Michael Dolan Dot Com

Thursday, August 28th, 2008

We had a recession, great. Can we get over it now?

I swear the media talked us into a recession last year. Now the GDP figures are looking positive. One reason is that it’s become comparatively “cheaper” for foreigners to buy US exports, which then stimulates demand. The IT sector majors haven’t even hit a bump except for possibly Sun Microsystems. Can we stop talking about doom and gloom economics now? Just fix the banking situation and we should be done here. The housing market will always correct itself. Speaking of which, I’m buying a house – I’m contributing to the housing comeback.

http://www.msnbc.msn.com/id/26436824/

The Commerce Department reported Thursday that gross domestic product, or GDP, increased at a 3.3 percent annual rate in the April-June quarter. The revised reading was much better than the government’s initial estimate of a 1.9 percent pace and exceeded economists’ expectations for a 2.7 percent growth rate.

The rebound comes after two dismal quarters. The economy actually shrank in the final three months of 2007 and limped into the first quarter at a feeble 0.9 percent pace. The 3.3 percent growth in the spring was the best performance since the third quarter of last year, when the economy was chugging along at a brisk 4.8 percent pace.