Obama’s Top Economist Says ‘Best Economic Data In History’ About To Happen In U.S.

[mystery-ak]

Obama’s Top Economist Says ‘Best Economic Data In History’ About To Happen In U.S.
By Eric A. Blair
Published May 26, 2020 at 4:41pm

“We are about to see the best economic data we’ve seen in the history of this country.”

That’s what former president Jason Furman, a top economist in the Obama administration and now a professor at Harvard, told a large bipartisan group of top officials from both parties in a Zoom party last week, according to Politico.

    The former cabinet secretaries and Federal Reserve chairs in the Zoom boxes were confused, though some of the Republicans may have been newly relieved and some of the Democrats suddenly concerned.

    “Everyone looked puzzled and thought I had misspoken,” Furman said in an interview. Instead of forecasting a prolonged depression-level economic catastrophe, Furman laid out a detailed case for why the months preceding the November election could offer Trump the chance to brag — truthfully — about the most explosive monthly employment numbers and GDP growth ever.

    Since the Zoom call, Furman has been making the same case to anyone who will listen, especially the close-knit network of Democratic wonks who have traversed the Clinton and Obama administrations together, including top members of the Biden campaign.

more
https://www.thegatewaypundit.com/2020/05/obamas-top-economist-says-best-economic-data-history-happen-u-s/

[Free Vulcan]

Long sweep of history here, but the Democrats point of referenece for depressions if the FDR era of the 30's and it's overregulated response that greatly prolonged it's misery.

If you read Friedmans Monetary History of the United States however, we had many depressions and bank collapses before then. Many were severe, but short lived because of the highly unregulated, free market measure of our economy.

We are far more regulated than then, but not to the old FDR extent, and are not the up-and-coming economy of 100+ years ago. it will be a very interesting experiment to see how economic conditions go from here, and whether the U.S. can bounce back or not.

This guys scenario may be very possible, and I definitely think the Dems should be worried.

[roamer_1]

I expect a jammin bounce - But that in itself means little. Record breaking growth merely offsets record breaking destruction. a 20% gain would look great on paper, but we'd still be underwater.

[Right_in_Virginia]

a 20% gain would look great on paper, but we'd still be underwater.

                      

[truth_seeker]

V-shaped Recovery. Down fast, back up fast.

Record low interest rates. Housing remained surprisingly sound.

Possibly the single most important aspect will be rebuilding consumer confidence, incl. health & safety concerns

Trump is  the best to "talk-up" the economy.

Bully Pulpit. Moral-suassion. A born promoter.

[IsailedawayfromFR]

I expect a jammin bounce - But that in itself means little. Record breaking growth merely offsets record breaking destruction. a 20% gain would look great on paper, but we'd still be underwater.

Did you just begin investing this year?

If you had invested just one year ago, the DJ is virtually flat.  With dividends, you are ahead.

And we have had impressive returns over the past 5 years.

So don't fall for the lib talking points of doom and gloom.

[roamer_1]

Did you just begin investing this year?

If you had invested just one year ago, the DJ is virtually flat.  With dividends, you are ahead.

And we have had impressive returns over the past 5 years.

So don't fall for the lib talking points of doom and gloom.

Nah. I don't care about the Dow. I care about main street. Actual bricks and mortar. Actual money.

And 20% is hardly doom and gloom. That's a pretty rosy outlook in such a short time. And it could just as well be 80%, which would look amazing as hell on paper... But still under water.

That ain't doom. Just reality.

[IsailedawayfromFR]

From article

“This is my big worry,” said a former Obama White House official who is still close to the former president. Asked about the level of concern among top party officials, he said, “It’s high — high, high, high, high.”

Furman is alarmed that the economy might rebound.

We have a former official and a party who is worried that the American economy will prosper.

This sounds like an enemy of our country, doesn't it?

[truth_seeker]

Nah. I don't care about the Dow. I care about main street. Actual bricks and mortar. Actual money.

Main St. is small busiinesses, employees.

Main St. cares abut the Dow. Stocks/bonds and real estate are the two main vehicles for storing wealth.

[roamer_1]

Main St. is small busiinesses, employees.

Main St. cares abut the Dow. Stocks/bonds and real estate are the two main vehicles for storing wealth.

Worry about the work and the money will come. And main street has a long, long row to hoe. What restores small businesses is work, more work, and opportunity to work. In real time.

I don't give a sh*t about real estate or stocks/bonds. I give a sh*t about being able to access my clients and my clients need to open in order to have the money to pay me. I give a sh*t about getting my shop build back online so I have a bigger and more effective workspace. I care about joe six-pack having money to burn so he'll buy new hardware from me.

None of that has anything to do with stocks or bonds... And little to do with real estate beyond the fact that a good portion of my outside-sales guys are realtors... And if they're moving, they're busting things.

And I have been fairly lucky through this. The data side of my business, about a fourth, was untouched. And the tinker side of me has brought in enough to make ends meet. But the main business - The computer tech stuff - has been stone dead flat. I have made five times as much in small engine repair and sales, and general repair - Folks lawns still need mowed. And when they're broke on their asses they will have broken stuff fixed rather than buying new.

Like I said. I need main street wide open and rockin. That's where my bottom line starts rising.

[truth_seeker]

I don't give a sh*t about real estate or stocks/bonds.

Thanks for sharing.