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\\n\\t* This morning we got the first look at Q2 GDP
\\n\\t* Q1 had been reported most recently at -.2
\\n\\t* Everybody was looking for an upward revision due to the double seasonal adjustments
\\n\\t* The revision brought Q1 into the black, but only by .6
\\n\\t* Q2 expectation was 2.9; instead it came in at 2.3
\\n\\t* I had mentioned that at best, Q2 GDP would be in the low 2\'s, which is what we have
\\n\\t* After revisions, however, we could end up at below 2 for Q2
\\n\\t* Wall Street and the Fed were too optimistic about Q2
\\n\\t* Now previous GDP years have been revised, with the net effect of lowering U.S. GDP growth almost 1 percentage point for the past three years
\\n\\t* After revisions, the average growth rate is 2% per year
\\n\\t* 2015 Q1 & Q2 average GDP growth rate is just 1.45%
\\n\\t* The worst first half of the "recovery"
\\n\\t* What is the point of raising rates now, when the economy is at its weakest?
\\n\\t* The Fed is still waiting to see improvements in the labor market
\\n\\t* Unemployment is low
\\n\\t* The Fed is waiting to see increases in wage growth and in labor force participation
\\n\\t* It is unlikely that there will be more part-time workers finding full time jobs
\\n\\t* The Fed is still putting on a show, pretending that a rate hike will be appropriats
\\n\\t* This recovery is the weakest recovery in the modern era, since WWII
\\n\\t* We have had the most Keynesian monetary stimulus ever
\\n\\t* The Keynesians will not consider that their policies are an economic sedative
\\n\\t* Even though this is the biggest economic ever, the Keynesians still want more
\\n\\t* Redbook Year-Over-Year Same Store Sales rose by just 1%
\\n\\t* Last year, the year-over-year growth was 3%
\\n\\t* Pundits blame poor retail sales on "hot weather"
\\n\\t* People aren\'t shopping because they aren\'t making enough money
\\n\\t* The U.S. home ownership rate fell to a new low of 63.4%
\\n\\t* The result of government efforts to increase home ownership is the the lowest rate since 1967
\\n\\t* Rental prices are at an all time record high
\\n\\t* July Consumer Confidence plunged from 99.8 in June to 90.9 in July
\\n\\t* As evidence continues to pour in that the U.S. economy is weaker than the government and the press report, the dollar remains high
\\n\\t* Gold is not getting a rally from the economic news
\\n\\t* Shorting of gold by speculators is a dangerous game, as there is no indication that the price of gold overvalued
\\n\\t* It\'s not the traders who are buying gold. It\'s the strong, long-term holders that are doing all the buying
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