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First Quarter GDP Revised To -1%

Discussion in 'Preparedness & Survival' started by erudne, May 29, 2014.

  1. erudne

    erudne The Pie Matrix PPL Say Sleeping W/Your Rifle Is A bad Thing? Bronze Supporter

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    Death Rattle Confirmed – First Quarter GDP Revised To -1%


    Posted on May 29, 2014 by sundance
    The United States GDP shrank at an annual rate of 1.0 percent in the first quarter of 2014, according to the second estimate released by the Commerce Department.

    united-states-gdp-growth.png?w=640&h=292
    (Via WSJ) The U.S. economy contracted in the first quarter of 2014, the latest stumble for a recovery that has struggled to find its footing since the recession ended almost five years ago.
    obama_binoculats_idiocracy.jpg?w=300&h=225
    Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 1.0% in the first three months of the year, the Commerce Department said Thursday. It was the first time economic output contracted since the first quarter of 2011, when it declined at a 1.3% pace.
    Government economists had previously estimated GDP slowed to a 0.1% growth rate in the first quarter as harsh winter weather disrupted work sites, curtailed foot traffic at retail stores and snarled transportation networks across much of the U.S. The newly revised estimate incorporates additional economic data released in recent weeks.
    Higher-than-expected imports and slower-than-expected inventory growth dragged the economy into negative territory. (read more)
    The American retail industry is emitting an unmistakable wheezing sound as a long slow painful death approaches.

    deathrattle.jpg
    (From TBP) Retail store results for the 1st quarter of 2014 have been rolling in over the last week. It seems the hideous government reported retail sales results over the last six months are being confirmed by the dying bricks and mortar mega-chains. In case you missed the corporate mainstream media not reporting the facts and doing their usual positive spin, here are the absolutely dreadful headlines:

    Wal-Mart Profit Plunges By $220 Million as US Store Traffic Declines by 1.4%
    Target Profit Plunges by $80 Million, 16% Lower Than 2013, as Store Traffic Declines by 2.3%
    Sears Loses $358 Million in First Quarter as Comparable Store Sales at Sears Plunge by 7.8% and Sales at Kmart Plunge by 5.1%
    JC Penney Thrilled With Loss of Only $358 Million For the Quarter
    Kohl’s Operating Income Plunges by 17% as Comparable Sales Decline by 3.4%
    Costco Profit Declines by $84 Million as Comp Store Sales Only Increase by 2%
    Staples Profit Plunges by 44% as Sales Collapse and Closing Hundreds of Stores
    Gap Income Drops 22% as Same Store Sales Fall
    American Eagle Profits Tumble 86%, Will Close 150 Stores
    Aeropostale Losses $77 Million as Sales Collapse by 12%
    Best Buy Sales Decline by $300 Million as Margins Decline and Comparable Store Sales Decline by 1.3%
    Macy’s Profit Flat as Comparable Store Sales decline by 1.4%
    Dollar General Profit Plummets by 40% as Comp Store Sales Decline by 3.8%
    Urban Outfitters Earnings Collapse by 20% as Sales Stagnate
    McDonalds Earnings Fall by $66 Million as US Comp Sales Fall by 1.7%
    Darden Profit Collapses by 30% as Same Restaurant Sales Plunge by 5.6% and Company Selling Red Lobster
    TJX Misses Earnings Expectations as Sales & Earnings Flat
    Dick’s Misses Earnings Expectations as Golf Store Sales Plummet
    Home Depot Misses Earnings Expectations as Customer Traffic Only Rises by 2.2%
    Lowes Misses Earnings Expectations as Customer Traffic was Flat

    store-closed.jpg?w=300&h=225 Of course, those headlines were never reported. I went to each earnings report and gathered the info that should have been reported by the CNBC bimbos and hacks. Anything you heard surely had a Wall Street spin attached, like the standard BETTER THAN EXPECTED. I love that one.
    At the start of the quarter the Wall Street shysters post earnings expectations. As the quarter progresses, the company whispers the bad news to Wall Street and the earnings expectations are lowered. Then the company beats the lowered earnings expectation by a penny and the Wall Street scum hail it as a great achievement. The muppets must be sacrificed to sustain the Wall Street bonus pool.
    Wall Street investment bank geniuses rated JC Penney a buy from $85 per share in 2007 all the way down to $5 a share in 2013. No more needs to be said about Wall Street “analysis”. (read more)
    the-president-and-his-economic-food-program.jpg?w=640
     
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  2. erudne

    erudne The Pie Matrix PPL Say Sleeping W/Your Rifle Is A bad Thing? Bronze Supporter

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    If you have not yet panicked now would be a good time to start the Great Depression was only 3% worse!:s0001::s0003::s0103::s0004::s0124::s0095::s0098:
    images?q=tbn:ANd9GcRF16rLo1E3YdzlkpiJsxsFIsen7rh79k-cjEl5iCv54VryhOEW6g
     
  3. AMProducts

    AMProducts Maple Valley, WA Jerk, Ammo Manufacturer Silver Supporter

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    I'm *SHOCKED* SHOCKED I SAY!

    I think everyone got a bad hangover this year once taxes became due, tax rates went through the roof due to obamacare, not to mention the shocks people got when all those "affordable healthcare" premiums became due. Just about everyone I know got a 50-100% bump in insurance rates this year, mine functionally doubled, plus there were a bunch of new taxes I had to pay because I'm self-employed.

    Am I optimistic about the future? Not really, I don't see things changing at the midterm no matter which party wins. Just need to wait for the system to collapse under it's own weight, and it won't be long at this rate. The thing we do need to be prepared for is what comes after. When a democracy fails, usually the next step is tyranny.
     
  4. Riot

    Riot Benton County, Washington Well-Known Member

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    The stat is the growth rate, not the actual GDP. Growth rate has dropped...meaining we have less GDP than we did last year (per the stat displayed).
     
  5. erudne

    erudne The Pie Matrix PPL Say Sleeping W/Your Rifle Is A bad Thing? Bronze Supporter

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    So your saying that there's nothing to worry about? The chart shows a -1% growth, Minus One Percent, that's a negative, the GDP in remission from a 2007 level that was a contraction of 2005's GDP
    In the Great Depression there was no inflation and there was no 0bama, a non-natural born citizen psychotic narcissist at the helm, just a blue-blood Liberal Progressive who gave us 4 years of hell, almost twice as long as the rest of the world. Obama's plans are Intended to create a great depression and he is succeeding, home sales are in the dump, working class homes are Not Selling, just Luxury Homes being bought with cash near DC. This year's GDP returns will be below Zero as the few jobs left are wiped out by skyrocketing energy costs, the Carbon Tax and 0Care then soon we will be the Minus 4% GDP of the Great Depression, exactly where Obama wants America, on the same level as No. Korea. You should be seeing this start in less than 6 months
     
    Last edited: May 29, 2014
  6. AMProducts

    AMProducts Maple Valley, WA Jerk, Ammo Manufacturer Silver Supporter

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    Lies, damn lies and statistics.

    One of the annoying things is people like to make predictions about growth, that can be YoY MoM QoQ so not meeting expectations can show negative growth. It's really a goddamn mess. Generally if I want to know what the strength is of the economy I look at commodity prices and durable goods orders, if you see gold suddenly spike and gasoline fall through the floor something just happened, and whatever it is was big!
     
  7. EZLivin

    EZLivin SW of PDX Well-Known Member

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    "We are seeing the most dangerous trend ever. There is an agenda behind the curtain and that is to sustain government at all costs and that includes everything you own. I have warned that either government will move toward a totalitarian state or to real democracy – real Athens style without the career politicians."

    http://armstrongeconomics.com/2014/...ion-to-just-rob-anyone-who-has-more-than-you/

    I agree with Armstrong on who is to blame. A different take on "who" destroyed us (not some elite secret club), but the same outcome nevertheless.
     
  8. erudne

    erudne The Pie Matrix PPL Say Sleeping W/Your Rifle Is A bad Thing? Bronze Supporter

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    You'll have to send your complaints to the US Dept of Commerce, maybe you'll get a response from Jay Carney.
    BTW commodity prices are affected by availability, not just consumer demand. The price of hay is so high right now that stock owners are shipping their livestock from the SW to the PNW because it's cheaper to truck them back and forth then pay $500 a ton for hay. All food related commodities will be equally high until the multi year drought breaks. In the mean time Obama is draining Kali reservoirs to protect the MX enviroment
     
    Last edited: May 30, 2014
  9. cookie

    cookie THE SOCIALIST STATE OF KALI - FORNIA Well-Known Member

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    Great news the one world order luciferians that have been working for years to get this country to fail. A few generations of non thinking TV watchers and social media types are all it takes.
     
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  10. Sstrand

    Sstrand La Grande OR Well-Known Member

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    As Paul Harvey used to say: "Ain't no use worrying, nothing is going to turn out all right!"

    Sheldon
     
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