Debt Crisis Over, Economic Crisis Returns
Date: 2011-08-01T08:03:00.983
Author: Tim Iacono
Byline: The Mess That Greenspan Made -- I am a retired software engineer and, in addition to writing this blog, I am also the founder of the investment website Iacono Research and the author of a weekly newsletter that focuses on investing in natural resources.
Editor note: Well gee ... you mean everything isn't just hinky dory now that Washington has sold out America again. Oh ... if only the green shoots that we were lied to about were true. As they aren't ... the future is dark. But hey ... Washington will at least go on vacation now. They won't spend any money while they are gone.
Number of Views: 627
by Tim I’m starting to think that the whole reason the debt ceiling debate was extended to consume most of the media’s airtime last weekend was to divert attention from the dismal report on Q2 economic growth on Friday and the horrendous effects of data revisions going back three years, the most important having to do with the economy’s current trajectory. 
There’s more on this subject in Tales from the GDP Revisions at EconBrowser, a post that also includes a comprehensive set of related links. In summary, the recession was much worse than believed, the recovery much weaker, and the most recent trend shows disturbing deterioration in that recovery.
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