I was not planning on writing about the 33.1% growth we experienced as a country in the third quarter this morning, but I did not hear about it on NPR this morning.
Yes, it is true, my radio alarm clock is set on NPR because I can only handle so much propaganda before I drag my lazy butt out of bed to turn it off in the morning’s.
The Daily Mail reported,
“The U.S. economy experienced record growth in July, August and September of 33.1 per cent, the Bureau of Economic Analysis announced Thursday.
That was the fastest pace since the government started keeping records in 1947 and followed a historic shrinkage rate of 31.4% in the second quarter.
The Bureau’s estimate Thursday of third-quarter growth regained only about two-thirds of the output that was lost early this year when the economy essentially froze as safety orders forced restaurants, bars and many retailers to shut down.
But the markers initially largely ignored the apparent good news with Dow futures up 10 points half an hour before the 9.30am opening bell, after an almost 1,000-point plunge Wednesday.”
With the DJIA losing 943 points yesterday and Mondays selloff of ~600 points, will the Dow bounce back with this news? I suspect we will not see a rebound back to the 28,000-level due to the new China Virus shutdowns in the EU, terrorist attack in Nice, France and Wall Street’s dislike for Trump. After all, he is not taking big money from them like Biden is. However, I can see a modest rebound over today and tomorrow.
Fifteen minutes before this article posted, the DJIA was at 26,445 down 75 points from yesterdays close. I suspect this is left over orders from yesterday to sell. The best time to look again is noon. Check the DJIA then to get a good handle on how it will fair by the end of today.
As a fun exercise today, it might be fun to count how many times the MSM reports the 33.1% growth for the third quarter. If they do report on the news, they will follow with a statement that negates the good news.
Freedom Through Self-Reliance ™