Tuesday, March 23, 2010

Gross domestic products

Financial Times:

One of the more remarkable facts about recent history is that, for all the exuberance of stock and property markets, the last seven years were a rather thin time for the American economy.

From the trough of the 2002 recession – as measured by the National Bureau of Economic Research – to that in 2009, real US gross domestic product grew on average only 1.7 per cent a year. The Federal Reserve Bank of Atlanta calculates that only straight after the second world war, when the economy shrank in real terms, has growth been weaker in any trough-to-trough period since 1933.

Remember when times were good and you could maintain your standard of living by playing the introductory APR of one credit card off another? Those were the days!

1 comment:

d.mantis said...

Credit is the gold standard.

I wonder when experian, equifax, and transunion will move into Fort Knox.