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In 223 years, the average real GDP growth for the USA has been 3.8%. At 1.9%, the 2000-2010 decade was the 2nd worst decade for real GDP growth in the storied history of the United States. The worst since 1790 was the 1930s which was followed by what many hope for now, an explosion of growth that occurred in the 1940s. However, three years in, real GDP growth for the 2010-> decade does not look as good as ‘hope’ would like it to be. So what is different this time and what ‘facilitated’ the 1940s recovery? The sad, but very real, truth is… war… but funding that this time will be problem…

 

The 2nd worst decade of growth for the US ever… and getting worse

 

But what “saved” us last time looks a little more tricky this time…

 

Especially given the polarization in DC…

 

Charts: Hoisington and Citi

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/2Ht-Ev2rIjM/story01.htm Tyler Durden

In 223 years, the average real GDP growth for the USA has been 3.8%. At 1.9%, the 2000-2010 decade was the 2nd worst decade for real GDP growth in the storied history of the United States. The worst since 1790 was the 1930s which was followed by what many hope for now, an explosion of growth that occurred in the 1940s. However, three years in, real GDP growth for the 2010-> decade does not look as good as ‘hope’ would like it to be. So what is different this time and what ‘facilitated’ the 1940s recovery? The sad, but very real, truth is… war… but funding that this time will be problem…

 

The 2nd worst decade of growth for the US ever… and getting worse

 

But what “saved” us last time looks a little more tricky this time…

 

Especially given the polarization in DC…

 

Charts: Hoisington and Citi

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/2Ht-Ev2rIjM/story01.htm Tyler Durden

BofAML’s MacNeil Curry is changing his view on gold from bearish to bullish. The impulsive gains from the 1251 low of Oct-15 and break of the two-month downtrend (confirmed on the break of 1330) tells him that a medium-term base and bullish turn is unfolding. BoFAML looks for an ultimate break of the 1433 highs of Aug-28, with potential for a push to 1500/1533 long term resistance. In the next several sessions Curry suggest buying dips into 1309, cautioning that this bullish view is “wrong” if gold breaks below 1251. For those awaiting additional confirmation of a turn, Curry notes you need to see a break of 1375 (Sep-19 high & right shoulder off a multi-month Head and Shoulders Top).

 

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Dx7MAtkWIJE/story01.htm Tyler Durden

Alan Greenspan is out pitching his news book. We explained the miracle of revisionist history and questioned the sanity of anyone buying this ‘guide to economic forecasting’ earlier in the week, but in his appearance this morning on CNBC, the “maestro” did a great job explaining just how flawed his own logic was (without our help).

Flip-flopping from some rational efficient market based economic prognostication to the human nature based entirely non-random cyclical and feedback-loop engaging reality, he explains (sadly reflective of the current clairvoyance of Jim Bullard) that, speaking for himself and his FOMC colleagues, “all of us knew there was a bubble,” though failing to admit to being the progenitor, “but we badly missed the timing.”

Perhaps summing up the mantra of his ilk better than any other sentence, Greenspan concludes, “a bubble in and of itself does not give you a crisis…”adding, during a later Bloomberg TV clip, “I missed certain forecasts, you don’t apologize for that. Do you? I don’t. We are not omniscient. I am a human being.”

 

Perhaps not, but with every muppet leveraged to the tick on the Russell 2000, we suspect he’ll reject that thesis once again in the future…

Must watch (brief clip) for insight into just how sociopathic our central bankers have become..

 

 

Doing the rounds, Greenspan later dropped this little beauty on Bloomberg TV…

 

 

“I am in the business where, Harry Truman once said, ‘If you can’t stand the heat, get out of the kitchen’… I apologize for something I did wrong, and I do apologize. I don’t apologize…I was doing the best I can.

 

The arguments, some of which are quite accurate is I missed certain forecasts, you don’t apologize for that. Do you? I don’t. We are not omniscient. I am a human being. I cannot see beyond the horizon any more than anyone else can.

 

Now to apologize for not being Superman, I just refuse to do that because that never entered my mind.”

 

Perhaps some ‘honesty’ like that during your reign would have helped temper the bubbles you created…

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/gJXrf42ZkM0/story01.htm Tyler Durden

Alan Greenspan is out pitching his news book. We explained the miracle of revisionist history and questioned the sanity of anyone buying this ‘guide to economic forecasting’ earlier in the week, but in his appearance this morning on CNBC, the “maestro” did a great job explaining just how flawed his own logic was (without our help).

Flip-flopping from some rational efficient market based economic prognostication to the human nature based entirely non-random cyclical and feedback-loop engaging reality, he explains (sadly reflective of the current clairvoyance of Jim Bullard) that, speaking for himself and his FOMC colleagues, “all of us knew there was a bubble,” though failing to admit to being the progenitor, “but we badly missed the timing.”

Perhaps summing up the mantra of his ilk better than any other sentence, Greenspan concludes, “a bubble in and of itself does not give you a crisis…”adding, during a later Bloomberg TV clip, “I missed certain forecasts, you don’t apologize for that. Do you? I don’t. We are not omniscient. I am a human being.”

 

Perhaps not, but with every muppet leveraged to the tick on the Russell 2000, we suspect he’ll reject that thesis once again in the future…

Must watch (brief clip) for insight into just how sociopathic our central bankers have become..

 

 

Doing the rounds, Greenspan later dropped this little beauty on Bloomberg TV…

 

 

“I am in the business where, Harry Truman once said, ‘If you can’t stand the heat, get out of the kitchen’… I apologize for something I did wrong, and I do apologize. I don’t apologize…I was doing the best I can.

 

The arguments, some of which are quite accurate is I missed certain forecasts, you don’t apologize for that. Do you? I don’t. We are not omniscient. I am a human being. I cannot see beyond the horizon any more than anyone else can.

 

Now to apologize for not being Superman, I just refuse to do that because that never entered my mind.”

 

Perhaps some ‘honesty’ like that during your reign would have helped temper the bubbles you created…

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/gJXrf42ZkM0/story01.htm Tyler Durden