Happy Friday — It’s Worse Than You Think

At his website, No Spin Forecast,Robert F. Dieli, Ph.D.  explains that the precipitous decline in imports added a whopping 6.05 percentage points to the GDP Growth rate.

“Wait, wait,” you might say, “First quarter GDP FELL by 6.1 percent.”

Yes, that’s true.  What Dieli is saying is that if not for the rapid decline in imports, America’s GDP would have actually fallen 12.15 percent!

 

My latest column for UncommonWisdomDaily is up.  You can read it here:  “A Motherlode for Pennies on the Dollar.”

Only One Way Out of Big Economic Hole

There is only one way I can see out of this box: stronger economic growth. An extra 1% annual growth in the $14.3 trillion U.S. economy is an extra $143 billion in economic activity that can be used to pay down debt, increase living standards, save for a rainy retirement day or reinvest in the economy. That money’s available, if we can figure out how to get growth to pop from, say, 2% to 3%.

Cameco Net Income Declines 38% on Increased Costs, Lower Sales of Uranium

Cameco Corp., the world’s largest uranium producer, said first-quarter profit slid 38 percent as costs rose and sales of the raw material used in nuclear-reactor fuel fell.

Copper Adds to Longest Winning Streak in Three Years on Demand From Asia

Copper rose in London, adding to its longest monthly winning streak in three years, as falling inventories of the metal and increased industrial production in Asia suggest demand is strengthening.

Diamonds Are a Man’s Best Friend With 5-Carat Engagement Rings 25% Cheaper

For bachelors like John Heywood, now’s the time to pop the question.

Australia, N.Z. Dollars `Most Exposed’ to Declines on Flu, Barclays Says

The Australian and New Zealand dollars are the “most exposed” among major currencies to declines because of the global swine flu outbreak, Barclays Capital said.

Drilling of oil and gas wells is expected to plunge 41% in Canada in 2009

The number of new oil and gas wells to be drilled in Canada will drop by 41% to 10,000 this year as low prices and capital worries hammer the country’s oilfield service sector, an industry association forecast yesterday. Drilling activity has plunged to the lowest level since 1999 as weak commodity prices convince oil and gas companies to husband their cash and restrain exploration budgets until higher prices return, the Petroleum Services Association of Canada said.

Hooray For The Weekend

Here are a couple of things to get you into weekend mode.  First, a joke making the rounds today.  Hat-tip Yves …

One afternoon an investment banker was riding in his limousine when he saw two men along the roadside eating grass. Disturbed, he ordered his driver to stop and he got out to investigate.
He asked one man, “Why are you eating grass?”
“We don’t have any money for food,” the poor man replied. “We have to eat grass.”
“Well, then, you can come with me to my house and I’ll feed you,” the banker said.
“But sir, I have a wife and two children with me. They are over there, under that tree.”
“Bring them along,” the banker replied.
Turning to the other poor man he stated, “You come with us, also.”
The second man, in a pitiful voice, then said, “But sir, I also have a wife and SIX children with me!
“Bring them all, as well,” the banker answered.
They all entered the car, which was no easy task, even for a car as large as the limousine was.
Once underway, one of the poor fellows turned to the banker and said, “Sir, you are too kind.”
“Thank you for taking all of us with you.”
The banker replied, “Glad to do it.
“You’ll really love my place.
The grass is almost a foot high.”

XX Sean’s note — in case you were wondering, bankers continue to be rewarded for their many failures.

Second, here’s a song to send you on your way.

Have a great Friday and a nice weekend.

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