What Recession? Q2 GDP Revised Up

Perhaps it's fair to say that the economy isn't going gangbusters. That's what happens when wealthy speculators default on second, third and fourth homes, and Congress makes us pay for their overreach.

But things aren't all that bad when second quarter GDP is revised up from the initial report of 1.9% to 3.3%! That's a whopper of an increase! To put it in perspective, during the boom years of 2002-2006, GDP grew an average of 3%.

We're not out of the woods yet (If we were ever in the woods. Maybe we're in the shrubbery). There are plenty of things dragging on the economy (as there always are, even in the best of times). But, the next time someone tells you the sky is falling, tell them yes, it's falling up.