Biotech Values

[bladerunner1717]

GDP revised significantly downward for the 2nd quarter (as Rosenberg predicted)


Breaking News Alert
The New York Times
Fri, August 27, 2010 -- 8:38 AM ET
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U.S. Growth in Second Quarter Is Lowered to 1.6% Pace

Economic statistics released Friday offered the clearest sign yet that the recovery in the United States had slowed to a crawl. The government lowered its estimate of economic growth in the second quarter to an annual rate of 1.6 percent, down from an initial estimate of 2.4 percent issued last month.

The revision is a significant slowdown from the annual rate of 3.7 percent in the first quarter and 5 percent in the last three months of 2009.

The news follows dismal statistics this week on July home sales and factory orders. Economists are now concerned that the outlook for job creation, which has been spluttering all summer, could deteriorate further.

Because forecasters had expected an even worse growth estimate, the markets reacted positively in the first few minutes, as traders awaited a policy speech later on Friday morning from the chairman of the Federal Reserve, Ben S.
Bernanke.


Bladerunner


P.S.

Breaking News Alert
The New York Times
Fri, August 27, 2010 -- 10:00 AM ET
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Bernanke Signals Stepped-Up Efforts to Spur Economy

The Federal Reserve chairman, Ben S. Bernanke, gave his strongest indication yet on Friday that the central bank was ready to resume huge purchases of longer-term debt, and was determined to prevent the economy from slipping into a cycle of falling prices.

While Mr. Bernanke emphasized that deflation was "not a significant risk for the United States at this time," he said the Fed "will strongly resist deviations from price stability in the downward direction." It was his most robust statement to date that the Fed would do its part to avoid a Japanese-style deflation from taking hold.