Corporate Profits Soar With Obama At The Helm

[NJ Stinks]

Read it and stutter, boys.

From the Washington Post website:
__________________________________________

Corporate profits hit record rate


By Jia Lynn Yang
U.S. companies hauled in profits at a record annual rate of $1.66 trillion dollars in the third quarter, according to a report (http://www.bea.gov/newsreleases/national/gdp/2010/pdf/gdp3q10_2nd.pdf) by the Department of Commerce Tuesday containing a number of economic indicators.

Corporate America is making a strong comeback this year. The rate of growth is set to be one-third faster than the last two years, which hovered around $1.2 trillion.

Firms, however, are still hesitant to pick up hiring at quite the same pace. Faced with consumer demand that's still slack, companies have been more inclined to hold cash on their balance sheets. The unemployment rate was at 9.6 percent in October.

Adjusted for inflation, however, this quarter's annual rate does not set a record, which is still held by the third quarter of 2006.

The Commerce Department also reported that the real gross domestic product grew at an annual rate of 2.5 percent in the third quarter. This is compared to 1.7 percent in the second quarter of 2010 and 3.7 percent in the first quarter of the year.

Almost forgot the link:

http://voices.washingtonpost.com/political-economy/2010/11/corporate_profits_hit_record_r.html

[pandy]

This is because of two things, massive layoffs that produce higher profits, and increasing business in China, India, and other overseas markets. This has boosted the stock market, which is great for the rich but the middle class is still left behind.

[PaceAdvantage]

Read it and stutter, boys.Stutter?

[bigmack]

Stutter?
You heard 'im, stutter.

You cons portray President Obama as unfriendly to the business community. Tough sell with this news.

[PaceAdvantage]

You hear 'im, stutter.

You cons portray President Obama as unfriendly to the business community. Tough sell with this news.The business climate couldn't get much worse..no shock that there is report of improvement.

[JustRalph]

This is what happens when you hoard every extra dime instead of investing in the future and hiring more employees.

All this because the Congress and Prez Slow Hand are waiting until the last minute to decide on the Bush Tax cuts.

[lamboguy]

the reason why is because he is on the take, he turns his head while these big corporations play us as suckers.

has anyone seen what has happened to scott toilet paper lately?

i will tell you what has happened, the width of the toilet paper has recently been cut by 3/4 of an inch and they went up in price.

take a look at mott apple juice, same size bottle, yet they have an indentation on the bottom and sell you less apple juice than ever before.

since obama every citizen needs eyes in the back of his head.

i complained to scott toilet paper and they sent me a coupon for a freebie

[highnote]

i complained to scott toilet paper and they sent me a coupon for a freebie


If you complain once or twice per week... problem solved.

[NJ Stinks]

i complained to scott toilet paper and they sent me a coupon for a freebie

Holy shit! That works? :confused:


;)

[NJ Stinks]

Stutter?

Stammer. Stutter. Grasp for straws.

That kind of a thing.

[hcap]

I guess since the recent election and the new rethug/Teabag majority the economy has finally turned around?

* Unusually good news on unemployment filings: "The number of people applying for unemployment benefits fell sharply last week to the lowest level since July 2008.

* Nearly 70% of the allocated TARP money has been "repaid, offset with profits, or canceled.

So let's see here the election and change in House composition is only a few weeks old and look what they have accomplished in 3 weeks.
Not only on Wall St, as N.J. points out, but also on jobs and Tarp. Amazing isn't it? 3 freakin' weeks!!! :lol: :lol: :bang: :bang:

[hcap]

More on the Tea Partys' amazing results.

NY Times:

The massive U.S. stimulus package, widely viewed by voters to be ineffective, put 1.4 million to 3.6 million people to work between July and September, the nonpartisan Congressional Budget Office said on Wednesday.

The American Recovery and Reinvestment Act also boosted national output by between 1.4 percent and 4.1 percent during that period, CBO said in its latest estimate.

CBO's estimates have consistently shown that the $814 billion package of tax cuts, state aid, construction spending and enhanced safety-net provisions has blunted the impact of the worst U.S. recession since the 1930s.

[jognlope]

I know boo hoo he's so non-business. $75,000 Camaros are their latest thrill. Tiffany's reported increased profits, too.

[jognlope]

Bush tax cuts have been in place for 5 years, no job growth.

[JustRalph]

Bush tax cuts have been in place for 5 years, no job growth.

They have been in place since 2001....... and more again in 2003....

if you wanna play in this arena..........do some research

[johnhannibalsmith]

I know boo hoo he's so non-business. $75,000 Camaros are their latest thrill. Tiffany's reported increased profits, too.

Ahh Dr Funkenstein here the disco fiend with the monster sound the cool ghoul with the bump transplant hip bone connected to my thigh bone

[Tom]

has anyone seen what has happened to scott toilet paper lately?

I don't even want to think about it! :eek:

[Greyfox]

Those fat corporate profits under Obama may be illusory in view of today's headlines;


St. Petersburg, Russia - China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.

More at link:
http://www.chinadaily.com.cn/china/2010-11/24/content_11599087.htm

[highnote]

The business climate couldn't get much worse..no shock that there is report of improvement.


The business climate could be better, but it could also get much worse. We're not even close to the great depression. Hell, things seem better now than the period when I got out of high school and college in the late '70s to mid '80s.

For example, we know how hard hit the mid-west was during the past couple of years. My mother-in-law had an interesting observation. Last week she was standing in line at a retail store in a small town in Ohio and across the street was a McDonalds. She said the drive-thru line was backed up to the street continuously the whole time she was in the store. She wondered where is the recession everyone is talking about. People are spending money. If there was a great depression people would not be sitting in a fast food line in their idling cars burning up expensive gas.

When my father and his brothers lived through the great depression as boys in Ohio, they would push a wheel barrow around town trying to collect enough pieces of coal to burn in their family's furnance for the night. I guarantee there were no long lines of idling cars burning up gas -- and gas was probably only a nickel a gallon!

My business is booming. Go figure? Seriously, this past year has been my best year in 25 years of being in business. I have to turn away customers because I don't have enough qualified subcontractors to fill the positions. Nothing I hate worse than leaving money lying on the table!

Now, I know things are not as good in other parts of the country, but things can definitely get a lot worse.

[fast4522]

More on the Tea Partys' amazing results.

NY Times:

The massive U.S. stimulus package, widely viewed by voters to be ineffective, put 1.4 million to 3.6 million people to work between July and September, the nonpartisan Congressional Budget Office said on Wednesday.

The American Recovery and Reinvestment Act also boosted national output by between 1.4 percent and 4.1 percent during that period, CBO said in its latest estimate.

CBO's estimates have consistently shown that the $814 billion package of tax cuts, state aid, construction spending and enhanced safety-net provisions has blunted the impact of the worst U.S. recession since the 1930s.

You can count on them being there in numbers in the next election and the result will be the same, party of Obama slaughtered at the polls.

[acorn54]

i get the perception that things are better now than when i was growing up some forty years ago.
high school kids years ago only had hand me down cars from their parents to ride around in. today i see teenagers with fancy cars.
there are some 100 or so tv stations to watch, years ago there was only a handful. people didn't have cell phones or ipods or computers.
i don't know where the percetion comes from that things are bad today. somebody fill me in.

[pandy]

I think things were much better years ago. It's true that generally speaking the middle class has more stuff now, but there are more hours worked. Where I grew up on Long Island very few woman worked full time if at all. My dad was the only wage earner, never made a lot of money, but he bought a new Cadillac or Chrysler every 3 years and we had a nice house with a big built in swimming pool. I used to go to concerts and see major acts for under $10, now that same concert would be $100. Gas was a half buck a gallon. Real estate taxes were below $1,000 a year, now they're over $10,000 a year.

How about this stat. My first real job I was paid $8.00 an hour working in a bowling alley. That was 28 years ago. My youngest son's first real job which he got when he was 19 two years ago, he was also paid $8.00 an hour!

[acorn54]

yeah pandy
i think you are right after thinking about it for awhile. the key is affordability of housing. today people have more stuff but i suspect home ownership is out of reach.
i think that is the key to a healthy economy, affordability of home ownership. if home ownership is out of reach by the cost of houses being out of whack with wages of normal people i don't think the economy is a healthy one.
it is true,years ago normal people such as shoe salesmen and milk delivery drivers could be the sole breadwinners of a single household. not so today.
today usually the sole breadwinner has to be some kind of genius earning a six figure salary.

[pandy]

I agree, and the gov't makes a lot of mistakes when it comes to housing. Even Fannie/Freddie have backfired, by buying the riskier loans from banks, and keeping interests rates low, they actually were part of the housing bubble. Years ago the gov't did smart things to create affordable housing, now they are part of the problem.

Cars are also too expensive. In 1972 I bought a brand new car for under $2,000. I was making $8.00 an hour and I financed a new car. Now, how many 18 year olds could buy a new car? The cheapest cars are around $15,000.

[JustRalph]

Cars are also too expensive. In 1972 I bought a brand new car for under $2,000. I was making $8.00 an hour and I financed a new car. Now, how many 18 year olds could buy a new car? The cheapest cars are around $15,000.

don't forget cash for clunkers added as much as 15% to the price of used cars in some areas.

[pandy]

Good point about cash for clunkers. The Feds $8,000 tax rebate for first time buyers also artificially kept housing prices up, they never learn.