QOTD: "Included in the BEA's first ... estimate of second quarter 2011 GDP were significant downward revisions to previously published data, some of it dating back to 2003. Astonishingly, the BEA even substantially cut their annualized GDP growth rate for the quarter that they "finalized" just 35 days ago -- from an already disappointing 1.92% to only 0.36%, lopping over 81% off of the month-old published growth rate before the ink had completely dried on the "final" in their headline number....
This begs two simple questions: (1) At what point in time can we trust any of the data contained in these reports? (2) How can any of the current data be used to create meaningful Federal monetary or fiscal decisions?
We wonder what Mr. Bernanke thought when told that 80% of his "relatively slow recovery" during the first quarter had just vaporized ..." Richard Davis
"Larwyn's Linx: Why there is no left-populist movement"
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