Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Gabe Heti who wrote (96292)	11/15/2003 11:49:12 PM
From: Chispas	Read Replies (1) \| Respond to of 116764

Government Statistics.... ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Posted by: Elroy Jetson In reply to: None Date:11/15/2003 6:11:59 PM Post #of 171465 Did anyone catch Foster Friess on this episode of "Louis Rukeyser's Wall Street"? This normally bullish manager of the Brandywine Fund pointed out that the "economic recovery" barely exists as he quantified two prominent lies in government statistics. The 7.1% annualized growth in GDP during the 3rd quarter was actually 1.2% once you remove the "Hedonic Pricing" by the BLS. As an example, the figures included $39 Billion of computer sales. Actual computer sales were only $6 Billion. The missing $33 Billion of sales is the value of "imputed quality improvements" since 1996. This particular lie contributed 40% of the third quarter GDP growth. Of course the most insidious part of this lie is not the over-statement of GDP and the understatement of the Inflation Rate by $33 Billion - the most pernicious aspect is that it over-states Productivity by $33 Billion. Hedonic Pricing lies in total bumped the 1.2% growth up to 7.1%. Employment figures are over-stated by another 50,000 jobs each month. Once the Federal Government declared the economy was recovering, the Labor Department is allowed to add an extra 50,000 jobs each month (to allow for "under-counting"). These jobs do not actually exist. Last May the Labor Dept had to "revise down" actual employment by 400,000 jobs to account for the previous eight months worth of lies at 50,000 jobs per month. Employment is actually still declining and unemployment is still rising. (From InvestorsHub)