What happened to all of the doom and gloom economic threads?

[Frisco_Slug_Esq]

Well, Bush made such a mess of things, it'll be at least ten years before Obama can fix it.

Oh, wait... he doesn't have that long, does he?

Out of the three Bush recessions, which one lasted the longest?






I've honestly forgotten...

From the Democrat rhetoric, it was eight years of a "Lost Decade."

 

[unregistered]

 

[Frisco_Slug_Esq]

That's only because the incentive programs were allowed to expire thanks to the party of NO...







But when the tax cuts for the wealthy expire, you'll see, THEN you'll be on your knees thanking Obama and his steadfast, loyal supporters.

 

[unregistered]

 

[unregistered]

 

[unregistered]

 

[Frisco_Slug_Esq]

I wonder if that lady ever got Obama to pay for her gas?

He covered he mortgage for a couple of months, now she's down on her knees praying to her icon that he forgives...

 

[unregistered]

 

[unregistered]

 

[unregistered]

 

[jeninflorida]

My my UD, the market opens down another 77 points after yesterday's big bummer. I guess it's the recovery. So far we've averaged over 463,000 lost jobs a week since January...but it's Bush's fault...and it means the recovery is in progress, right UD?

obama bizness is good...even though business are suffering. long live obama, here drink more obama juice, its free today

should be blame bush for obama...or obama's momma? hum.....

 

[Ulaven_Demorte]

My my UD, the market opens down another 77 points after yesterday's big bummer. I guess it's the recovery. So far we've averaged over 463,000 lost jobs a week since January...but it's Bush's fault...and it means the recovery is in progress, right UD?

Without fail, the market takes a little dip and the usual suspects flood into this thread to cheer and dance, hoping for the failure they've been waiting for for a year now.



By the way, your jobs lost figure..is well, not even close to right.

 

[jeninflorida]

Without fail, the market takes a little dip and the usual suspects flood into this thread to cheer and dance, hoping for the failure they've been waiting for for a year now.

a little dip...that like having obama at the helm of the Exxon Valdez and whoops...we hit a little bump

then again, obama just another natural disaster waiting to happen

 

[Ulaven_Demorte]

a little dip...that like having obama at the helm of the Exxon Valdez and whoops...we hit a little bump

then again, obama just another natural disaster waiting to happen

Good lord..

Is that supposed to be English? Should I translate into "Jen"?

Small dip.. cause by few more person claim unemployment (was that word too long?) than them thought would. You betcha.

 

[Beco]

Good lord..

Is that supposed to be English? Should I translate into "Jen"?

Small dip.. cause by few more person claim unemployment (was that word too long?) than them thought would. You betcha.

A few more?? ahahahaha!

 

[unregistered]

 

[Frisco_Slug_Esq]

Without fail, the market takes a little dip and the usual suspects flood into this thread to cheer and dance, hoping for the failure they've been waiting for for a year now.



By the way, your jobs lost figure..is well, not even close to right.

What the hell are you taking about?

We were doing the same dance when it was going up too...

 

[Frisco_Slug_Esq]

Obama Sings: Don't cry for me Argentina!

The United States' economic decline precariously resembles Argentina's economic collapse, which started in 1998 and landed Argentina in a depression by the end of 2000. What began in Argentina as a recession mushroomed into a full-fledged depression due to bad economic and monetary policy. The Obama administration and its congressional Democrat lackeys are on the precipice of following Argentina's disastrous economic and monetary policy decisions.

Arguably, the United States economy has been in a two-year-long recession, and while some may posit that the country has started an economic recovery, others suspect the country will plummet into a deeper recession, or perhaps a depression. In the past two years, the United States government instituted economic and/or monetary policies detrimental to American's short- and long-term economic prosperity.

$700-billion TARP bill.
$787-billion economic stimulus bill the president deemed necessary to keep unemployment under 8%.
$410-billion Omnibus bill with 9,000 pork-barrel projects.
$1.3-trillion deficit in fiscal year 2009.
$1.4-trillion deficit estimated for fiscal year 2010.
$1 trillion or more for a health care bill that the majority of Americans didn't want.
Auto industry bailout with complete disregard to the bankruptcy laws, which turned the U.S. government into an equity owner and granted an ownership stake to the United Auto Workers union.
$500-billion bailout of Fannie Mae and Freddie Mac.
$145-billion bailout of Greece.
Billions spent by the Federal Reserve to purchase toxic assets.
$10.6-trillion dollar public debt the day Obama took the oath of office. In nineteen months, the public debt stands at $13.3-trillion (a 25% increase).

In early 2000, Argentinean President Fernando de la Rúa's government evaluated options to end the recession. According to a 2003 report issued by the Joint Economic Committee of the United States Congress, the de la Rúa government evaluated several options and settled on raising tax rates as the solution:

The De la Rúa government was worried about the federal budget deficit, which was 2.5 percent of GDP in 1999. The government thought reducing the budget deficit would instill confidence in government finances, reducing interest rates and thereby spurring the economy, which was showing signs of recovery in late 1999. Among the options for reducing the deficit, cutting spending was politically difficult; the government doubted that cutting tax rates would spur enough growth in the short term to offset lost revenues; it did not wish to abandon the convertibility system and simply print money[.]

That left only one option: raising tax rates. President de la Rúa secured approval for three big tax increases, effective January 2000, April 2001, and August 2001.

Argentina's economy continued to shrink throughout 2000. In April 2001, the Argentinean government proposed cutting spending by 4.5 billion pesos over a two-year period. Public outrage ensued, and special interest groups protested. Furthermore, government monetary policies manipulated current valuations, causing fear and instability, and debt policies such as refinancing debt at higher interest rates exacerbated a deteriorating economy. In late 2001, a newly elected government took control, and the Joint Economic Report summarized their actions:

In a series of blunders that made matters even worse, from December 2001 to early 2002, succeeding governments undermined property rights by freezing bank deposits; defaulting on the government's foreign debt in a thoughtless manner; ending the Argentine peso's longstanding link to the dollar; forcibly converting dollar deposits and loans into Argentine pesos at unfavorable rates; and voiding contracts[.]

Coincidentally, the United States is in a two-year-long recession, and Obama and congressional Democrats intend on letting the Bush tax cuts expire at the end of the year. The outstanding public debt stands at $13.3 trillion. Any opposing viewpoints from Republicans or conservatives on cutting spending or addressing entitlement programs are met with media outrage, accusations of racism, and accusations that Republicans and conservatives are coldhearted people incapable of compassion or benevolence.

The Obama government's actions ominously mirror the actions and the timing of the Argentinean government in early 2000, when the first of three tax increases was instituted. Higher unemployment, more debt, falling wages, and eventually inflation ensued. Moreover, the Obama administration and the mainstream media deceive the American people regarding the impact of the Bush tax cuts. Obama and the MSM repeatedly espouse that only tax rates for those rich Americans in the top income tax bracket will increase.

Unfortunately, the truth is that all tax brackets are impacted, and even the Obama lemmings will recognize they've been duped when their payroll tax deductions increase in 2011 and their take-home pay decreases. Perhaps then the lemmings will seriously consider what "hope and change" means and that elections do indeed have consequences. A summary of the Bush tax cuts expiring at the end of 2010:

10% bracket reverts to 15%
25% bracket reverts to 28%
28% bracket reverts to 31%
33% bracket reverts to 36%
35% bracket reverts to 39.6%
Marriage penalty is reinstituted
Child tax credit cut from $1,000 to $500 per child
Dependent care and adoption care credits cut
Estate (death) tax returns at a rate of 55% on estates over $1 million
15% capital gains tax reverts to 20%
15% dividends tax reverts to 39.6%

Many economists recognize, though they many not publicly admit it, that inflation is the only feasible alternative. The government is limited to three possible revenue sources: taxing, borrowing, and inflating. Any sensible person realizes the country cannot tax its way out of a $13-trillion debt or sustain existing entitlement programs, much less government-run health care. The government borrows money by selling government-backed securities to investors. Eventually, investors will either stop purchasing government securities or demand substantially higher interest rates due to the increased risk. The only feasible alternative is to monetize the debt -- in other words, inflate it. Monty Pelerin's recent American Thinker article captured the essence of the problem:

The political class's survival is at stake. Eventually, anything that extends their rule will be tried. It is not concern for you or the economy that is driving policy, but the preservation of power of an increasingly wounded power elite. Their survival is now driving policy. Unfortunately, what benefits them is generally harmful for the economy.

Obama and congressional Democrats have chartered a course leading America down an Argentinean economic path. November may be the last reasonable chance to change course.

Scott Strzelczyk
The American Thinker
__________________
Nobody believes that the states will eternally drag the burden of these interest payments. It is obvious that sooner or later all these debts will be liquidated in some way or other, but certainly not by payment of interest and principal according to the terms of the contract.
Ludwig von Mises

 

[Ulaven_Demorte]

As reported this morning on FOX Business this morning. I should have have said first time unemployment claims, the average is over 463,000 a monthsince the first of the year. Today's number for last month was over 484,000.

But that wasn't what you said was it?

My my UD, the market opens down another 77 points after yesterday's big bummer. I guess it's the recovery. So far we've averaged over 463,000 lost jobs a week since January...but it's Bush's fault...and it means the recovery is in progress, right UD?

 

[Ulaven_Demorte]

A few more?? ahahahaha!

Yes, about 20K more than was expected. A few more.

484,000 reported for last month when about 460,000 were expected.

Maybe the Jen-speak threw you off.

 

[Ulaven_Demorte]

What the hell are you taking about?

We were doing the same dance when it was going up too...

To the tune of "dancing with myself" no doubt.

I'm sure you can reconcile the failure when the market is going up with the failure when the market dips.

Where is the big double dip you've been waiting for for a year?

 

[jeninflorida]

Still it does not change the fact that obama is the “Captain of the Exxon Valdez” oil tanker…drink in hand has he aims the tanker for the nearest landmass.

I will type this slowly so that you can understand. The natural disaster from the Exxon Valdez needs to be replaced with obama’s failed economic policies. Yet obama is drunk on his victory that he failed to see the mountains in front of his ship.

Good lord..

Is that supposed to be English? Should I translate into "Jen"?

Small dip.. cause by few more person claim unemployment (was that word too long?) than them thought would. You betcha.

 

[Ulaven_Demorte]

Still it does not change the fact that obama is the “Captain of the Exxon Valdez” oil tanker…drink in hand has he aims the tanker for the nearest landmass.

I will type this slowly so that you can understand. The natural disaster from the Exxon Valdez needs to be replaced with obama’s failed economic policies. Yet obama is drunk on his victory that he failed to see the mountains in front of his ship.

Typing it more slowly did improve your spelling and grammar somewhat. Unfortunately it did your metaphor no good at all. It's almost as fitting as the Michelle Antoinette comparison, which is to say not fitting at all. At least not in the manner which you intended.

Unless you see the economy as the Exxon Valdez and the "mountains" as the climb from -6% growth to nearly 3% growth in GDP.

That's some disaster!

 

[Frisco_Slug_Esq]

To the tune of "dancing with myself" no doubt.

I'm sure you can reconcile the failure when the market is going up with the failure when the market dips.

Where is the big double dip you've been waiting for for a year?

... wait for it...

 

[Frisco_Slug_Esq]

Yes, about 20K more than was expected. A few more.

484,000 reported for last month when about 460,000 were expected.

Maybe the Jen-speak threw you off.

460,000




That was going to be a GOOD number???

Yikes!