All this is a fancy way of saying that I am standing by my post of June 10th as the economic data revisions going back to the 2007-2009 recessions indicate clearly you can’t trust the early official economic data or Mike Hoss’ pronunciation of same while filling in for the Toolman. 😉
Those economic data revisions really bothered me which is what moved me to write the post that contained the above quote to begin with. While ordinary Americans have struggled since 2007 to keep their heads above water with sky-high gasoline prices and the economic collapse of 2008, our elected leaders have consistently tried to paint a brighter picture of the economy pointing to certain official statistics to make their point. The problem is the stats are subject to revision and it appears the data revisions are telling the real story and it isn’t a good one. Luckily for all of us I don’t have to go into great detail as the good folks over at The Economic Populist have done all the heavy lifting in a piece that is well worth reading. Here is a snippet:
The Q2 2011 GDP report showed draconian revisions. Q1 2011 GDP was revised downward from 1.9% to 0.4%.
On an annual basis, 2008 GDP was revised from 0% to -0.3%. 2009 shows just how bad the economy became with a new annual -3.5% GDP, revised from -2.6%. 2010 was revised upward by just 0.1% to 3.0% for the year. Below are annual GDP revisions. This graph was generated from ALFRED, which allows you to compare historical economic data. The dark red bars are the revised numbers, compared against the previous GDP, in green. Continue reading “I feel compelled to belabor this point as we’ve been living a lie…”
Hat tip Thomas Morstead on twitter which lead to this page from Sports Collectors Daily concerning the fact that Ray Guy is losing the 3 super bowl rings he garnered during his career with the Oakland Raiders. I mention this because some of our most noticed work on a national level ironically generated little in the way of reader comments and that is certainly true of the post I did on Sudden Wealth Syndrome back in April 2010 that garners consistent high quality traffic to this day which in turn likely explains why it shows on page 1 of Google search results under that search string.
In Guy’s case I am not certain given the passage of years since his playing days that Sudden Wealth Syndrome applies here but it is also undeniable he joins a long and distinguished list of former NFL players that end up in bankruptcy court.
The journey which lead me to begin following Morstead on Twitter today has its roots with our Bro Editilla over at the Ladder, who’s twitter tirades are the stuff of cyber legend. Even better is the whole chain of events is conveniently explained by Grand Master Wang over at Moosedenied who suggests that this area’s favorite NFL punter needs a nickname and is well worth reading.
Poor Mini-me does not appear to like having his bullshit called by the M&M sisters. The following is from a hot off the press CFGG email blast which deals with the bid for operating the Jefferson Parish landfill. ~ sop
Supporters of Good Government:
I have been a participant in an email correspondence chain with Councilman Chris Roberts, which began with my email to him with the Subject, “Has the Council scheduled a review meeting for RFP 0227?”
Citizens for Good Government considers Councilman Robert’s latest response to us to be rude and offensive, and I therefore defended CFGG in the following email sent to him today:
SUBJECT: Response to Councilman Roberts’ email Re: Has the Council scheduled a review meeting for RFP 0227
Dear Councilman Roberts:
Thank you for responding to my email. The purpose of my email to you was to remind you that it was YOU who suggested an open meeting to review the evaluations of RFP 0227 to select a firm to run our Jefferson Parish landfill after the Waste Management contract expires. The following is a quote from you at the June 29th Council meeting concerning the Landfill contract: “There is a possibility if time constraints require it that we may very well have to address openly this contract at another brief meeting which would occur sometime prior to the July 27th meeting.” Since you suggested such an open meeting, we wonder why you are finding fault with us for agreeing with you that such a meeting would be desirable. We merely added that we felt it was essential. Continue reading “BREAKING: Mini-me Chris Roberts disses the M&M sisters and Citizens for Good Government. A Jefferson Parish Political Corruption Scandal update.”
Either you got it or you don’t folks. I’m not much on reality TeeVee but there is no denying EWE has it as even the T-P can not resist the topic despite the protestations on their editorial pages to the contrary. Anyone else remember Living Colour opening for the Rolling Stones on the Steel Wheel Tour when it hit the Dome way back when?