The U.S. economy came perilously close to flat-lining in the first quarter and grew at a meager 1.3 percent annual rate in the April-June period, leading economists to warn of recession if a stand-off over U.S. debt does not end quickly....
The U.S. economy in the first quarter expanded at just a 0.4 percent pace, a sharp downward revision from the previously reported 1.9 percent increase. While the recovery stepped-up in the second quarter, economists had expected a stronger 1.9 percent reading.
Fourth-quarter growth was revised to a 2.3 percent rate from 3.1 percent.
"The second quarter disappointed, but the first-quarter downward revision is more disturbing. It advances the pangs of concern. The debt ceiling nonsense is not going to help us. We're already in an economy that is subpar," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
◼ Gold soars, Dow plunges... - CNBC
◼ Apple Now Has More Cash Than The U.S. Government - Business Insider
According to the latest daily statement from the U.S. Treasury, the government had an operating cash balance of $73.8 billion at the end of the day yesterday.◼ Consumer Sentiment Falls to Lowest Level Since March 2009 - CNBC
Apple's last earnings report (PDF here) showed that the company had $76.2 billion in cash and marketable securities at the end of June.
In other words, the world's largest tech company has more cash than the world's largest sovereign government.
That's because Apple collects more money than it spends, while the U.S. government does not.
via Drudge
