Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Raymond Duray who wrote (47732)	3/26/2004 5:57:10 AM
From: Raymond Duray	Read Replies (2) of 74559

The Changing Shape of The American Pie, Or, Who Is Robbing the Bank Now..... quote.bloomberg.com <SNIP> Those Greedy Corporations Snag Record GDP Share: Caroline Baum March 26 (Bloomberg) -- Twelve weeks into the first quarter, it's hard to summon much excitement about news from the fourth, especially when it happens to be the third stab at economic growth. Yesterday's report on fourth-quarter gross domestic product was not without interest, however. That's because it came with the first look at economy-wide corporate profits, which rose 29 percent on a pretax basis from the same quarter a year earlier to a record $1.21 trillion. These are not the profits companies report in their quarterly press releases or in their filings with the Securities and Exchange Commission, which have to comply with Generally Accepted Accounting Principles. The profits in the Commerce Department's National Income and Product Accounts are based on results reported to the Internal Revenue Service. No one over-reports income for tax purposes. This measure of economic profits, which makes adjustments for changes in the value of inventories and for depreciation, is the equivalent of operating profits, or profits from current production. Pretax economic profits rose to 10.7 percent of GDP, the highest share since the second quarter of 1968....... After-tax profits as a share of GDP rose to an all-time high of 8.5 percent. <Continues.........>

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