Third-Quarter GDP Growth of 2.9% Was Not Credible

Politically-Massaged Data Traditionally Have Negligible Impact on Voters

Real Annual Growth of 2.3% in Third-Quarter Disposable Income
Held Below 2.9%, Indicating Incumbent-Party Loss of the White House

Underlying Economic Reality Remains Far from Recovery and Expansion

Headline GDP Remained Massively Inconsistent with Recession Seen in
Freight Traffic, Petroleum Usage, Corporate Revenues, Construction,
Industrial Production, Broad Employment Indicators, Etc.

Third-Quarter Velocity of Money Slowed Anew

Monetary Base Tumbled to a Three-Year Low in a Record Year-to-Year Drop,
Annual M3 Growth Turned Sharply Lower in October

September Real Median Household Income Continued to Stagnate,
While Consumer Attitudes Took a Beating in October