unlike the one the Associated Press and other media outlets have rooted for and attempted to dream up during at least the five preceding years).

Not coincidentally, the second quarter of 2008 was also the first calendar quarter of the POR (Pelosi-Obama-Reid) Economy. As I noted in early July (“Welcome to the POR Economy: A Washington-Driven Recession or Downturn May Have Begun”), the POR Triumvirate set the foundation in June for recessionary conditions, and it’s been downhill ever since. You can’t say I didn’t call it.

The message to Nancy, “BOOHOO-OUCH” Barry, and Harry should be clear: You broke it. Now you get to try to fix it. But once (or if) it’s fixed, that won’t change the fact that three of you and your party broke it in the first place.

More elaboration is forthcoming in my latest Pajamas Media column, which should go up in the coming day, or two, or three.

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