Fed Forecasts Propaganda or Incompetence? Ep. 246

Published: May 2, 2017, 2:26 a.m.

b'Summary:\\xa0 Last quarter the Atlanta Fed\'s Q1 GDP\\xa0 forecast was 3.4% in February. The most recent number was actually .7%.\\xa0 After all the negative economic data that came out today suggesting that Q1 could be revised lower, the Atlanta Fed came out with their forecast for Q2 GDP at 4.3%.\\xa0 How is this possible, with no economic data to support this projection? Either they believe their policies are still valid in the face of data on a downward trajectory, or they are simply acting as salesmen, promoting economic health regardless of the actual data.
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\\n \\t* \\xa0Today was Donald Trump\'s 100th day as President of the United States
\\n \\t* The media is covering this event and looking back over the last 100 days
\\n \\t* Trying to assess the effectiveness of Trump\'s presidency thus far
\\n \\t* What has he accomplished, how much progress has he made;
\\n \\t* I think the origin of assessing the first 100 days of a presidency goes back to Franklin Delano Roosevelt
\\n \\t* Who of course became president during the Great Depression
\\n \\t* I think the President accomplished a lot during his first 100 days
\\n \\t* That\'s been the benchmark for which future presidents have been judged
\\n \\t* It\'s not about which President did the most good for the country during the first 100 days
\\n \\t* It\'s just, "Who did the most?"
\\n \\t* Because, FDR did a lot, all of it harmed the economy
\\n \\t* Not only did FDR\'s exacerbate and expand the depression,
\\n \\t* His actions had repercussions for decades
\\n \\t* We are suffering today from the mistakes that FDR made in his first 100 days
\\n \\t* He accomplished a lot, but he accomplished a lot of mistakes
\\n \\t* I would rather have a president do nothing for his first 100 days
\\n \\t* If a President just played golf for 100 days and did nothing
\\n \\t* Chances are he might be the best president we\'ve ever had
\\n \\t* Most Presidents do damage to the economy during their first 100 days
\\n \\t* To the extent that they pass a law, chances are, the law just limited our freedom and reduced our standard of living
\\n \\t* That\'s true for most politicians: doing nothing is better than doing something
\\n \\t* Because doing something normally means doing harm
\\n \\t* I wish politicians would take the Hippocratic Oath, "First do not harm"
\\n \\t* If politicians took that oath, they could not do anything
\\n \\t* To the extent that a President can undo the damage done by a previous President
\\n \\t* Then, he would be doing a good thing
\\n \\t* I recognize that some of the things that Trump is trying to do is to undo Obama\'s mistakes
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