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View Diary: U.S. gross domestic product contracted at 2.9 percent in 1st quarter, worst showing in five years (137 comments)

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  •  Durable goods orders fell (3+ / 0-)
    Recommended by:
    nota bene, bobswern, waiono

    From today's news.

     Q2 will most likely be positive, but +3.5% seems very overly optimistic.

      As for Geithner's stress tests, those are both jokes and do nothing for the economy.

    "The oppressors most powerful weapon is the mind of the oppressed." - Stephen Biko

    by gjohnsit on Wed Jun 25, 2014 at 10:06:46 AM PDT

    [ Parent ]

    •  Almost 6 yrs. out, both Citi and BofA failed... (3+ / 0-)
      Recommended by:
      gjohnsit, nota bene, ColoTim

      ...their most recent stress tests, too! (And, as you point out, those stress tests aren't really all that "stressful.") BofA did submit additional documentation enabling it to feebly pass their test on the second round, however. Citi? Not so much!

      "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

      by bobswern on Wed Jun 25, 2014 at 10:28:23 AM PDT

      [ Parent ]

      •  Oh, yeh! Facts! Forgot about those (1+ / 0-)
        Recommended by:
        bobswern

        I think Shrike forgot about the actual facts of the stress tests.

        "The oppressors most powerful weapon is the mind of the oppressed." - Stephen Biko

        by gjohnsit on Wed Jun 25, 2014 at 10:35:21 AM PDT

        [ Parent ]

      •  We made a $5 billion and $13 billion profit (0+ / 0-)

        on our loans to those two banks.

        http://projects.propublica.org/...

        $18 billion pays for a lot of government benefits.

        "The way to see by faith is to shut the eye of reason." - Thomas Paine

        by shrike on Wed Jun 25, 2014 at 10:35:39 AM PDT

        [ Parent ]

        •  How much did ZIRP cost the economy? (1+ / 0-)
          Recommended by:
          bobswern

          How much of that back-handed bailout of the banks (not to mention the QE back-handed bailout) cost the economy?

          "The oppressors most powerful weapon is the mind of the oppressed." - Stephen Biko

          by gjohnsit on Wed Jun 25, 2014 at 10:38:33 AM PDT

          [ Parent ]

        •  More bullshit...the tax giveaways and loopholes... (0+ / 0-)

          ...ALONE, that are provided to Wall Street cost taxpayers that much in a matter of a few weeks' time...multiply that by 52 weeks per year and get back to us, please.

          The entire concept of this "profit" BELIES the manner in which these realities have--in many instances--devastated America.

          Please explain to us how Wall Street's innovative financing is NOT pillaging municipalities, educational systems and state governments across the land, to THIS day.

          "Profits?" Bullshit on that three-card monte act.

          "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

          by bobswern on Wed Jun 25, 2014 at 10:41:22 AM PDT

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      •  the stress tests (4+ / 0-)

        make me think of the infamous pre-Iraq war game where Team Red successfully employed asymmetrical tactics like suicide attacks and bike messengers, etc, before the top brass told them to knock it off and let Team Blue win like they were supposed to.

        It can't be an experiment when there's no possibility of failure. Potemkin bullshittery doesn't help us solve any real-world problems, despite the comfort it offers to our betters in the VIP section.

        This just in.....Generalissimo Francisco Cantor is still a lame duck.

        by nota bene on Wed Jun 25, 2014 at 10:38:00 AM PDT

        [ Parent ]

        •  Same thing the Japanese did (1+ / 0-)
          Recommended by:
          bobswern

          before Midway, I believe . . .

          "Lone catch of the moon, the roots of the sigh of an idea there will be the outcome may be why?"--from a spam diary entitled "The Vast World."

          by bryduck on Wed Jun 25, 2014 at 10:48:30 AM PDT

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