Headlines were quick to tout a 33 percent growth in GDP yesterday morning. However, much like the big drop earlier in the year, the amount is really less than that. The 7.4 percent rise was annualized for the quarter, making the growth in the economy sound bigger than it is. Backing out the annualized numbers, overall the economy is on track to shrink just over 3 percent this year.
For an economy that typically grows 2-3 percent annually on average, a 3 percent decline is still large in its own right. But for dealing with unprecedented economic shutdowns amidst a global pandemic, the total decline could have been far, far worse. It’s easy to see why so many (including a President up for re-election next week) were quick to tout the best quarterly GDP numbers of all time.
Now here’s the rest of the news:
It’s Been Years Since Investors Have Been This Fearful of a Stock Market Crash
That’s Robert Shiller, a Nobel Prize-winning economist and Yale professor warns.
And another Standard Chartered Bank analyst warns that the greenback is vulnerable to a “significant depreciation” as sovereign fundamentals appear to be “pointing south”.
October 30, 2019
Even More … You can’t get away from the NEWS… Typically, a board seat at a company is something that’s either earned from some kind of similar industry or business experience, or it’s from owning enough shares to have a seat at the table. While the specific choices are often chosen from a pool of known friends and associates, other considerations are often made.
With all of the talk swirling around the board seat held by Hunter Biden, son of then – Vice President Joe Biden, at a Ukrainian gas company, Hunter decided to come out and admit that he “probably wouldn’t” have gotten the seat without dear old dad.
H E R E ‘ S … D A R R E N …
If only everyone could have a parent serve as Vice President… or senator… or even in Congress.
Another thing-for-sure … NEWS! 😉