Gross domestic product expanded at an annual rate of 3.5 percent in the three months ending in September, a significant spike from a relatively shrunken base. The economy had contracted at annual rates of 0.7 percent and 6.4 percent in the second and first quarters of this year, respectively.Durable goods spending shot up 22.3%, spending on housing jumped 23.4%, and there were other numbers that indicated growth. Even the unemployment rate rose, hitting 9.8% as employers cut 263,000 jobs! Wait, that's bad. And sure first time jobless claims are still at over half a million and consumer spending on non-durable goods was flat, but....uh......GDP...stock market! Look, if you're going to whine about being unemployed and the predictions that unemployment is going to continue into next year, hitting 10.5%, then I don't know what to tell you. Yes, the economy is great....as long as you aren't one of the people in that economy, can't you miserable hobo wretches just be happy for that fact?
So everything's ok, everything's largely fixed, and we just have to wait for that pesky job market to....oh, what's that Dr. Nouriel Roubini, a guy best known for their prescient predictions of the financial market collapse, you have something to say?
“Markets have gone up too much, too soon, too fast.” Noting that stock markets have soared by around 50 percent since their lows last March, he added, “The real economy is barely recovering while markets are going this way.”Well, wonderful, even our sad recovery will be short lived. Thanks for the heads up, I know not throw out my man sized cardboard boxes and bindle just yet.
He warned that “easy money” had already created “asset bubbles in equities, commodities, credit and emerging markets,” and concluded, “… we may be planting the seeds of the next cycle of financial instability.”
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