Not long ago, I wrote a blog about the most idiotic economic political scam of the 2008 election year. Today, I read to stories about our economy that rank up there with the “gas tax vacation”.

The first story was about how the Fed has adjusted it’s estimates for 2008:

  • Economic growth of 0.3 – 1.2%, instead of 1.3 – 2%
  • Unemployment rate 5.5 – 5.7%, instead of 5.2 – 5.5%

Good thing they are still running those antiquated economic formulas to give us these otherwise worthless numbers. An added bonus is that the Fed also adjusted their inflation estimate upwards.

There really should be no surprise here folks. Bernanke just needs to start reading my blog to get better guidance on economic policy. I’ve written about energy-based inflation before. Of course, I even wrote about it years before that in a paper for an upper division economics course I was taking in college. The professor said it was an unrealistic theory.

Why I keep talking about this college professor is because that is what economists are learning in college (not all colleges, of course). Our economists are morons because they were trained to be morons!

Meanwhile, back in the world of ridiculous economic news for May 21, 2008… The other bit of economic news that really got me chuckling today was the news about the oil executives going before Congress again. How many times are we going to have to watch the same FAKE political interrogation? This is a political SCAM. The oil companies are pulling an Enron. Only, the goal is not to get California to sign a ridiculous long-term energy contract… The goal is to get the United States to open land restrictions in Alaska, the Rocky Mountains, and/or the Pacific Ocean so the oil companies can go drilling for oil. Enron is small potatoes compared to this scam.

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  1. psikeyhackr

    It would be nice if economists had been able to do grade school algebra for the last 50 years..We hear about GDP all of the time but almost no mention of NDP outside of the economics books.

    The depreciation of capital goods is subtracted from GDP to get NDP.

    But what happened to the depreciation of durable consumer goods? Cars purchased by consumers get added to GDP. ?Those cars wear out and consumers must eventually replace them and those replacements get added to GDP. But what happened to the depreciation of the worn out cars. The consumer’s NET WORTH went down as a result. But our economists say we CONSUME cars just like hamburgers so that depreciation is not tracked.

    It should be about FOUR TRILLION DOLLARS for the US since 1995.

    psik




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