GDP drops more than expected in the first quarter

[Tilted]

GDP Down 6.1%, Reflecting Continuing Economic Woes

The U.S. economy contracted at a surprisingly sharp 6.1 percent rate in the first quarter as exports and business inventories plummeted.

The drop in gross domestic product, reported by the Commerce Department on Wednesday, was much steeper than the 4.9 percent annual rate expected by economists and followed a 6.3 percent decline in the fourth quarter.

GDP, which measures total goods and services output within U.S. borders, has now dropped for three straight quarters for the first time since 1974-1975.

 

[Larry Gude]

Absent the bail outs we would have been through the worst of this and the economy would be on the rebound. All we're doing is removing tumors with a rubber knife.

 

[Tilted]

Absent the bail outs we would have been through the worst of this and the economy would be on the rebound. All we're doing is removing tumors with a rubber knife.

That's quite the visual right there.