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Economists cut U.S. Q4 growth forecasts November 10, 2012

Forecasters cut their expectations for U.S. economic growth in the fourth quarter, though the labor market was seen holding on to recent improvement, a survey released on Friday showed. Economists expect the economy to grow at an annual rate of 1.8 percent in the current quarter, down from the previous estimate of 2.2 percent growth, according to the Philadelphia Federal Reserve's fourth-quarter survey of 39 forecasters. While that left estimates for gross domestic product for the year unchanged at 2.2 percent, growth in 2013 looked modestly weaker with economists forecasting 2 percent, down from 2.1 percent. Over the next three quarters, growth was seen averaging 2.1 percent, down from earlier expectations of 2.2 percent. The unemployment rate was forecast to come in lower than expected, averaging 7.9 percent in the fourth quarter from the previous estimate of 8.1 percent. The monthly unemployment rate released by the government was 7.9 percent in October. Still, unemployment was seen stuck at 7.9 percent in the first quarter of next year, and holding at 7.8 percent in the second and third quarters. Economists raised their forecasts for inflation this quarter with the headline consumer price index seen averaging 2.3 percent, up from earlier estimates for 2.0 percent. For the year, CPI was expected to average 1.9 percent, up from 1.8 percent. Core CPI, which strips out volatile energy and food prices, was expected to rise by 1.8 percent in the fourth quarter, down from the previous forecast of 2.0 percent. (Reporting by Leah Schnurr; Editing by Chizu Nomiyama)

What a Paul Craig Roberts Administration Would Look Like Paul Craig Roberts November 10, 2012 Unless I am being spoofed, several hundred readers wrote me in as their selection for President. I am honored. Some asked if I were elected by write-ins and not instantly assassinated, who would I appoint? An easy question to answer. Photo: Charles Pence.

Nomi Prins would be Secretary of the Treasury, and Pam Martens would be Deputy Secretary of the Treasury. Lew Rockwell would be the chairman of the Federal Reserve. Michael Hudson would be chairman of the Council of Economic Advisors. Harvey Silverglate would be Attorney General. Glenn Greenwald would be Deputy Attorney General. Dean Booth and Larry Stratton would be White House legal counsels. Willie Nelson would be Secretary of Agriculture. Jeffrey St. Clair would be head of the Environmental Protection Agency. Elizabeth Warren would have whatever post she wants. Cynthia McKinney would be Secretary of State. The CIA would be headed by Ray McGovern and Philip Giraldi. The FBI would be headed by Sibel Edmonds. Homeland Security would be abolished. David Ray Griffin and Richard Gage would head the 9/11 investigation.

Bradley Manning would be in charge of closing down the torture prisons. Julian Assange and John Pilger would be heads of the Public Broadcasting Corporation. Gerald Celente would be White House Press Secretary. John Williams ( would be in charge of federal statistics. Key members of the Bush and Obama regimes from the president down, and every neoconservative would be handed over to the war crimes tribunal for trial. The Republicans on the Supreme Court would be impeached and removed from office. Brooksley Born would be in charge of all federal financial regulatory agencies. Major General Antonio Mario Taguba would be Secretary of Defense. Col. Lawrence Wilkerson would be Deputy Secretary of State. Ron Unz would be chief of staff of the White House. Norman Finkelstein would be US Ambassador to Israel. Noam Chomsky would be US Ambassador to the UN. David M. Walker would be Director of the Office of Management and Budget. The Israel Lobby would have to register as a foreign agent. I could go on. There are two or three hundred appointments to fill, but I think the picture is clear. It would be an administration that represented Americans, not special interests and foreigners, and an administration that put the country back in order. But, of course, it is all a dream. No one who actually cares about our country is permitted to serve in public office.

Economists cut U.S. Q4 growth forecasts  

Forecasters cut their expectations for U.S. economic growth in the fourth quarter, though the labor market was seen holding on to recent imp...

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