Economic Meltdown - very good article that explains how we landed here

  • Posted by a hidden member.
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    Aug 12, 2010 6:37 AM GMT
    http://www.marketwatch.com/story/reagan-insider-gop-destroyed-us-economy-2010-08-10
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    Aug 12, 2010 2:44 PM GMT
    I (and others) have been preaching this since the meltdown began, but it has often been positioned as a direct result of Obama and the Democrats.

    I cannot wait to read how the hard-right RJ members spin this one.

    It's popcorn time. icon_lol.gif
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    Aug 12, 2010 2:51 PM GMT
    The_reppaT_Thing said
    It's popcorn time. icon_lol.gif


    Hah, hah, hah. Are you expecting the The_Thing_That_Came_From_Southbeach to notice your new profile moniker?
    icon_biggrin.gif
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    Aug 12, 2010 2:58 PM GMT
    The article makes sense, but try to explain it to someone who is ignorant. It's truly beyond their grasp.
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    Aug 12, 2010 3:02 PM GMT
    It's because we don't have enough new affortable toys and gadgets to buy. Bring electric cars to $15,000, iPads and tablets to $99-$129, and 3D TVs (without glasses) to $299 and you will see an AMAZING jump in the economy.

    You know I'm right. icon_wink.gif
  • BIG_N_TALL

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    Aug 12, 2010 9:36 PM GMT
    yeah, I knew that a long time ago icon_mad.gif
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    Aug 13, 2010 2:04 AM GMT
    good aricle. the sad thing is that those die hard republicans FAIL to acknowledge and recognize the "problem" is not the democrats, but rather all the phony far right conservatives who have infiltrated and essentially killed the GOP and the mantra of "fiscal conservatism, limited government". once they kick out the palins and the bachmans and the rest who have and will spend and grow government....only then will the GOP return to its roots. but it looks like they are only interested in blaming president Obama and putting phony conservative TEA partiers on the GOP ticket instead of cleaning their own house.
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    Aug 13, 2010 2:18 AM GMT
    The middle class in this country is shrinking by the minute. Manufacturing jobs in this country peaked in 1979 and has steadily declined. Not only have our politicians abandoned sound fiscal principals, but because of globalization, our workers must compete with workers in other parts of the world who work for $2 a day with no benefits at all.
    When the meltdown comes, heaven help us all. It'll be of such magnitude, it'll make the Great Depression look like a picnic. When people get hungry enough, there will be fighting in the streets. There will be a revolution to overthrow the government, and declare our debt be wiped clean with the formation of a new government. It won't be pretty. You better have some gold on hand, and a garden plot to survive. Chaos will rule.
    Most of the wealthy 1% will have escaped to their estates in pockets of safe havens..
    Our enemies, i.e. China, North Korea, radical Muslims, will be happy to create even more mayhem...
    Wouldn't it have been easier to have demanded fiscal responsibilty and working together by our politicians, when we had the opportunity...
    I guess there's alway hope.. I hope
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    Aug 13, 2010 2:18 AM GMT
    wrestlervic saidIt's because we don't have enough new affortable toys and gadgets to buy. Bring electric cars to $15,000, iPads and tablets to $99-$129, and 3D TVs (without glasses) to $299 and you will see an AMAZING jump in the economy.

    You know I'm right. icon_wink.gif


    And yet I still hold on to my Palm Pilot from...5 years ago.icon_redface.gif I better buy something soon like a house...in China!
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    Aug 13, 2010 8:27 AM GMT

    I know that this is not going to be the popular response. If David Stockman is suddenly seen as the herald of truth and a man with wisdom then you have to read one sentence in the article.

    “Yes, Stockman is equally damning of the Democrats' Keynesian policies “

    He is right. The GOP has strayed- they are a much responsible as anybody else for the financial mess. They are not the party of restraint in spending. The problem with using this article (or David Stockman) to attack conservatives is that the man is every bit as critical of Keynesian policies and democrats. No point in explaining it as google is everybody's friend- but if you look it up you will notice that both the Democrats and the Republicans seem to be using the same economic play book.

    Basically, I think he is correct... the problem is that he is correct when it comes to both parties. Once again I really think that this party politics has blinded many people to economic truth. People read the article and rejoice because this man is rightfully slamming the GOP but want to remain blind to his views which disagree with those of the party they support...
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    Aug 13, 2010 8:30 AM GMT
    Republican or Democrat- this has to make you laugh a little... and it ties in with Keynesian policies...
    7.jpg
    If you think it is just fiction you may want to ask yourself who will be paying the billions in losses that Freddie and Fannie posted this week and the loses that they are still expecting in the future? If you search there are also more stories of the treasury department buying up bad debt from the last week...
    http://www.thestreet.com/_yahoo/story/10830796/1/fannie-freddie-bailout-148b-and-counting.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
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    Aug 13, 2010 9:35 AM GMT
    southbeach1500 saidI saw Stockman interview by Larry Kudlow a few days after the piece was published and Stockman actually backed off a bit on what he had written.

    Something just doesn't seem right with that guy....


    Of course something doesn't seem right with him. His analysis doesn't fall in line with your regular Obama bashing tactics, so something must be wrong with the guy.

    Jesus effin' Christ, slick. icon_rolleyes.gif

    Please post the interview to which you refer, so that thread readers can determine whether or not he had "backed off a bit" on what he had written. This should be up to the more objective of us to discern, not some GOP talking head.
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    Aug 13, 2010 9:42 AM GMT
    west77 said
    I know that this is not going to be the popular response. If David Stockman is suddenly seen as the herald of truth and a man with wisdom then you have to read one sentence in the article.

    “Yes, Stockman is equally damning of the Democrats' Keynesian policies “

    He is right. The GOP has strayed- they are a much responsible as anybody else for the financial mess. They are not the party of restraint in spending. The problem with using this article (or David Stockman) to attack conservatives is that the man is every bit as critical of Keynesian policies and democrats. No point in explaining it as google is everybody's friend- but if you look it up you will notice that both the Democrats and the Republicans seem to be using the same economic play book.

    Basically, I think he is correct... the problem is that he is correct when it comes to both parties. Once again I really think that this party politics has blinded many people to economic truth. People read the article and rejoice because this man is rightfully slamming the GOP but want to remain blind to his views which disagree with those of the party they support...


    Nonetheless, he barely mentions the Democrats in his op-ed piece (which hasn't been linked here so here ya go):

    http://www.nytimes.com/2010/08/01/opinion/01stockman.html

    I think the reason why he focuses so much on the Republicans is because so many of the central failed economic decisions have been the result of the Republicans' manipulative anti-tax campaigning. It's the Republicans who have made it impossible to have a responsible tax policy (because you can never, or at least rarely, win against people who campaign on lowering taxes).

    And because even now they don't seem to have the slightest interest in taking responsibility for the mess that they had such a big hand in creating. And they block every attempt to deal with it responsibly.

    I think that Stockman feels that if the Republicans would behave responsibly, there might be hope. But it's the Republicans who block all attempts to fix the problems.
  • GQjock

    Posts: 11649

    Aug 13, 2010 9:49 AM GMT
    west77 said
    If you think it is just fiction you may want to ask yourself who will be paying the billions in losses that Freddie and Fannie posted this week and the loses that they are still expecting in the future? If you search there are also more stories of the treasury department buying up bad debt from the last week...
    http://www.thestreet.com/_yahoo/story/10830796/1/fannie-freddie-bailout-148b-and-counting.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA


    Fannie and Freddie - Freddie and Fannie
    You sound like some trained gay parrot ..... can't you see that those two are just PART of a disastrous economic policy that is just playing itself out right now?
    Tax cuts .... Corporate Welfare .... Deregulation for more than 30 years

    ..... and now we're having Hell to pay

    THANX RONNIE YOU ASSHOLE icon_confused.gif
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    Aug 14, 2010 2:40 AM GMT
    theatrengym said


    Nonetheless, he barely mentions the Democrats in his op-ed piece (which hasn't been linked here so here ya go):

    Very true. I think the reason may be that he believes that he may hold some sway over Republicans- that they may sit up and take notice. Not much of a story if the headline read "former Republican US representative slams the economic policies of the democrats." That is more of a dog bites man story where him questioning and critiquing the policies of the GOP is a little more of a man bites dog story. I am not saying he is wrong in his assessment- I am simply saying that he is correct in his assessment of both parties.

    I suppose what I am trying to say is that he may be trying to wake people up and being as most Democrats write off his criticisms against their parties economic policies he is target those who may pay attention to him (although from the responses that I have read it would appear that Democrats pay plenty of attention to him as well so long as he is criticizing the policies of the GOP)

    I'll bite...
    GQjock said
    Fannie and Freddie - Freddie and Fannie
    You sound like some trained gay parrot ..... can't you see that those two are just PART of a disastrous economic policy that is just playing itself out right now?
    Tax cuts .... Corporate Welfare .... Deregulation for more than 30 years
    icon_confused.gif

    If you read my response prior to that you would have picked out sentences such as “but if you look it up you will notice that both the Democrats and the Republicans seem to be using the same economic play book. “ I really don't give a rats rear about Freddie and Fannie- they are just small problems in the overall picture- it was just a couple of things from yesterdays news that tied in with the cartoon that was posted. I appreciated that it was Freddie and Fannie only because they are the best model for private profit and public loss. I love their stories and how they are tied to the government without being tied to the government. It was only luck that their asking for a few billion fell on the same day as that cartoon popped into my head as something to post. I think they are asking for a total of 3 billion for now- it will not break the US- but the overall policies will. I am non-partisan in my assessment of the US economy and both parties have been taking steps towards ruining it for decades.

    Haven't been here long enough to know which way you swing (politically) but I suspect that if what you posted reflects your true feelings we may agree on the direction the U.S economy is heading. The difference may be that I don't hold out hope that either party will fix it (or at this point in the game could fix it even if they tried.)

    On a side note- that is the first time I have been compared to a gay parrot...