GDP growing, but market down

October 30, 2009 2:17:16 PM PDT
Maybe I missed the party and the wild celebrations in the streets by Americans over-the-moon that the recession is finally over. The announcement yesterday that the Gross Domestic Product (GDP) grew at a 3.5% annual rate, the same positive territory, on average, for the past few decade, was greeted with a tick up on Wall Street but with a big yawn on Main Street.

Today the market dropped, as the White House took credit for saving or creating nearly 700,000 jobs because of the economic stimulus package.

The big question as we watch big investment firms dole out, again, the big bucks for year-end bonuses is whether the economy will plummet again once the stimulus money runs out. It's great that we're saving jobs, but there are far more jobs that were lost than saved, and those people haven't yet gone back to work. Those who have found work are finding jobs that pay a fraction of what they used to make.

All of which isn't meant to throw a wet towel over the (non-existent) celebrations. (The recession is over! The recession is over!) But it is meant to raise the question. Oh if we only knew the answer.

We'll have the latest on the economy, tonight at 11.

Also at 11, we're in Philadelphia tonight, with the preparations for Game Three in the World Series. The Yankees took a chartered train south today, and practiced at the Phillies' Citizens Bank Field. Scott Clark leads our coverage from Philadelphia, where the series is now tied at 1 game apiece.

Also at 11, imagine it's your wedding day. You, your family and guests show up at the outdoor wedding venue for the wonderful event. And just as you're about to say "I do", the sprinklers go off. It clearly put a damper on the whole thing.

It makes for a good story for the kids years later. But in the meantime, should the couple be compensated by the wedding hall? They were made an offer, but didn't know what to do. So they called Tappy Phillips and got 7 On Your Side.

We'll also have any breaking news of the night, plus Lee Goldberg's weekend AccuWeather forecast. I hope you can join Liz Cho and me, tonight at 11, right after 20/20.

And don't forget to change your clocks this weekend (fall back an hour) and while you're at it, change the batteries on your smoke and carbon monoxide detectors.

BILL RITTER


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