Could be right Fed. Do you have a take on this post by "Elroy Jetson?" This scares the heck out of me. I'm not a conspiracy theorist or anything but I wonder if Bush and his team are behind any of this? I would welcome any comments on the following post:
Did anyone catch Foster Friess on this episode of "Louis Rukeyser's Wall Street"? This normally bullish manager of the Brandywine Fund pointed out that the "economic recovery" barely exists as he quantified two prominent lies in government statistics.
The 7.1% annualized growth in GDP during the 3rd quarter was actually 1.2% once you remove the "Hedonic Pricing" by the BLS. As an example, the figures included $39 Billion of computer sales. Actual computer sales were only $6 Billion. The missing $33 Billion of sales is the value of "imputed quality improvements" since 1996. This particular lie contributed 40% of the third quarter GDP growth.
Of course the most insidious part of this lie is not the over-statement of GDP and the understatement of the Inflation Rate by $33 Billion - the most pernicious aspect is that it over-states Productivity by $33 Billion.
Hedonic Pricing lies in total bumped the 1.2% growth up to 7.1%.
Employment figures are over-stated by another 50,000 jobs each month. Once the Federal Government declared the economy was recovering, the Labor Department is allowed to add an extra 50,000 jobs each month (to allow for "under-counting"). These jobs do not actually exist. Last May the Labor Dept had to "revise down" actual employment by 400,000 jobs to account for the previous eight months worth of lies at 50,000 jobs per month. Employment is actually still declining and unemployment is still rising.
AI
