Sales of the new iPhone could add between a quarter and half a percentage point to annualized economic growth in the fourth quarterJ.P. Morgan JPM -1.39%’s chief U.S. economist Michael Feroli estimates. That could help to cushion the U.S. economy from other risks in the final months of the year.
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The bottom line: The new iPhone sales could boost GDP by $3.2 billion in the fourth quarter, or $12.8 billion at an annual rate. That is an increase of 0.33 percentage point in the annualized rate of GDP growth. It could be even higher, he says. Even a third of a percentage point would limit the downside risk to J.P. Morgan’s fourth-quarter growth projection of 2%.
Well I hear the whistle blowin, it plays a happy tune
The conductor is calling “all aboard”, we’ll be leavin soon
With champagne and shrimp cocktails and that’s not all you’ll find
There’s a billion dollar bonus and no banker left behind
No banker, no banker, no banker could I find.
When the train pulled out next mornin’, no banker was left behind
Today I watched the 1957 classic film, A Face in the Crowd. The story is of a character called “Lonesome” Rhodes, who becomes popular on radio and TV and becomes a tool of extreme conservative forces in the United States. It stars Patricia Neal, and Andy Griffin, and was written by Budd Schulberg. Lonesome Rhodes goes power crazy and his insincerity is ultimately exposed and his ratings disappear. It truly reminded me of Glenn Beck.
Vanity Fair has a lengthy profile of Sarah Palin. It is a great read. It outlines her volatile temper and dubious financing activities. It does rely extensively on anonymous sources, but the stories all hang together in a way that suggest more truth than exaggeration.
Warm and effusive in public, indifferent or angry in private: this is the pattern of Palin’s behavior toward the people who make her life possible. A onetime gubernatorial aide to Palin says, “The people who have worked for her—they’re broken, used, stepped on, down in the dust.” On the 2008 campaign trail, one close aide recalls, it was practically impossible to persuade Palin to take a moment to thank the kitchen workers at fund-raising dinners. During the campaign, Palin lashed out at the slightest provocation, sometimes screaming at staff members and throwing objects. Witnessing such behavior, one aide asked Todd Palin if it was typical of his wife. He answered, “You just got to let her go through it… Half the stuff that comes out of her mouth she doesn’t even mean.” When a campaign aide gingerly asked Todd whether Sarah should consider taking psychiatric medication to control her moods, Todd responded that she “just needed to run and work out more.” Her anger kept boiling over, however, and eventually the fits of rage came every day. Then, just as suddenly, her temper would be gone. Palin would apologize and promise to be nicer. Within hours, she would be screaming again. At the end of one long day, when Palin was mid-tirade, a campaign aide remembers thinking, “You were an angel all night. Now you’re a devil. Where did this come from?”
Thank God for the White House recording system that LBJ used. Otherwise, critical information like this would not be available. I don’t think I have ever heard a President use the word “bunghole” before. (via Wonkette)