Some stories just have to be repeated. Like the one from Sweden that tells of a collapsing floor during a Weight Watchers weigh-in. As twenty or so dieters filled the room to measure the fruits of their effort, the floor beneath them rumbled then failed.

Priceless irony.

Baltimore — Who do you trust more, the Chinese government or the politically connected folks at the helm of Goldman Sachs?

For years, the Street has looked at any Chinese economic data with a weary eye. Without the checks and balances of a democratic government, Beijing had plenty of reasons to manipulate its growth figures.

It’s a difficult question to ponder as the state of the world economy is so fragile. Right now, GDP growth stems exclusively from the government’s stimulus package. But once Obama and his cronies are finished fixing the economy, what will the fuel the next leg of the recovery?

Chinese stocks plummet, worldly markets follow… what’s behind today’s sell-off… Dan Denning on taking profits in the twilight of the U.S. stock rebound… India reports better-than-expected GDP growth… why our Mumbai partners are still hesitant… Another compelling argument against U.S. banks… Dan Amoss serves the cold, hard data… Plus, signs of the times: American’s vote to throw the bums out while the free market backlash hits Hollywood…

With unemployment hovering at 9.4% consumers continued to show reluctance in July as incomes stagnated. Furthermore, with the jobless rate expected to exceed 10% later this year, consumer confidence fell in August, keeping hopes of a sustained economic recovery at bay.

While the many of the world’s economies continue to look for signs of growth, the U.S. economy took a big step in the right the direction in the second quarter.

On Wednesday we warned readers of a coming blow-up of the Chinese economy, calling it a “tinderbox waiting to catch a fire.” The problem, of course, is that the US is not the only country hell bent on ‘stimulating’ its economy back to life. Communist China is at it too!

China has once again snatched the leadoff spot in our daily lineup. And once again, they’ve knocked the cover off the ball. The Chinese economy expanded at a dizzying 7.9%, their government announced yesterday. That far exceeds analyst expectations and China’s still-impressive 6.1% first-quarter growth.

Oil prices slipped on Thursday as concerns about weak global fuel demand outweighed strong economic growth in China and better-than-expected U.S. banking results.