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174 sats \ 9 replies \ @tomlaies OP 29 Jun 2022 \ parent \ on: GDP -1.6%. We're in a recession. bitcoin
Hi there, I'm refering to Walter Bloombergs Twitter: https://twitter.com/DeItaone/status/1542123329196261376?s=20&t=gJR3gOyxYMul9qTw5sRdGQ
Some guy's Twitter? Dude, what the heck. Primary sources dude, primary sources:
https://www.bea.gov/data/gdp/gross-domestic-product
Like this:
"It had been typically recognized as two consecutive quarters of economic decline, as reflected by GDP in conjunction with monthly indicators such as a rise in unemployment." (source: https://www.investopedia.com/terms/r/recession.asp)
The good thing about this clip is you can then say:
"But your source continues 'However, the National Bureau of Economic Research (NBER), which officially declares recessions, says the two consecutive quarters of decline in real GDP are not how it is defined anymore. The NBER defines a recession as a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales'" to which I would say yeah but that's like really long and I just wanted a quick copy and paste, but thank you for reading.
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sure, not a primary source. But Walter Bloomberg is as trustworthy as it gets. What are you on about?
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What I'm on about is that he isn't a primary source. Even talking heads are not credible if they fail to provide sources. I wouldn't trust a quote from the president even. Why? Because people have a tendancy to start by being truthful, growing an audiance, and then using propaganda to weaponize that audience. Its the reason you'll see lots of maxis say we need to stop with hero worship in our communities, because they will all betray you.
Really whats most important is the fact that Walter Bloomberg did not do the study on GDP, the Bureau of Economic Analysis did which is part of the US department of commerce. Sometimes your source will use "true inflation" adjustments and you can read how they came to a different inflation number and decide for yourself if you agree with that adjustment or if it doesn't make sense at all, because this new non government number then gets used to show different inflation adjusted statistics.
Basically, what I'm on about is to think for yourself.
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we need to stop with hero worship in our communities
I agree with that. Bitcoin does not need a Demigod standing on a rock in the ocean when a storm hits and there are dramatic lightning flashes behind him. Shitcoins do that.
Bitcoin dis not need Satoshi. Bitcoin does not need Elon. Bitcoin doesn't need Michael Saylor. Bitcoin does not need Nayib Bukele. Bitcoin needs nobody but the grassroots community.
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If we think about a post on SN as a service to everyone, finding the primary source is probably best.
It's kind of like when people post links to links, or links to stories that are retellings of stories that are better told elsewhere. We all want the best source of the information we're consuming - if possible.
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Yeah, my original intent was to share the "Life is a Highway" song. Kind of like an unfunny meme. Kind of ""philosophical"" to remind people that they can relax even if we're heading into uncertain times.
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@k00b is right - post reputable sources.
"DYOR" and "Don't trust, verify" are staples of this community. Don't be lazy and just rely on word-of-mouth
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isn't real GDP (adjusted for inflation) negative from 2008?
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Not really but it sure is a lot less impressive if adjusted for inflation: https://fred.stlouisfed.org/series/GDPC1/
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