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One of the painful realities of life as an economist and professional speaker is that the subject matter of economics is typically viewed (with good reason!) by the general public as confusing, intimidating, and boring. As a result, trying to present weekly economic and financial information with an unusual twist can occasionally be a most welcome change. Warning!! This week’s Tea Leaf is my semi-annual economic, financial, and political update…using today’s current movie titles. My sincere apology in advance to anyone I might offend. The November Elections With summer’s arrival, we find political supporters of both major parties working KNIGHT AND DAY. They hope to be victorious on that DATE NIGHT in early November when the opposition…THE OTHER GUYS (and women)…hopefully sing THE LAST SONG and are banished FOREVER AFTER from political life. Between now and then, candidates and their supporters will fight like CATS AND DOGS for our support. |
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This week’s Tea Leaf is our semi-annual alphabetic view of the U.S. economy. Global ABCs will soon follow… America—the U.S. economy returned to growth last summer. “Wall Street” knows it. With 9.9% unemployment, “Main Street” remains quite skeptical Budget Deficits—$1,400,000,000,000 last year…about the same this year. Around $1 trillion annually in coming years, which is simply unaffordable. Deficits in 2009-2010?…$160,000,000 every 60 minutes |
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…better and better Check out the pattern underway in the chart below. American monthly job performance has gone from the worst since the Great Depression to stronger and stronger data in a classic pattern. |
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GDP Growth
The U.S. economy recorded a third consecutive quarter of economic growth during the January to March 2010 quarter, with a 3.2% real (inflation adjusted) annual growth pace. The 3.2% annual growth rate was in line with economists’ expectations. |
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Alan Greenspan stepped down as Federal Reserve Chairman in January 2006. Greenspan’s more-than-18-year run as Fed Chair was the second longest in the Fed’s history. Upon his retirement from the Fed, Alan Greenspan largely expected to “retire” to a life of constant admiration from financial market players and the media for the noble job he did as Fed head, while also enjoying the spoils of speeches at $100,000 or more per event… |
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