China’s Real Estate Bubble: “64 Million Empty Apartments”

While Zero Hedge readers have long known about the eerie phenomenon known as China’s ghost cities (and ghost malls), Australia’s SBS’ Dateline has done a terrific documentary on the topic of “64 million empty apartments in China.” As each passing day brings more confirmation that not only is China’s real estate market one massive bubble, but it is also, as expected, completely hollow, both literally and metaphorically. The full brief clip is a must watch for all those who wonder how central planning manages to hit its goal-seeked and manipulated GDP number each and every quarter .We are surprised that in keeping with the Japanese earthquake economic miracle, China has not destroyed the vacant city yet only to rebuild it immediately.

See ZEROHEDGE for the full article: http://www.zerohedge.com/article/sbs-datelines-documentary-chinas-64-million-empty-apartments

Economy to Remain Weak– More Woes for Obama Agenda

WASHINGTON – The nation’s economic growth tailed off sharply in the spring and probably isn’t faring any better now.

Gross domestic product — the broadest measure of the economy’s health — expanded at a feeble 1.7 percent annual rate in the April-June quarter, The Commerce Department reported Thursday.

That’s a notch higher than the 1.6 percent growth rate the government estimated a month ago. The slight change was mostly due to a little more spending by consumers than first estimated. Still, that’s not enough to have a major impact on the economy.

The second quarter estimate is a sharp slowdown from a 3.7 percent growth rate logged in the first quarter.

Most economists expect growth to be similarly weak in the July-September quarter, with estimates ranging between 1.5 percent and 2 percent. The government’s first report on third quarter GDP will be released Oct. 29. Unemployment — now at 9.6 percent — is expected to stay high or even rise in the coming months.

Americans aren’t spending enough to give companies the kind of confidence in the economy that leads to rapid hiring.

for full article: http://news.yahoo.com/s/ap/us_gdp

Bernanke to Stay; WH Revises its Numbers

     Taking a few moments from his vacation on Martha’s Vineyard, President Barack Obama has announced that he has tapped Bem=n Bernanke to the next term as the Chariman of the Federal Reserve. He is pinning much of his economic hopes on the Republican Bernanke, not just on economics, but as a “bipartisan” peace offering. Many had speculated that Obama would turn to his close ally and advisor Larry Summers as Bernanke’s term neared its end this January. Instead, the Obama team thinks that the continuity of Bernanke remaining will ease some of the market trepidations on Wall Street.

See the story at: http://news.yahoo.com/s/ap/20090825/ap_on_go_pr_wh/us_bernanke;_ylt=AmWDU4erllWuFte0xlrou32s0NUE;_ylu=X3oDMTJwYzJhdm0wBGFzc2V0A2FwLzIwMDkwODI1L3VzX2Jlcm5hbmtlBGNwb3MDMQRwb3MDMgRwdANob21lX2Nva2UEc2VjA3luX3RvcF9zdG9yeQRzbGsDb2JhbWFicmVha3N2

Meanwhile, back in Washington, the WH Budget Director has revised the WH numbers, on GDP, unemployment, the deficit, reflecting that the Obama administration had issued statements that were not fully researched, and giving pause to the ObamaCare figures that have been touted thus far.

For story: http://news.yahoo.com/s/ap/20090825/ap_on_go_pr_wh/us_obama_economy;_ylt=ArfthSAGe7LwlScciSL1QpSs0NUE;_ylu=X3oDMTMydGtiNnQ3BGFzc2V0A2FwLzIwMDkwODI1L3VzX29iYW1hX2Vjb25vbXkEY3BvcwM0BHBvcwMxBHB0A2hvbWVfY29rZQRzZWMDeW5faGVhZGxpbmVfbGlzdARzbGsDd2hpdGVob3VzZXBy