Wednesday, October 31, 2007

Surprise Economic Growth Built to Last?

From the AFP:

“The Federal Reserve cut US short-term interest rates Wednesday in a widely anticipated move, saying it had acted amid concerns economic growth will likely cool in coming months.”

From the Wall Street Journal:

“Not to burst anyone’s bubble this mini growth spurt apparent in the second- and third-quarter GDP data is built on a shaky foundation and is not built to last… In the aftermath of the release of the GDP data, financial talk TV is full of experts raving over the strength of the U.S. economy and ridiculing the notion of further interest rate cuts. As we dig through the details of today’s report, we find plenty of room to disagree with these assessments.”

From Bloomberg:

“’`I don't expect we're going to see GDP at all like this in the fourth quarter, but coming from where we've been in mid- 2007, it won't be bad,’ said Richard DeKaser, chief economist at National City Corp. in Cleveland, who forecast growth of 3.8 percent.”

From U.S. News and World Report:

“The only question [about the economy] has been how can we make it larger? The new questions are: How can we make it more durable? We understand the economy is pushing environmental limits.

Second: How can we make the economy produce satisfaction? The burst in economic growth has not coincided with an increase in satisfaction.”

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