LIES, LIES, LIES. First inflation, then unemployment, now GDP

Posted by LionelHutz 11 years ago to Economics
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A nice summary by Peter Schiff about the recent change in how GDP will be calculated from here on out. When reality makes you look bad...change what bad means.

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  • Posted by fivedollargold 11 years ago
    This Federal agency is "supposed" to be non-partisan. About as non-partisan as NPR. Agree about Schiff. He's excellent.
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  • Posted by LetsShrug 11 years ago in reply to this comment.
    Isn't that amazing? This was posted before, right after the convention and I still can't believe anyone would think imposing losses on corporations would work. Do they not have ANY foresight whatsoever? Can they follow an idea to it's logical conclusion ever? Astounding stuff.
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  • Posted by LionelHutz 11 years ago in reply to this comment.
    Did you see the one where he showed up at the Democratic National Convention and asked various people if they'd approve inserting language into their platform to outlaw corporate profits? Hilarious.
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  • Posted by khalling 11 years ago in reply to this comment.
    FASB has strict rules on this which they are ignoring completely. Not that I'm a FASB fan. It always bugs me that R &D is not carried through the life of a successful product. somehow r and d is in a vacuum and only marketing, manufacturing and advertising through POS is responsible for the success of a product.
    But this is straight up double counting
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  • Posted by khalling 11 years ago
    excellent post, Lionel. I love Schiff. some days when I'm really mad at our govt I go watch youtubes of Sciff setting other analysts straight. Even people in their industry, sleeping and eating economic data, constantly buy in to these manipulated indices.
    I had never seen the BMI next to CPI before. startling. You see inflation all around you, but the govt says it's not there.
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