The Economy

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    Jun 12, 2008 3:12 AM GMT
    What do people think about the direction of the economy?

    Is the US in recession? The beginning of a major downturn, or the end of a mild correction?

    My own feeling is that we are at the start the bursting of a global asset bubble, and that there are going to very rough times ahead. I know that's a pretty extreme position, and am curious about what others here think.

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    Jun 12, 2008 11:30 AM GMT
    The economy was doing just fine, until the Democrats were voted in the majority party in the Congress.

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    Jun 12, 2008 11:34 AM GMT
    John43620 saidThe economy was doing just fine, until the Democrats were voted in the majority party in the Congress.



    There arent enough Democrats in Congress to effectively do anything. So you cant blame this on the Democrats.
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    Jun 12, 2008 1:37 PM GMT
    John43620 saidThe economy was doing just fine, until the Democrats were voted in the majority party in the Congress.


    What, I didn't hear you, what??????
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    Jun 12, 2008 2:12 PM GMT
    John43620 saidThe economy was doing just fine, until the Democrats were voted in the majority party in the Congress.



    The economy was bound to eventually fail, mainly due to the housing bubble. That in turn was caused by keeping interest rates too low for too long. A gift from the former Fed Chairman.
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    Jun 12, 2008 3:14 PM GMT
    John43620 saidThe economy was doing just fine, until the Democrats were voted in the majority party in the Congress.



    During which time the Republicans used the filibuster more times than in any previous period of equal duration to block Congressional action.
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    Jun 12, 2008 3:21 PM GMT
    Ummmm.... ya don't think a unnecessary, drawn out, multi billion dollar war; unregulated lending industry; and rising gas prices might have something to do with it. OR could it be that as a society we are unwilling to see past our own world and to the reality that is going on in order to make change before it is too late rather than waiting for someone to hold our hand (give us checks) before we do something to better our own situation and take a stand to make some changes on a large scale...

    Nope its sure a debate between Republicans and Democrats...how dumb of me.

    There is a recession going on. I am part of that growing population that makes a decent salary, owns property and can't make ends meet (can we say crooked lending and credit card practices - oh there is a link to bush and the republican party there).
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    Jun 12, 2008 9:09 PM GMT
    DJBens77 said
    Nope its sure a debate between Republicans and Democrats...how dumb of me.

    There is a recession going on. I am part of that growing population that makes a decent salary, owns property and can't make ends meet (can we say crooked lending and credit card practices - oh there is a link to bush and the republican party there).

    Careful, if you use too many vetted facts, he will go away.
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    Jun 13, 2008 4:06 PM GMT
    Market economies have their problems but to really screw things up, adopt the planned economy.

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    Jun 13, 2008 4:10 PM GMT
    John43620 saidMarket economies have their problems but to really screw things up, adopt the planned economy.



    You have got that right! I just hope the next President does not try and create trade barriers with the rest of the world. It is a populist measure, but in this day and age a sure-fire way to make an economy underperform.
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    Jun 13, 2008 4:16 PM GMT
    Let me be blunt for a second:

    The economy is not in a recession, it is in a Depression. The average consumer - in America - is struggling to get through, living paycheck to paycheck, and oftentimes having to decide between gassing their car or eating.

    This is not the result of one party or another, it is a part of a non-functioning government whose members are only concerned for themselves and their own pocketbooks - until the media focuses attention on them.

    This is also the fault of the media - they are not reporting fairly or accurately on anything - in their inevitable quest for ratings - which gives them their advertising dollars. Did you notice that in January the pundits all of a sudden said we were "heading for a recession"? we were already in one. And as soon as the pundits said we were in one, the consumer confidence index plummeted! (I wonder what would happen if they said we were in a recovery?)

    Is there an uproar about the BILLIONS of dollars going to the financial institutions - who got us into this mess in the first place?
    Is there an uproar about the CEOs who get fired and leave with millions and millions of dollars - for failure?
    Is there an uproar about the unfair practices of the financial - especially credit card issuers - in dealing with the public?

    NO.

    Not one member of congress has the balls to do anything about this mess - because it would mess with their checkbook... Take a look at the pay of US congressional representatives (Senators & Congressmen) - and then take a look at their net worth? does anyone ever wonder why people spend millions of dollars to become a senator that pays only 161K a year?

    And don't get me started on spending $500 Billion in Iraq. That money could have gone to so many better things that would have helped the entire world.

    There are myriad reasons why the economy sucks. The president doesn't give a crap, congress is far too in bed with the PACs, business owns the government, and the rest of us are screwed.

    Kick out everyone and start over! and outlaw PACs as well!


    PS: sorry for the rant. I just am tired of getting screwed by this government (dem and rep alike)...
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    Jun 13, 2008 4:18 PM GMT
    John43620 saidMarket economies have their problems but to really screw things up, adopt the planned economy.




    And as your eleventy seventh president I will put us back on the gold standard, expel the orientals from our colony in California and make riding a horse and buggy while under the influence of spirits an offense punishable with an afternoon in the stockade!
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    Jun 13, 2008 4:19 PM GMT
    Had the Democrats not been voted into the majority party in the Congress, we'd have been in a full blown depression a year ago.

    The war in Iraq has moved us from the biggest surplus to the biggest deficit in history. It would be hard to imagine that anyone could have done as much damage as the current administration.

    I think putting an amoeba in the White House at thins point would improve the economy.
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    Jun 13, 2008 4:22 PM GMT
    Maybe it's time for another "Boston Tea Party". Everyone should put their taxes in an escrow account until the government fixes itself and operates properly - for the people!
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    Jun 13, 2008 7:59 PM GMT
    The U.S. is in a recession.
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    Jun 13, 2008 8:28 PM GMT
    bgcat57 saidHad the Democrats not been voted into the majority party in the Congress, we'd have been in a full blown depression a year ago.

    The war in Iraq has moved us from the biggest surplus to the biggest deficit in history. It would be hard to imagine that anyone could have done as much damage as the current administration.

    I think putting an amoeba in the White House at thins point would improve the economy.


    Don't go blaming the deficit on the war. The GWB action figure blew the surplus his first year in office.
  • GQjock

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    Jun 14, 2008 12:20 PM GMT
    John43620 saidThe economy was doing just fine, until the Democrats were voted in the majority party in the Congress.



    Sometimes when I see your posts I think... Nah...
    he's GOT to be kidding

    so tax cuts to the wealthy
    corporate welfare and deregulation
    running up the deficit to levels never seen before in civilization
    ...that had Nuthin' to do with it?
    Sheer coincidence?
    It's those persnickety democrats!

    Cost of Iraq war nearly $2b a week

    By Bryan Bender, Globe Staff | September 28, 2006

    WASHINGTON -- A new congressional analysis shows the Iraq war is now costing taxpayers almost $2 billion a week -- nearly twice as much as in the first year of the conflict three years ago and 20 percent more than last year -- as the Pentagon spends more on establishing regional bases to support the extended deployment and scrambles to fix or replace equipment damaged in combat.
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    Jun 18, 2008 5:26 AM GMT
    The war in Iraq is destroying Al Qaeda, the 9/11 attacks were a severe blow to the economy, make the connection, losing will be costlier than staying in the fight.

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    Jun 18, 2008 5:46 AM GMT
    Sweet Jesus, I love John. It makes posting worthwhile.
  • GQjock

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    Jun 18, 2008 10:10 AM GMT
    John43620 saidThe war in Iraq is destroying Al Qaeda, the 9/11 attacks were a severe blow to the economy, make the connection, losing will be costlier than staying in the fight.



    This and other Fairy tales

    magnet070c.jpg
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    Jun 18, 2008 10:27 AM GMT
    Wow, there's enough name calling and bullsh** being thrown around the politicians and the media alone, leave it out of the threads please, it's bringing your credibility down.

    I think it's just another fluxuation in the economy; either be it cause of the nature of inflation, the dollar losing some of it's worldwide value, or the world going Green. But it's not going to get fixed overnight, and going back to the "old ways" won't fix the situation any more than moving foward in to the green.

    Sure it's easy to say that the economies problems are so and so's alone, but honestly I think the media is making too much drama over it and isn't feeding people the knowledge and wisdom it once had in the distant past. Now we all live in fear for what the puppets of the news hour will get us all boggled over next; instead waiting for some wisdom or knowledge about the situation that may actually reassure us and give some idea as to the Real WHY's of the economy.
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    Jun 18, 2008 10:53 AM GMT
    "The war in Iraq is destroying Al Qaeda"

    "Mission Accomplished"

    HAHAHAHAHA!
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    Jun 18, 2008 1:38 PM GMT
    growingmuschou saidThe economy is not in a recession, it is in a Depression. The average consumer - in America - is struggling to get through, living paycheck to paycheck, and oftentimes having to decide between gassing their car or eating.


    GDP has to decline by more than 10 percent to qualify as a depression. Hasn't happened, and it's thankfully looking like it won't this time around.

    Say what you like about free market vs controlled market economies; an at least mildly-controlled environment does a lot to decrease the likelihood that we'll actually enter a depression.

    I'd like to think that we'll be okay in the relatively near future. Hopefully this ethanol ridiculousness will be stopped sooner rather than later, easing down food prices a bit and keeping dorks with 6,000 lb SUVs from thinking they're getting a "better deal" by filling up on E85. And because I believe a combination of science and capitalism can solve most problems, we're soon to see innovations to address the energy and environmental crises. It'll all be fine.

    Economies have been going through bubble phases - real estate, tech, slave trading, friggin' tulips - for hundreds of years. It sucks, it's rough, but the real damage isn't as extensive as it's always made out to be by our wonderfully opportunistic press.
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    Jun 18, 2008 7:51 PM GMT
    Oil prices are a major economic influence. President Bush and Senator McCain are pushing for more off shore drilling. The Democrats have rejected the call for authorizing off shore drilling in the past while China is drilling 50 miles from Key West.

    This I think will make the Democratic nominee vulnerable in the fall on the issue of the economy and energy. Americans are pissed at the price of gasoline at the pump. The Republicans can lay it fairly upon the Democrat's lap.

    The call for research into alternative energy sources is the right thing to do but we must use what we have until that alternative energy is available.

    http://news.yahoo.com/s/ap/20080618/ap_on_go_pr_wh/offshore_oil
  • CuriousJockAZ

    Posts: 19133

    Jun 18, 2008 7:59 PM GMT
    Personally, I think it's a scapegoatism to blame Democrats or Republicans. The real culprit here are the American people --- living beyond our means, spending more than we make, borrowing more than we should, living off Home Equity lines of credit and credit cards, expecting that the government will swoop in and fix everything, etc.. The chicken is now coming home to roost.

    More than anything, I think it's just HARD TIMES - Period. 9/11, combined with Katrina, The War in Iraq not going quite how people had planned, the mortgage crisis, everything crashing down at roughly the same time and it's just more than one economy could handle all at once. We'll get through this, but it's gonna be a rough road for many people for a while...and I don't think Barrack Obama, John McCain, or anyone else has any kind of "magic wand" that's going to make anything better anytime soon. It's just a cycle that will come back around when it comes back around -- and it will.