Apparently, 4th qtr 07 GDP growth was down to .6%.
"Personal consumption, a proxy for spending by individuals on every-day needs, added nearly 1.4 percentage points to growth. But that was a relatively weak reading for the fourth quarter, which includes the holiday shopping period. Only 2005, when the economy took a hit from Hurricane Katrina, has fourth quarter personal consumption grown at a slower rate in the last five years."
That is a DIRECT RESULT of the constant pounding of the meme about "the bad economy and the coming recession" that's been planted incessantly in the public mind.
Absent that, normal personal consumption and our strong net export numbers would have kept the numbers on a positive note.
Watch carefully for the response of those in the media and in the blahgosphere. They'll be full of the "I told you so" nonsense we've come to expect on this subject.
The response will be nothing more than a confirmation of their negative effort, their academic/intellectual dishonesty, and their over-bearing narcissistic arrogance.