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Politics : PRESIDENT GEORGE W. BUSH
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To: calgal who wrote (267724)6/27/2002 4:36:58 PM
From: Raymond Duray   of 769667
 
TRUE ECONOMIC PICTURE DISTORTED BY HEDONIC VOODOO ACCOUNTING TRICKS: THE "BIG LIE" TECHNIQUE

Hi Westi,

If you take back the "hedonics" nonsense from the GNP figures, reality is a lot less rosy. If you also conclude that the latest financial bubble is in the real estate sector, then the picture of real sustainable growth gets even bleaker. If you look at capital expenditure by businesses and the private sector, there is no recovery at all.

The government is cooking the books on GNP, in order to seduce the unwary. It's shameful that our government is so willing to lie to us about this vital matter.

-Ray
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