Potpourri
* Oops, that reported 3.5% real GDP growth in the 3q is more like 2.8%. (So they exaggerated it by 25%, big deal.) I liked this line: “That was a touch below market expectations for a growth pace of 2.9 percent.” Does that mean investors were forecasting that the government had exaggerating the initial reading by that much? Did some new data come in? I don’t really know the mechanics of how they issue the different estimates.
* Guess how much FDIC has left in its coffers to bail out depositors whose banks fail? Go ahead, guess. If you said negative $8.2 billion, you’d be right. But don’t worry, the FDIC is fine, it will insist that the big banks prepay three years’ worth of insurance. I think I will do the same with my consulting services. Honey, we’re having steak again tonight!
* Bob Roddis sends this elitist article on the dumb Americans. Because they have the audacity to think that the deficit needs to shrink, it is evidence of their “illiteracy.” Seriously, just skim this thing. It’s incredible how condescending the Keynesians are. The guy thinks Americans must not even understand what a deficit is, since that’s the only possible explanation of their worry over trillion-dollar plus deficits.
