The U.S. economy roared into overdrive in the third quarter as consumer and business spending fueled the biggest expansion in more than a decade.
Gross domestic product grew at a 5 percent annual rate from July through September, the biggest advance since the third quarter of 2003 and up from a previously estimated 3.9 percent, revised figures from the Commerce Department showed today in Washington. The median forecast of 75 economists surveyed by Bloomberg projected a 4.3 percent increase in GDP....
It's been a recovery for the wheeler-dealers for a long time now. Here's the Dow Jones Industrial Average over the past five years:
And yet the wheeler-dealers have spent the Obama years sulking:
Well, you can lump them in with the cop unions and intelligence professionals, who've decided lately that they get an inadequate amount of respect, a word that, to them, means "unquestioning deference."
Charlie Pierce is right to say that revolt within the intelligence and cop communities is a threat to our political system:
For the past two weeks, on two different fronts, we have been confronted with the unpleasant fact that there are people working in the institutions of our self-government who believe themselves not only beyond the control and sanctions of the civil power, but also beyond the control and sanctions of their direct superiors.... In Washington, John Brennan, the head of the CIA, came right up to the edge of insubordination against the president who hired him in the wake of the Senate report on American torture. Meanwhile, in New York, in the aftermath of weeks of protests against the strangulation of Eric Garner by members of the New York Police Department, two patrolmen, Wenjian Liu and Rafael Ramos, were murdered in their squad car by a career criminal and apparent maniac named Ismaaiyl Brinsley. In response, ... the NYPD is acting in open rebellion against Mayor Bill de Blasio of New York, and the civil power he represents over them. This is an incredibly perilous time for democracy at the most basic levels....
It is very simple. If the CIA is insubordinate to the president, whom the country elected, then it is insubordinate to all of us. If the NYPD runs a slow-motion coup against the freely elected mayor of New York, then it is running a slow-motion coup against all the people of New York. There is no exemption from this fundamental truth about the way this country and its system is supposed to work.
It's dangerous that we're losing sight of the basic notion that these people work for us, not the other way around. But we're also surrendering to the notion that we get by in America (or fail to) at the whim of Wall Street and corporate chieftains -- the misnamed "job creators" -- rather than the other way around. The rich don't like regulation, don't like taxation, and don't want us questioning those preferences. Generally, we don't.
In each case, we fearfully defer to the powerful because we think the powerful have the power of life and death over us. And the powerful take it as their due.
Crossposted at No More Mr. Nice Blog