Pre-Election GDP

GDP advance for the third quarter printed 2.0% versus expectations of 1.8%. Whatever. Turns out that more than a third of the GDP gain was a sudden increase in government spending. In other words, Obama had his minions throw some money down some ratholes to make the numbers look better.

It will be revised away. However, it did erase the losses from last night’s dismal earnings reports from Apple and Amazon.

Apple is clearly being beat up by Samsung. The bloom is off the rose. Amazon – nothing new. Hard to make a buck in retail, and Kindle hasn’t taken over the world.

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