Two days before the stock market set its most recent
record highs on August 2nd, the Department of Commerce provided the
necessary rocket fuel when it reported a much better than expected
first-reading of economic growth in the second quarter. This 1.7%
preliminary estimate not only topped estimates, but was sufficiently
strong enough to allow traders to overlook the dismal final reading of
first quarter GDP, which was unceremoniously slashed to just 1.1% from
an original guesstimate of 2.5% in April.
While the Bureau of Economic Analysis (BEA) defends the integrity of
its work and the periodic revisions it makes to its methodology, for
some, this aim-high-then-mark-down trend is nothing short of a conspiracy."I think we have been getting overly optimistic [GDP] assessments from the government," says Peter Schiff, CEO of Euro Pacific Capital, in the attached video. "They want to make GDP appear bigger than it normally would be, and growth to appear bigger. So this is government propaganda."
http://finance.yahoo.com/blogs/breakout/gdp-data-unreliable-government-propaganda-peter-schiff-111727893.html
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