GDP increased at an annual rate of 4.9 percent in the third quarter of 2007

This is a pretty amazing number. I don't see how anyone can be talking about anything near a recession or even a slowdown with growth like this. This is really fast growth.

Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 4.9 percent in the third quarter of 2007,
according to preliminary estimates released by the Bureau of Economic Analysis. In the second quarter,
real GDP increased 3.8 percent.