Friday, January 27, 2006

Hallucinogens in the Water

by Tom Bozzo

Today's advance GDP growth estimate for the fourth quarter of last years was terrible. Among other unpleasantries, the measured inflation indicators in the report were not as mild as one might have expected.

The stock markets, for now, seem to be saying 'party on!' (Of course, there are pitfalls to attributing short-term market movements to any news — in this case, the balance of the GDP data andcorporate earnings news from Microsoft and Procter & Gamble.)

We say, urk!!
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