From The Washington Post -- October 29, 2009:
"The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes.
The Commerce Department's report Thursday delivered the strongest signal yet that the economy entered a new, though fragile, phase of recovery and that the worst recession since the 1930s has ended.
The much-awaited turnaround ended the streak of four straight quarters of contracting economic activity, the first time that's happened on records dating to 1947.
It also marked the first increase since the spring of 2008, when the economy experienced a short-lived uptick in growth.
The third-quarter's performance - the strongest since right before the country fell into recession in December 2007 - was better than the 3.3 percent growth rate economists expected.
Armed with cash from government support programs, consumers led the rebound in the third quarter, snapping up cars and homes.
Consumer spending on big-ticket manufactured goods soared at an annualized rate of 22.3 percent in the third quarter, the most since the end of 2001.
The housing market also turned a corner in the summer. Spending on housing projects jumped at an annualized pace of 23.4 percent, the largest jump since 1986. It was the first time since the end of 2005 that spending on housing was positive.
The government's $8,000 tax credit for first-time home buyers supported the housing rebound. Congress is considering extending the credit, which expires on Nov. 30.
The collapse of the housing market led the country into the recession. Rotten mortgage securities spiraled into a banking crisis. Home foreclosures surged. The sector's return to good health is a crucial ingredient to a sustained economic recovery.
Brisk spending by the federal government, led by efforts to stimulate the economy and on defense, also played into the third-quarter turnaround. Federal government spending rose at a rate of 7.9 percent in the third quarter, on top of a 11.4 percent growth rate in the second quarter."
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7 comments:
How can you root for government control? How? Do you not believe in freedom? The government is in control of more and more companies and you people just dont seem to care. Eventually they are gonna control everything. They have been doing it slowly over the past 100 years. Liberals are ruining capitalism. If you dont like how this country is run leave. If you dont enjoy freedoms leave. We dont want you here, we want to be free to choose what we get paid, to choose what we eat, and to choose what we buy. Keep the government out of my life and out of my pockets.
"If you dont like how this country is run leave."
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Thats right Anon, free elections are hell.
Why not get a real name Anon?
It wasn't long ago when Americans criticized Hugo Chavez' move to take over his country's banks. Now the media does an about face and applauds Obama for doing the same here in the US.
"we want to be free to choose what we get paid, to choose what we eat, and to choose what we buy."
Anonymous said
Nobody is free to choose. Capitalism chooses FOR you what you get paid (the less the better), they choose what you eat and buy, NOT YOU!!
The word "free" doesn't really exist, since nothing is for free in this world. Your thinking is not even free, since you obviously have been brainwashed by capitalism.
Oh boy, am I glad not to live in the USA!!
Oh boy, am I glad not to live in the USA!!
Don't worry. We're glad you don't live here either. I'm sure you live in a place that has been saved by the USA in the past.
Brainwashed.....please, you sound silly. I have choices all day long.
"I have choices all day long."
hispanic on the right said
Erm, that's what you THINK you have.
Lavado el celebro.
no se lo que estas hablando mi amigo pero yo soy muy libre. En que pais estas usted?
I hope my liberal friends don't think we don't have freedom here. Democrats and Republicans always fight for freedom here.
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