Latest Federal Reserve (FOMC) projections for..

[GFB]

Real GDP

(In percentages)

2015... 2.6 to 3.0

2016... 2.5 to 3.0

2017... 2.3 to 2.5

Longer term... 2.0 to 2.3

[planosteve]

[GFB]

Something unrealistic about believing the economy will grow 2 to 3% per year?

Sounds like mostly a no brainer..not particularly bold..

..but they ARE just projections..ie..educated guesses by the supposed experts.

[planosteve]

Something unrealistic about believing the economy will grow 2 to 3% per year?

Sounds like mostly a no brainer..not particularly bold..

..but they ARE just projections..ie..educated guesses by the supposed experts.

educated
experts

https://www.youtube.com/watch?v=lrx9AlVsWvk

[GFB]

So what are Planosteve's projections for GDP in upcoming years?

[grouchy]

Something unrealistic about believing the economy will grow 2 to 3% per year?

Sounds like mostly a no brainer..not particularly bold..

..but they ARE just projections..ie..educated guesses by the supposed experts.

educated
experts

https://www.youtube.com/watch?v=lrx9AlVsWvk

Steve: For the most part, I am like most of the rest of the folks on this forum and ignore these debates.
This morning I decided to click on your link. It was a good decision. Thank you very much!

I would encourage others to take a look.

[GFB]

So what are Planosteve's projections for GDP in upcoming years?

..oh.

[planosteve]

The concept of GDP is a Keyesnian Krock of Kolectiveist Krap.

[GFB]

The concept of GDP is a Keyesnian Krock of Kolectiveist Krap.

There's no such thing as Gross Domestic Product?

Well, every country in the world would like to know what they've each been measuring and keeping track of for the last 100 years.

[planosteve]

And every country in the world is in basicly the same shape. Bad or worse.
They pretend they are measuring the economy. In reality they are just guessing.
The FED is only expert at one thing. Lying.
Mumbles Greenspan, Bubbles Bernanke, and the wicked bitch of the East, they are all professional liers.
Watch the video.

[GFB]

And every country in the world is in basicly the same shape. Bad or worse.
They pretend they are measuring the economy. In reality they are just guessing.
The FED is only expert at one thing. Lying.
Mumbles Greenspan, Bubbles Bernanke, and the wicked bitch of the East, they are all professional liers.
Watch the video.

I did.

It has nothing to do with the thread here, which simply gives people here the information of how the Fed sees the upcoming years in terms of GDP.

Knowing how the Fed is foreseeing the economy is important, no matter what one thinks about the Fed. They and others will act on that info, which effects all of us.

You just see it as an opportunity to give your personal views about the Fed and former Fed Chairmen..and that's fine..but why not just take it for what it is..info..valuable info..even if you hate the players.

A worthwhile and helpful response..(alrthough none is called for or needed)..might be..

"I see it differently, I expect the economy to do X."

Try that.

[planosteve]

GDP is a collectivist concept and a part of the macro economic pseudo-science clap-trap ideas originated by the Socialist economists liker Karl Marx.
As the great economist Von Mises stated:
"The attempt to determine in money the wealth of a nation or the whole mankind are as childish as the mystic efforts to solve the riddles of the universe by worrying about the dimension of the pyramid of Cheops."
Well stated Ludwick!

[GFB]

GDP is a collectivist concept and a part of the macro economic pseudo-science clap-trap ideas originated by the Socialist economists liker Karl Marx.

Ok, even if that is true..since the Fed and every economist, investor, investment house, and basically the whole world watches the "GDP" of this country and pretty much every other country..it becomes a concept that is hugely important for people wondering if their jobs will be secure..how the stock market will do, or how they might plan for the future.

So, give all your wackiness a rest when I post it..this stuff matters..no matter how much the Fed "sucks."

It would be like me posting on very hunting thread..what a hateful thing hunting is...(no, I don't feel that way).. But if I did, I would just be an annoying gnat for posting it.

Hunting matters to some people..the economy does to some, too.

[planosteve]

it becomes a concept that is hugely important for people wondering if their jobs will be secure..how the stock market will do, or how they might plan for the future.

I seriously doubt that anybody watches GDP for those reasons. If they do they are very stupid.

So, give all your wackiness a rest when I post it..this stuff matters..no matter how much the Fed "sucks."

Even if it made sense, GDP is bogus. It considers the economy to be a pie divided in two sections, the private sector and the public. Public expenditures count as much as private. So, when the govt wastes over a trillion dollars on a plane that can't fly, it is considered a good economic occurance that added over a trillion to the economy. It didn't! But, it would have been an economic GDP nonevent even if the plane flew since the money was merely transferred from private sector to the govt. sector and didn't increase the size of the pie (the economy). This is not "whackiness", it is reality.

[GFB]

So what actually DID or DIDN'T happen in the first quarter of the year, when GDP was reported to shrink by 3%.

[John in Plano]

Winter

[GFB]

Winter

Well, yeah..that's those of us that believe there is such a thing as GDP believe. I'm wondering what those that believe there is no such THING as GDP believe happened?

[John in Plano]

Uncle Sam printed a bunch of fiat money that was consumed in the fire of the multi trillion dollar deficit.

[planosteve]

Winter

Well, yeah..that's those of us that believe there is such a thing as GDP believe. I'm wondering what those that believe there is no such THING as GDP believe happened?

Who knows. Or cares. Garbage in. Garbage out.

[GFB]

Winter

Well, yeah..that's those of us that believe there is such a thing as GDP believe. I'm wondering what those that believe there is no such THING as GDP believe happened?

Who knows. Or cares. Garbage in. Garbage out.

Ok, but if you don't care, why post about it?

I happen to care deeply about this type of data..some others might, too..which is why I post it.