Hi ACF Mike, <<It's a treacherous, depressing, dismal world you live in>>
... Help is on the way, for Marek:0)
morganstanley.com
<<Stephen Roach ... Corporate America is not alone in cooking its books ... Washington statisticians ... stunning rewrite of the recent performance of the US economy. So much for the boom!
... so-called benchmark revision of the national economic statistics -- an annual restatement of recent economic history based largely on more complete (and presumably more accurate) samples of underlying activity ... to be released on 31 July.
... straws in the wind ... significant downward adjustment to GDP growth over the three-year revision period, 1999-2001 ... on three fronts -- capital spending, foreign trade in services, and personal income ... are not likely to be trivial ... aggregate growth were lowered by at least one percentage point in either or both of these years.
... Little wonder the dollar is now under such pressure, as foreign investors reconsider their once seemingly voracious appetite for dollar-denominated assets.
Finally, there’s the Holy Grail of the recent bubble to consider -- productivity growth ... the recent productivity bonanza was nothing more than the arithmetic by-product of "capital deepening," there should be a close correspondence between a reduced pace of capital spending and lower growth in output-per-hour. And so another key building block of the New Economy gets called into serious question.
... the government’s national income accountants are hardly in the same boat as those at Arthur Andersen, both groups of professionals ... numbers ... told to trust have simply turned out to be wrong -- wrong for companies, wrong for the economy at large, and wrong in the eyes of financial markets ... "There are three kinds of lies ...>>
Enough, I had to avert my eyes, too afraid to read on, as the killer pigs are about to be released into the midst of weakened bulls.
Chugs, Jay |
