The contribution of net exports of goods and services to real GDP growth in the third quarter was revised upward to 1.37% (from the original estimate of 0.90%), and contributed to half of the 1% upward revision of real GDP growth from 3.9% to 4.9%. Further, it was the largest percent contribution to real GDP growth since the fourth quarter of 1996 (see chart above). Further, without the -1.03% decline in housing, real GDP growth would have been 5.93% in the third quarter. Read more here from First Trust Advisors.
The 4.9% growth rate during the summer of 2007 was only the second time in the last 29 quarters that the economy expanded at close to a 5% rate, and it was the strongest growth rate for the economy in 4 years (see chart above).
Prayers in school, sex education and “intelligent design” are contentious school issues. I believe parents should have the right to decide whether their children will say a morning prayer in school, be taught “intelligent design” and not be given school-based sex education. I also believe other parents should have the right not to have their children exposed to prayers in school, “intelligent design” and receive sex education.
The reason why these issues produce conflict is because education is government-produced. That means there’s either going to be prayers or no prayers, “intelligent design” or no “intelligent design” and sex education or no sex education. If one parent has his wishes met, it comes at the expense of another parent’s wishes. The losing parent either must grin and bear it or send his child to a private school, pay its tuition and still pay property taxes for a school for which he has no use.
The solution is to take the production of education out of the political arena. The best way is to end all government involvement in education. Failing to get government completely out of education, we should recognize that because government finances something it doesn’t follow that government must produce it. Government finances F-22 Raptor fighter jets, but there’s no government factory producing them. The same could be done in education. We could finance education collectively through tuition tax credits or educational vouchers, but allow parents to choose, much like we did with the GI Bill. Government financed the education, but the veterans chose the school.
~From George Mason economist Walter Williams’ latest column
The writers’ strike basically shapes up as a couple of third cousins at Thanksgiving dinner arguing over who gets a slightly larger slice of the billion dollar pumpkin pie: the writers who create the movies and shows, or the corporations who actually take all the financial risk that allows us Hollywood writers to write in Hollywood in the first place.
~John Ridley’s NPR’s “Visible Man“
There’s an old newspaper saying, attributed to Lewis Grizzard, that “Being a newspaper columnist is like being married to a nymphomaniac. Every time you think you’re through, you have to start all over again.”
I think the same could be said for being a blogger.
The charts above were created using the most recent banking data from 8,560 FDIC-insured banks, throughout the third quarter 2007, showing that:
3. The number of “problem institutions” in 2007 (65 banks) is slightly higher than 2006 (50 banks) and 2005 (52 banks) as might be expected given the recent troubles in the financial sector, but lower than 2004 (80 banks), 2003 (116 banks) and about half the number in 2002 (136 banks), see bottom chart.
Based on 30-day Fed Funds futures trading for December at the CBOT, the chance of a Fed Fund rate cut to 4.25% in December increased today from 80 to 86%. The Dow posted its biggest 2-day gain in 5 years.
Conclusion:Telemedicine provides important new opportunities to improve health care in the 21st century. Telemedicine is safe, efficient and convenient for both patients and providers. It is often the method preferred by patients who demand timely access to their doctors. And it is a method endorsed by a growing number of doctors who understand its potential. Other industries have taken advantage of information technology to benefit consumers in numerous ways. It is time that health care does the same.
“Cyber Monday” sales set a new all-time single day record for e-commerce sales of $733 million, according to comScore, representing a 21% increase over last year. While Monday represented the first time ever more than $700 million was spent in a single day by online shoppers, comScore said that it expects spending on some days may exceed $800 million in the coming weeks.
Further, online shopping for the month of November so far is also up significantly from the same period last year by 17%, see chart above, and online shopping on Thanksgiving and Black Friday are also up by more than 20% from last year.