August 28, 2008
2nd Quarter GDP

... grew at a pretty decent rate of 3.3% (this is the "preliminary" estimate up from a 1.9% "advance" estimate). Wonder who'll be the first to apologize to Phil Gramm? Inflation was less pretty--a 4.2% clip.

Posted by E. Frank Stephenson at 08:53 AM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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