LIES, LIES, LIES. First inflation, then unemployment, now GDP

Posted by LionelHutz 11 years, 8 months ago to Economics

A nice summary by Peter Schiff about the recent change in how GDP will be calculated from here on out. When reality makes you look bad...change what bad means.

SOURCE URL: http://www.europac.net/commentaries/changing_conversation

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Posted by ObjectiveAnalyst 11 years, 8 months ago

Prestidigitation.

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  Posted by khalling 11 years, 8 months ago
  
  FASB has strict rules on this which they are ignoring completely. Not that I'm a FASB fan. It always bugs me that R &D is not carried through the life of a successful product. somehow r and d is in a vacuum and only marketing, manufacturing and advertising through POS is responsible for the success of a product.
  But this is straight up double counting
  
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Posted by khalling 11 years, 8 months ago

excellent post, Lionel. I love Schiff. some days when I'm really mad at our govt I go watch youtubes of Sciff setting other analysts straight. Even people in their industry, sleeping and eating economic data, constantly buy in to these manipulated indices.
I had never seen the BMI next to CPI before. startling. You see inflation all around you, but the govt says it's not there.

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  Posted by LionelHutz 11 years, 8 months ago
  
  Did you see the one where he showed up at the Democratic National Convention and asked various people if they'd approve inserting language into their platform to outlaw corporate profits? Hilarious.
  
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    Posted by LetsShrug 11 years, 8 months ago
    
    Post it!
    
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      Posted by LionelHutz 11 years, 8 months ago
      
      http://www.youtube.com/watch?v=07fTsF5Bi...
      
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        Posted by JossAmbrose 11 years, 8 months ago
        
        That's quite disturbingly funny.
        
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        Posted by LetsShrug 11 years, 8 months ago
        
        Isn't that amazing? This was posted before, right after the convention and I still can't believe anyone would think imposing losses on corporations would work. Do they not have ANY foresight whatsoever? Can they follow an idea to it's logical conclusion ever? Astounding stuff.
        
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    Posted by khalling 11 years, 8 months ago
    
    no! I'm going to find that!
    
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  Posted by ogr8bearded1 11 years, 8 months ago
  
  khalling, what do you mean that you can't see the emperor's new clothes? nothing to see here, move along :)
  
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Posted by fivedollargold 11 years, 8 months ago

This Federal agency is "supposed" to be non-partisan. About as non-partisan as NPR. Agree about Schiff. He's excellent.

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LIES, LIES, LIES. First inflation, then unemployment, now GDP

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