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Old 07-12-2012, 10:24 PM
 
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I'm not sure if anyone had already brought this up. But according to the BEA, they have updated estimates for 2011 GDP for the states. I'm pretty sure this means that the estimates we have for many of the metro GDP figures will change.

BEA News Release (GDP by State)
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Old 07-13-2012, 12:00 AM
hsw
 
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GDP is a moronic stat that includes generally unproductive gvt spending, lots of malinvestment and lots of levered malconsumption

And in a globalized, virtualized world, really hard to calc GDP of many of world's most profitable cos. like AAPL, MSFT, etc where components are from all over Asia/US, assembled in China, end-products heavily sold in US (lots of buyers at NYC stores are tourists from Asia/EU) and most of wealthiest employees and investors of these valuable cos. reside in SV or BH or NYC region, not in RoW...and often 70% of cash of these immensely profitable US-hq'd cos. is parked outside US in various complex, fully legal tax strategies....so where is GDP allegedly created for these most valuable entities and most wealthy owners???

GDP is arguably a Luddite stat for those lacking common sense of where productivity is derived, where smart young engineers/entrepreneurs go to pursue wealth, and where the big money flows to reward any alleged productivity or ownership....and where the world's wealthiest seem to choose to actually live/work on a daily basis, no matter complex tax strategies
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Old 07-13-2012, 10:18 AM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,392 posts, read 55,223,333 times
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Quote:
Originally Posted by hsw View Post
GDP is a moronic stat that includes generally unproductive gvt spending, lots of malinvestment and lots of levered malconsumption

And in a globalized, virtualized world, really hard to calc GDP of many of world's most profitable cos. like AAPL, MSFT, etc where components are from all over Asia/US, assembled in China, end-products heavily sold in US (lots of buyers at NYC stores are tourists from Asia/EU) and most of wealthiest employees and investors of these valuable cos. reside in SV or BH or NYC region, not in RoW...and often 70% of cash of these immensely profitable US-hq'd cos. is parked outside US in various complex, fully legal tax strategies....so where is GDP allegedly created for these most valuable entities and most wealthy owners???

GDP is arguably a Luddite stat for those lacking common sense of where productivity is derived, where smart young engineers/entrepreneurs go to pursue wealth, and where the big money flows to reward any alleged productivity or ownership....and where the world's wealthiest seem to choose to actually live/work on a daily basis, no matter complex tax strategies
and so therefore what?
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Old 07-13-2012, 10:25 AM
 
Location: The City
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Originally Posted by 18Montclair View Post
and so therefore what?
another opportunity to use Luddite in a post I believe
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Old 07-13-2012, 10:27 AM
 
Location: Zurich, Switzerland/ Piedmont, CA
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Originally Posted by kidphilly View Post
another opportunity to use Luddite in a post I believe
+1

That was actually my exact thought. lol
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Old 07-13-2012, 07:36 PM
 
4,677 posts, read 8,056,723 times
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Quote:
Originally Posted by hsw View Post
GDP is a moronic stat that includes generally unproductive gvt spending, lots of malinvestment and lots of levered malconsumption

And in a globalized, virtualized world, really hard to calc GDP of many of world's most profitable cos. like AAPL, MSFT, etc where components are from all over Asia/US, assembled in China, end-products heavily sold in US (lots of buyers at NYC stores are tourists from Asia/EU) and most of wealthiest employees and investors of these valuable cos. reside in SV or BH or NYC region, not in RoW...and often 70% of cash of these immensely profitable US-hq'd cos. is parked outside US in various complex, fully legal tax strategies....so where is GDP allegedly created for these most valuable entities and most wealthy owners???

GDP is arguably a Luddite stat for those lacking common sense of where productivity is derived, where smart young engineers/entrepreneurs go to pursue wealth, and where the big money flows to reward any alleged productivity or ownership....and where the world's wealthiest seem to choose to actually live/work on a daily basis, no matter complex tax strategies
While no one stat tells it all, I think GDP is still a way to measure the size of a localized economy. It may have it's flaws but of you understand what GDP is you know and appreciate it as a stat but also know what it measures and it's limitations.
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Old 07-13-2012, 07:53 PM
 
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I can't help but drop my jaw at California. It's nearly at 2 trillion dollars. That is amazing.
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Old 07-14-2012, 07:08 PM
 
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Originally Posted by 18Montclair View Post
+1

That was actually my exact thought. lol
I had to go back and find the Luddite part, because at first I said to myself "tl;wr."

I figured the guy was just bitter that mostly blue/liberal states have the largest GDP.
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Old 07-14-2012, 07:37 PM
 
Location: Maryland
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Originally Posted by 313Weather View Post
I had to go back and find the Luddite part, because at first I said to myself "tl;wr."

I figured the guy was just bitter that mostly blue/liberal states have the largest GDP.
Well, to be fair "blue" doesn't necessarily equate to "liberal"...but the "blue" states have the lion's share of the highest GDP. Of the top 10 states with the highest GDP from the 2010 data, with political determination based on presidential elections:

Consistently "blue":

#1) California ($1.94 t USD)
#3) New York ($1.21 t USD)
#5) Illinois ($0.64 t USD)
#6) Pennsylvania ($0.56 t USD)
#7) New Jersey ($0.50 t USD)

Total "blue": $4.85 trillion USD, or ~ 33% of the total US GDP



Consistently "red":

#2) Texas ($1.21 t USD)
#4) Florida ($0.75 t USD)
#9) Virginia ($0.43 t USD)
#10) North Carolina ($0.41 t USD)

Total "red": $2.8 trillion USD, or ~ 19% of the total US GDP

Considered "swing":

#8) Ohio ($0.48 t USD, ~ 3% of the total US GDP)
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Old 07-14-2012, 07:59 PM
 
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Quote:
Originally Posted by Maintainschaos View Post
Well, to be fair "blue" doesn't necessarily equate to "liberal"
Oh I know that, which I why I put the slash there.
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