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U.S. Economy - fastest growth rate in 20 years

By maxwell edison ·
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The U.S. economy roared ahead in the third quarter, growing at its fastest pace in nearly 20 years, fueled by greater consumer and business spending. Third-quarter gross domestic product, a measure of all the goods and services produced in the U.S., rose at a sizzling 7.2% annual rate, more than double the 3.3% rate in the second quarter, the Commerce Department said Thursday.

I've seen the results from this growth, as our company is busier than we've been in a couple of years. We've added several people to the staff, and people can get as much overtime as they want.

The stock market, both the DOW and the NASDAQ, is up close to 20% for the year - after being down almost 30%. Intel is up 50%. Both Dell and Oracle are up 20%. Interestingly enough, Microsoft is up only slightly from a year ago. I wonder why? Checkpoint (I have some of these shares) is up 20%. By the way, does anyone remember my Red Hat inquiry a month or so ago? RHAT was trading at $8 at the time; it went over $15 today. If I remember correctly, Lordinfidel recommended to bet the farm on it. (Too bad I didn't have a farm.) The DOW has been trying to break the 10,000 barrier for the first time in a couple of years.

As I said, I see the results of an improved economy, and more importantly, I see the stage being set for more growth in the future.

Have you noticed the improved economy as well? Is there more tech spending on the horizon? I think yes.

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I'm seeing it

by road-dog In reply to U.S. Economy - fastest gr ...

Now employment should be picking up soon as a lagging indicator.

Now even the NY times has admitted that the recovery was triggered by the Bush tax cuts. Today is a hopeful day on many levels...

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Greenspan and Bush

by john_wills In reply to I'm seeing it

Greenspan said that the tax cuts were the wrong thing to do but that it was the right time to do them.

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Mr Greenspan also said

by maxwell edison In reply to Greenspan and Bush

Mr. Greenspan, Chairman of the Federal Reserve, told Congress that the country could be on the verge of a period of extended growth."

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Not in the "rust-belt"

by TheChas In reply to U.S. Economy - fastest gr ...

Hi Max,

I have not seen any signs of an improved economy in Michigan.

Quite the opposite, many companies are still down-sizing and closing.

Beyond the automotive sector, the office furniture and appliance manufactures are still in a slump.

The state and most private companies in the area are only replacing dead PCs. Often from there own stock of equipment from layed off workers.

Time will tell.

Chas

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It worked under Reagan - it works under bush

by JimHM In reply to U.S. Economy - fastest gr ...

Supply side economics - which the Democrats don't believe works - and love their tax's and spend policies...

Yes - it's coming back after the Hire Clinton relm - and kill Reagans economic policies.

For those that haven't felt it yet - the USA is moving from an industrial economy to information/services economy. The old mills and labor are going by the way side - it is cheaper to build and manufacture durable goods overseas where the labor cost is 1/3 of the USA.

I know it sucks - but thats what is happening as I see it from my office....

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You're Right

by maxwell edison In reply to It worked under Reagan - ...

Two years after Reagan's tax cuts, the economy came roaring back and continued into the 90s. And here we are, entering into the second year of Bush's tax cuts.

Employment numbers will be better be mid-year 2004, that's always the lagging indicator, although they're not really that bad. I often wonder why someone sees 5% unemployment as that awful. If a person realizes that a 97% employment rate (3% unemployment) is considered to be FULL employment, 95% isn't bad at all - just part of the economic cycle. Even for the folks who can't find jobs, there's always work available somewhere doing something that could hold them over in the interim. (Yes, I've been there.)

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economic recovery

by Lizzy In reply to U.S. Economy - fastest gr ...

Hi Max,
I haven't seen too much of it at work yet being a state agency and all.

My husband's business is doing better than ever even after all the hurricane (Isabel) damage in this area. He is a wholesale distributor of food product.

I agree with JimHM that a lot of labor will be going overseas. I recently read an article in the Richmond paper that said it's not really the labor costs, but the cost of litigation in this country. The article basically said that the US is so litigation crazy that the US cannot afford to pay the costs of lawsuits and settlements to keep the labor here. Now THAT's sad!!

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Loser Pays

by road-dog In reply to economic recovery

The end to the litigiousness will come through tort reform using a "loser pays (LP)" system. LP demands that the oser pays all of the costs of both parties' legal expenses.

I would go one step further and expect the losing Attorney to pay a percentage of the winner's legal expenses equal to his agreed percentage of the requested damages.

This is the only way to stop the litigation lottery that has taken over our courts. Frivolous lawsuits are the result of minimal consequences of failure to make one's case. There is almost nothing to lose and fortunes to gain by filing a lawsuit. The defense costs become astronomical when dozens of these frivolous lawsuits are added up.

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Train people to use 'common' sense

by TheChas In reply to Loser Pays

I said and heard it before, "common sense, isn't"!

While there is an issue with litigation hungry clients and attorneys, the primary problem is that the average person in the US is no longer capable of thinking for themselves and using "common sense".

The majority of frivolous lawsuits that I have heard of ALL involve someone who has misused or abused a product INTENTIONALLY.

In addition to some form of jeopardy for failed suits, there needs to be a system that reduces awards when the plaintiff is at least partially responsible for their injury.

A good example of this, is the fools who sue their former employers when they tell the truth about the employees work record to a new employer.

Chas

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There ought to be a law...

by JackOfAllTech In reply to Train people to use 'comm ...

I think that a judge should be able to decide against someone, regardless of the merits of their case, if that person is an idiot.

Some examples:
Isn't it reasonable to expect coffee to be hot?
Is it wise to eat ANYTHING at McD's if you're a vegetarian?

Ralph

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