Now for something completely different :GDP REVISED UP TO 3.3% in Q2

GDP REVISED UP TO 3.3% in Q2 surprising many but not this blogger who has speculated for some time that US and global growth rates would be far higher than most economist had predicted. Mean while Fannie Mae reshuffles executives and the proverbial deck chairs on the Titanic and Barak Obama prepares for Nuremberg. Once again we exit from the summer doldrums making premature funeral arrangements for the American consumer.

Again focus on the big picture:

1) the US economy is stronger than most assume
2) Banking finance and real estate continue to contract
3) While even with improved strength of the dollar exports continue to boom
4) Unemployment lags with job creation coming in export dependent and energy sectors
5) Kitchen table lap top entrepreneurs continue to sprout up and go unnoticed
6) Yes inflation will be higher than we are used to ,but not at 1970’s levels
7) Long term the US Economy will move away from the consumer of last resort to the world and export
8) The current 1970’s mind set is a generational thing with roughly 4 years left in the cycle
9) And finally this current election is more like the McGovern election than anyone in our life time you do the math