Bad GDP Growth, Bad Dow Opening: Still Some Leverage for the GOP

Reporting on Politics and Policy.
July 29 2011 9:48 AM

Bad GDP Growth, Bad Dow Opening: Still Some Leverage for the GDP

We learn today that GDP growth was far weaker than believed in Q1 and Q2 -- 0.4 percent last quarter, 1.3 percent this quarter. We watch the market open and drop 100 points.

The first piece of news mitigates the second for GOP debt deal holdouts. Erick Erickson, the RedState editor who's turne dout to be the Tom Paine of the GOP's line-holding effort, sums it up in two tweets.

Hahaha. GDP is worse than expected so everyone is buying the treasuries the Democrats say we'll default on paying by Monday. LOL.
GDP comes in lower than expected. Markets tank. Democratic spin is "it's because of uncertainty in what the GOP will do." Hahahaha.
Advertisement

Right: Some of the sell-off may be due to the rotten GDP report (which looks like the rotten reports from other non-Canadian Western democracies). So a Republican wondering how to vote isn't going to be spooked yet. Ironically, the market-panic-will-convince-them! theory of Republican persuasian is weak because Republicans have been expecting it. Darrell Issa went out of his way to say that the debt deal wasn't like TARP, because some members were comparing the demands made on them in July 2011 to the demands made on them in September 2008, and pining for another chance to ignore the experts and vote "no."

David Weigel is a reporter for Bloomberg Politics

TODAY IN SLATE

Politics

The Democrats’ War at Home

How can the president’s party defend itself from the president’s foreign policy blunders?

Congress’ Public Shaming of the Secret Service Was Political Grandstanding at Its Best

Michigan’s Tradition of Football “Toughness” Needs to Go—Starting With Coach Hoke

A Plentiful, Renewable Resource That America Keeps Overlooking

Animal manure.

Windows 8 Was So Bad That Microsoft Will Skip Straight to Windows 10

Politics

Cringing. Ducking. Mumbling.

How GOP candidates react whenever someone brings up reproductive rights or gay marriage.

Building a Better Workplace

You Deserve a Pre-cation

The smartest job perk you’ve never heard of.

Hasbro Is Cracking Down on Scrabble Players Who Turn Its Official Word List Into Popular Apps

Florida State’s New President Is Underqualified and Mistrusted. He Just Might Save the University.

  News & Politics
Politics
Sept. 30 2014 9:33 PM Political Theater With a Purpose Darrell Issa’s public shaming of the head of the Secret Service was congressional grandstanding at its best.
  Business
Moneybox
Sept. 30 2014 7:02 PM At Long Last, eBay Sets PayPal Free
  Life
Gaming
Sept. 30 2014 7:35 PM Who Owns Scrabble’s Word List? Hasbro says the list of playable words belongs to the company. Players beg to differ.
  Double X
The XX Factor
Sept. 30 2014 12:34 PM Parents, Get Your Teenage Daughters the IUD
  Slate Plus
Behind the Scenes
Sept. 30 2014 3:21 PM Meet Jordan Weissmann Five questions with Slate’s senior business and economics correspondent.
  Arts
Brow Beat
Sept. 30 2014 8:54 PM Bette Davis Talks Gender Roles in a Delightful, Animated Interview From 1963
  Technology
Future Tense
Sept. 30 2014 7:00 PM There’s Going to Be a Live-Action Tetris Movie for Some Reason
  Health & Science
Medical Examiner
Sept. 30 2014 11:51 PM Should You Freeze Your Eggs? An egg freezing party is not a great place to find answers to this or other questions.
  Sports
Sports Nut
Sept. 30 2014 5:54 PM Goodbye, Tough Guy It’s time for Michigan to fire its toughness-obsessed coach, Brady Hoke.