WTF? Feds Shutting Down Economic Data Site
Due to budgetary constraints, the Economic Indicators service (http://www.economicindicators.gov) will be discontinued effective March 1, 2008
First we heard the bullshit about the costs of reporting M3 -- just before that aspect of money supply went sky high.
Now this.
This new development implies (by parallel comparison to M3) that the economy is actually far, far worse than previously believed.
~~~
The reason citizens should never let their government stop reporting ANY information is that the they get to liking it.
I need to think about what can be done about this . . .
Friday, February 15, 2008 | 10:15 AM | Permalink
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Due to budgetary constraints, the Economy will be discontinued effective March 1, 2008
Posted by: James Bednar | Feb 15, 2008 9:22:51 AM
Deflationary spirals are a real be-atch!
Posted by: SPECTRE of Deflation | Feb 15, 2008 10:18:48 AM
Barry, let me intro you to the Bank of Sealy where you always know where your money is. Can we really say the same thing about our money in the banking system?
Looking more and more like cash will be king.
Posted by: SPECTRE of Deflation | Feb 15, 2008 10:22:05 AM
That's outrageous! Any of you Wall Streeters who are still Republicans, you either need to take your party back from the wingnut lunatics, or join the Democrats -- who, despite their flaws, at least remain reality-based.
Posted by: John Reinan | Feb 15, 2008 10:22:32 AM
Sign me up for reality based. I've been waiting for over 7 years now!
Posted by: Paul in NYC | Feb 15, 2008 10:26:47 AM
It seems to be "just" a set of links to the actual releases. I've made a quick copy of the layout and contents of the page - so that I can replicate it for my own purposes. Anything else there I should be thinking of ?
-K
Posted by: sk | Feb 15, 2008 10:39:10 AM
Two competing philosophies at war. The truth shall set you free vs Ignorance is bliss. I understand the SEC is working with FASB on new reporting requirements for public companies: unaudited financials on an annual basis, audited statements once a decade. Promotional shoutouts whenever management feels so inclined.
Posted by: Scott Frew | Feb 15, 2008 10:39:40 AM
That's outrageous! Any of you Wall Streeters who are still Republicans, you either need to take your party back from the wingnut lunatics, or join the Democrats -- who, despite their flaws, at least remain reality-based.
Posted by: John Reinan | Feb 15, 2008 10:22:32 AM
You still believe in the two party system I see. LOL!!!! Do you think the Democrats were asleep all these years? This is not a tale of Ripp Van Winkle concerning the Democrats. I heard Republicans and Democrats alike praise Greenspam like a God for frigging 20 years, and now that everything is imploding, the assbites in Washingdoom are pointing fingers. Should work out great. They are bought and paid for, and anyone who believes otherwise is a fool. We have unfunded liabilities in the neighborhood of 60 TRILLION DOLLARS. It didn't happen in the last 7 years.
Posted by: SPECTRE of Deflation | Feb 15, 2008 10:42:59 AM
That's scary. Are we headed for a true Orwellian society?
It's not like I have ever believed their bullsh*t numbers anyway. But if they just want to become like TASS, we are in deep sh*t.
Posted by: x | Feb 15, 2008 10:44:24 AM
i'm rooting for the dems so that i can get some of those "oil profits" hillary promised me.
also, i like obama's wisconsin speech to limit pharm profits etc ...
i'm short the market. so between the dems and the economy i've got smooth sailing to come for some profits of my own.
every man for himself.
Posted by: Bill | Feb 15, 2008 10:45:00 AM
Is the actual data still going to be available at the BEA and Census Bureau websites? I always go to the direct sites. I've never seen the mentioned in the post. If so, what's the big deal? If not, this sucks.
Posted by: Steve | Feb 15, 2008 10:46:57 AM
You are missing the point - You are NOT to be thinkin of economic indicators therefore the data has no value.
Have no fear you will be told what you should be thinkin about so you can arrive at a socially responsible conclusion.
Kinda like the Monty Python line: "We are all individuals".
The more I reflect on the open and democratic principles that ought to be embodied in the United States of America the more I realize that these are but threads in a great Red Curtian woven in a Stalinistic style.
Posted by: Barley | Feb 15, 2008 10:48:36 AM
That's outrageous! Any of you Wall Streeters who are still Republicans, you either need to take your party back from the wingnut lunatics, or join the Democrats -- who, despite their flaws, at least remain reality-based.
Posted by: John Reinan | Feb 15, 2008 10:22:32 AM
You mean like little chucky schumer saying he's looking at bailing out the theives of Wall Street. Reality based my arse.
Posted by: SPECTRE of Deflation | Feb 15, 2008 10:51:13 AM
somebody wants to violate their own 'no fear act'
Posted by: ithink-ithink | Feb 15, 2008 10:52:49 AM
Whoa ! slow down everyone ! This changes nothing, you are only losing a simple landing page. All the data will still be produced by the various agencies.
Posted by: Michael Donnelly | Feb 15, 2008 10:54:04 AM
Let's get this straight: an organization which can print money at will (and has) is now claiming it does not have the money to maintain a website? Either their printing presses suddenly ran out of ink or these guys are about the biggest peckerwood jackasses this side of the Mississippi.
For the record, I'm going with b.
Posted by: Peter Davis | Feb 15, 2008 10:55:49 AM
By the way, budget cuts are in process at BLS for the folks who bring you the much-disparaged nonfarm employment series, so don't look for any improvements soon. Data-production budgets keep getting snipped. Death by a thousand cuts.
Posted by: sdb | Feb 15, 2008 10:57:27 AM
There is always FRED:
http://research.stlouisfed.org/fred2/
Posted by: David Merkel | Feb 15, 2008 11:00:06 AM
Republican voters do have to own this one. This is being done by the 100 percent Republican executive branch that claims the doctrine of "unitary executive" which cannot be questioned by Court or subpoenaed by Congress.
As Jim Rome would say, Republicans, it's yours ... own it.
Posted by: Douglas Watts | Feb 15, 2008 11:02:20 AM
Seriously, though, a lot of that information was worthless. Senseless paper shuffling. Humans filling out forms and surveys...
Take the Advanced Monthly Sales for Retail and Food Services, for example. Of the forms that were filled out, how many do you think were filled our accurately??? And for Residential Sales, the best info comes straight from Dataquick and actual county recordings...
Posted by: karen | Feb 15, 2008 11:04:23 AM
The government is finally doing something to cut spending. Everybody had a pet spending project. People will just have to take an extra 30 seconds to locate the relevant information, instead of going to one site.
I'm OK with this, hand wringers.
And if it means that the statistics will no longer be compiled, then that is proof they are crap and unnecessary.
Does anyone remember the Washington Monument strategy for increased spending? The story goes that the Park Service says it will have to shut down the Washington Monument if it doesn't get a budget increase.
I'm OK with that, too. I just want spending cut.
Posted by: cinefoz | Feb 15, 2008 11:04:45 AM
What I find somewhat amusing is the little link on the top of the page that says 'site en espanol.'
I say banana you say baanaanaa.
Posted by: Ross | Feb 15, 2008 11:04:46 AM
The site that's being shut down is only a convenient centralized access point. All the data is still available. An enterprising person could probably nearly duplicate the site privately.
Posted by: jm | Feb 15, 2008 11:07:16 AM
So cutting back on how data are made available shows that the economy is much worse than believed?
Before drawing such a conclusion I suggest that you read and apply the process described in a recent excellent article on causation by ... Barry Ritholtz...
Posted by: Jeff | Feb 15, 2008 11:08:38 AM
How many websites like this does the government need?
I don't think there is any shortage of government statistics websites.
Also, Barry, there's this amazing new technology called "Google." Check into it. You should be able to find most any of those links pretty easily, at their original sources.
Posted by: donv | Feb 15, 2008 11:09:45 AM
