Economy Zooms to 3.5% Rate in 3rd Quarter

This is good news. But is it enough? Economic growth, as measured by GDP, is the most important economic statistic for a nation. But it doesn't measure everything. And it doesn't tell you how it was achieved. Growth achieved by creating massive debt is no way to make an economy grow. Nor is done by allowing Wall St. to create a bubble that eventually bursts.

in reference to:

"The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes.

The Commerce Department's report Thursday delivered the strongest signal yet that the economy entered a new, though fragile, phase of recovery and that the worst recession since the 1930s has ended.

Many analysts expect the pace of the budding recovery to be plodding due to rising unemployment and continuing difficulties by both consumers and businesses to secure loans.

"We're beginning to crawl out a very deep hole," said economist Ken Mayland, president of ClearView Economics. "It will take time to get back to normal again and there are questions about how consumers will hold up in the months ahead. But I think the recovery will be sustained."

The much-awaited turnaround ended the streak of four straight quarters of contracting economic activity, the first time that's happened on records dating to 1947."
- Economy Zooms to 3.5% Rate in 3rd Quarter - CBS News (view on Google Sidewiki)