Holy GDP!

From the WSJ:

Gross domestic product decreased at a seasonally adjusted 6.2% annual rate October through December, the Commerce Department reported in a new, revised estimate of fourth-quarter GDP. In its original estimate, issued a month ago, the government had reported fourth-quarter 2008 GDP fell 3.8%.

The sharply lower revision reflected adjustments downward of inventory investment, exports and consumer spending.

The 6.2% decline meant the worst quarterly showing for GDP since a 6.4% decrease in first-quarter 1982 GDP.

So, "investment, exports and consumer spending" are all tanking. That's pretty much everything, yes? What's left of the economy? Oh, ummm, wait a minute, lemme think, hang on.......Aha! YES!! The Feds!! Those guys in DC! Seemingly goes without saying now that I've thought of it ha ha.....Anyone who argues against a massive Government stimulus will find it very much harder (eg impossible) today than yesterday in making that case. And Milton Friedman is still dead.

Also, I'll bet that if you look at real GDP vs nominal, today's figure is the worst since 1958. Remember that there's no inflation today, but there was 10% in '82....