Third Quarter GDP Down 0.5%

The gross domestic product, the broadest measure of the U.S. economy, fell by the annual rate of 0.5% in the summer, according to the final revision from the Bureau of Economic Analysis, released on Tuesday.

The measure was unchanged from the government's prior revision for the third quarter, matching economists' expectations. The report compares the three month period that ended Sept. 30 to the preceding quarter.

The 0.5% decline marks the biggest drop in seven years. A 3.8% slump in personal consumption during in the third quarter helped to drag down the overall GDP, according to government figures.

read the CNN story

My thoughts: The Paulson/Bernanke Depression and aftermath may likely be recorded as the most avoidable economic downturn ever. The entire bailout idea was insane. The double digit inflation that Bernanke is cooking up at the Fed currently, should be ready in 2011-12.