Thursday, May 29, 2008

Chronicles Of Depression 2.0: #114

I love days like this when the Government contradicts itself and thereby shows that it's outright lying!

Economy's growth picks up slightly in first quarter
WASHINGTON (AP) -- The economy plodded ahead at a 0.9 percent pace in the first quarter -- slightly better than first estimated -- but still underscoring caution on the part of consumers and businesses walloped by housing, credit and financial problems.

The new reading on gross domestic product, released by the Commerce Department on Thursday, was an improvement from the government's initial growth estimate for the January-to-March quarter as well as the economy's performance in the final quarter of last year. Both periods were pegged at a 0.6 percent growth rate.

Gross domestic product, or GDP, measures the value of all goods and services produced within the United States.

The first-quarter performance matched analysts' forecasts and offered a somewhat encouraging sign because it showed the economy was still growing at that time. The figure didn't meet a definition of recession, which under a rough rule is two straight quarters of shrinking GDP, and might raise hopes the country can dodge a full-blown downturn.

Ah, so one part of the Government says, Yo, checkitout! No recession!

Then the other part of the Government confirms that's a lie with:

Fed to make fresh batch of bank loans
WASHINGTON (AP) -- The Federal Reserve announced Thursday that it will make a fresh batch of short-term cash loans available to squeezed banks as part of an ongoing effort to ease stressed credit markets.

The Fed said it will conduct three auctions in June, with each one making $75 billion available in short-term cash loans. Banks can bid for a slice of the available funds. It would mark the latest round in a program that the Fed launched in December to help banks overcome credit problems so that they will keep lending to customers.

The new round of auctions will be conducted on June 2, June 16 and June 30.

The smooth flow of credit is the economy's lifeblood. It permits people to finance big-ticket purchases, such as homes and cars, and help businesses expand operations and hire workers.

Wanting to avert a broader panic that could endanger the entire U.S. financial system, the Fed has taken a number of extraordinary actions to provide relief. In its broadest extension of lending authority since the 1930s, the central bank agreed to temporarily let investment firms obtain emergency loans directly from the Fed, a privilege that only commercial banks had been granted.

Emphasis added by me.

Do you get it yet?

The machine is dead. The economy is dead.

Your greed and corruption have killed it. For everyone!

The Fed is throwing money around like a drunken sailor hoping that the music doesn't stop.

The band has died on the stage, you eejits!

Let Atlas shrug so we can drag his ass off and hang him!

Educate yourselves!

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