Friday, October 17, 2003


Howard Dean and the other dwarves keep blasting the economy just as good news hits the wire (via Reuters):
Consumer sentiment rebounded in early October while U.S. home builders accelerated new construction in September to a near 17-year high, according to two reports that added to this week's evidence of fast-paced economic growth.

Other data this week have revealed that while consumer spending eased in September, spending was far stronger in August and July than originally estimated. That means gross domestic product in the third quarter could have been as high as 7 percent -- the best since the end of the late-1990s boom.

The University of Michigan said its preliminary gauge of consumer sentiment rose to 89.4 from a final reading of 87.7 the prior month, beating forecasts.

"It shows that consumers are sensing some good news on the job front and the income front," said Kurt Karl, head of research at Swiss Re in New York.

A separate report from the U.S. Commerce Department ( news -web sites ) showed ground-breaking for new homes jumped 3.4 percent to a seasonally adjusted annual rate of 1.888 million units in the month, beating expectations and up from an upwardly revised 1.826 million pace in August.

Taken together, the news this week has had many economists upwardly revising forecasts for growth and employment next year. Federal Reserve ( news -web sites ) officials have also expressed optimism that the hearty pace of expansion will lead to healthy hiring soon.
Still want to repeal all of the Bush tax rate cuts, Mr. Dean?

Thursday, October 16, 2003


The weasels adopted the US Iraqi rebuilding resolution unanimously (via FoxNews):
UNITED NATIONS���In a slam-dunk vote, the U.N. Security Council approved Thursday a U.S.-drafted resolution to help reconstruct Iraq.

All 15� Security Council (search )�members -- including Syria -- voted in favor of the measure to authorize a multinational force under U.S. command and call for troop contributions from other countries. The measure also seeks "substantial pledges" from the 191� United Nations (search )�member states.

U.N. Secretary General Kofi Annan (search ) commended the�council members for having reached a "significant agreement on what obviously is an important resolution to address a complex situation in Iraq.

"The process has been difficult but the outcome is a clear demonstration of the will of all the members of the Security Council to place the interests of the Iraqi people above all other considerations."

Earlier in the day, Germany, Russia and France announced that they would back the resolution.

That decision -- announced by German Chancellor Gerhard Schroeder at a European summit in Brussels -- marked a dramatic shift by the three European countries, who had bitterly opposed the U.S.-led war in Iraq.>
Here's what this means: President Bush is now garnering more support from the likes of France and Germany than from members of the Democratic party here in the US.