Capital Account -- 12/22/11

US GDP gets revised down in the third quarter to 1.8 percent. Bad news for growth and bad for the debt-to-gdp ratio which sees the debt growing faster. Jobless claims declined, but does this just mean US businesses increasingly have fewer temporary workers left to fire? And, the rating's agency Fitch warned the US's debt burden is not the stuff of a AAA credit rating. We've heard it before, as politicians argue back and forth about the payroll tax, so how did we get here? Meanwhile, its back and forth on Capitol Hill over the payroll tax cut extension. The same partisan bickering and Washington gridlock we've come to expect in the US. Well, maybe the Jetsons of the future and the Flinstones of the past can teach us a few lessons. And…this week, two US regulatory rulings came down – AT&T forbidding a merger with T-mobile, and another saying a feature of google's droid too closely resembles the iPhone. Are bureaucrats standing in the way of the desires of cell phone users everywhere – dooming you to dropped calls, targeting your wellbeing? Jeffrey Tucker will make the case. He is executive editor of Laissez Faire Books and author of many himself, including his latest, "It's a Jetsons World: Private Miracles and Public Crimes."