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

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RightField said:
July 13, 2011
The Spending Is the Problem
By Larry Kudlow


Here's my thought: The public wants deep spending cuts.
Click to expand...


Here's why you're stuck making the same dumbshit argument day in and day out: EVERYONE wants spending cuts. There's not a single person who thinks the government shouldn't spend less. The problem is though that people don't want their benefits cut. Every time you or any one of these other right wingnuts bitches about "spending" as if it can be discussed in isolation from what the spending goes towards, an angel loses her wings.
 
Frisco_Slug_Esq said:
You have a great point there, but your guy was going to have us out of all of that by now,
Click to expand...


You realize we're in the process of getting out of Iraq right now, right? I mean it was all over the news for months.

But you're right about one thing, Merk does have a great point. Bush committed America to 2.7+ trillion of debt from the needless Iraq war for WMDs and another 1 trillion so far for his tax cuts. 3.7 trillion is a whopping 26.5% of the entire national debt.
 
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Hey PUTZ POON

Hey LAWN JOCKEY

Hey Deranged Deloon

Hey Looky Dicky

Hey DUMB DAILY

Hey all you

NIGGER PROTECTORS

YOUR NIGGER LIES!

What say you?​


MORE ON THAT 80% CLAIM: Hi, I’m Barack Obama, and I Just Make Stats Up Out of Nothing.
 
Lawn Jockey

Unable to defend the COLORED FOOL

in the

"White" House

Continues to be a

JACKASS

Be proud of your NIGGERHOOD!

Most try hard to escape from it

You race towards it
 
cebalrai said:
You realize we're in the process of getting out of Iraq right now, right? I mean it was all over the news for months.

But you're right about one thing, Merk does have a great point. Bush committed America to 2.7+ trillion of debt from the needless Iraq war for WMDs and another 1 trillion so far for his tax cuts. 3.7 trillion is a whopping 26.5% of the entire national debt.
Click to expand...

Democrats voted FOR all of it...

And now, for a few clever, funny words on unsustainability...
 
JULY 16, 2011 7:00 A.M.
The Great Charade
The spenders are negotiating among themselves how much debt they’re going to burden you with.

There is something surreal and unnerving about the so-called “debt ceiling” negotiations staggering on in Washington. In the real world, negotiations on an increase in one’s debt limit are conducted between the borrower and the lender. Only in Washington is a debt increase negotiated between two groups of borrowers.

Actually, it’s more accurate to call them two groups of spenders. On the one side are Obama and the Democrats, who in a negotiation supposedly intended to reduce American indebtedness are (surprise!) proposing massive increasing in spending (an extra $33 billion for Pell Grants, for example). The Democrat position is: You guys always complain that we spend spend spend like there’s (what’s the phrase again?) no tomorrow, so be grateful that we’re now proposing to spend spend spend spend like there’s no this evening.

On the other side are the Republicans, who are the closest anybody gets to representing, albeit somewhat tentatively and less than fullthroatedly, the actual borrowers — that’s to say, you and your children and grandchildren. But in essence the spenders are negotiating among themselves how much debt they’re going to burden you with. It’s like you and your missus announcing you’ve set your new credit limit at $1.3 million, and then telling the bank to send demands for repayment to Mr. and Mrs. Smith’s kindergartner next door.

Nothing good is going to come from these ludicrously protracted negotiations over laughably meaningless accounting sleights-of-hand scheduled to kick in circa 2020. All the charade does is confirm to prudent analysts around the world that the depraved ruling class of the United States cannot self-correct, and, indeed, has no desire to.

When the 44th president took office, he made a decision that it was time for the already unsustainable levels of government spending finally to break the bounds of reality and frolic and gambol in the magical fairy kingdom of Spendaholica: This year, the federal government borrows 43 cents of every dollar it spends, a ratio that is unprecedented. Barack Obama would like this to be, as they say, “the new normal” — at least until that 43 cents creeps up a nickel or so, and the United States government is spending twice as much as it takes in, year in, year out, now and forever. If the Republicans refuse to go along with that, well, then the negotiations will collapse and, as he told Scott Pelley on CBS the other night, Gran’ma gets it. That monthly Social Security check? Fuhgeddabouddit. “I cannot guarantee that those checks go out on August 3rd if we haven’t resolved this issue,” declared the president. “Because there may simply not be the money in the coffers to do it.”

But hang on. I thought the Social Security checks came out of the famous “Social Security trust fund,” whose “trustees” assure us there’s currently $2.6 trillion in there. Which should be enough for the August 3rd check run, shouldn’t it? Golly, to listen to the president, you’d almost get the impression that, by the time you saw the padlock off the old Social Security lockbox, there’s nothing in there but a yellowing IOU and a couple of moths. Indeed, to listen to Obama, one might easily conclude that the whole rotten, stinking edifice of federal government is an accounting trick. And that can’t possibly be so, can it?

For the Most Gifted Orator in Human History, the president these days speaks largely in clichés, most of which he doesn’t seem to be quite on top of. “Eric, don’t call my bluff,” he sternly reprimanded the GOP’s Eric Cantor. Usually, if you’re bluffing, the trick is not to announce it upfront. But, in fact, in his threat to have Granny eating dog food by Labor Day, Obama was calling his own bluff. The giant bluff against the future that is government spending.

How many of “the wealthy” do you require to cover a one-and-a-half trillion-dollar shortfall every single year? When you need this big a fix, there aren’t enough people to stick it to. “We are not broke,” insists Van Jones, Obama’s former “green jobs” czar and bespoke Communist. “We were robbed, we were robbed. And somebody has our money!”

The somebody who has our money is the government. They waste it on self-aggrandizing ideologue nitwits like Van Jones and his “green jobs” racket. How’s the “green jobs” scene in your town? Going gangbusters, is it? Every day these guys burn through so much that they can never bridge the gap. By that, I don’t mean that an American government that raises $2 trillion but spends $4 trillion has outspent America, but that it’s outspent the planet. In my soon to be imminently forthcoming book, I discuss a study published last year by John Kitchen of the U.S. Treasury and Menzie Chinn of the University of Wisconsin. Its very title is a testament to where we’re headed:

“Financing U.S. Debt: Is There Enough Money In The World — And At What Cost?”

The authors’ answer is yes, technically, there is enough money in the world — in the sense that, on current projections, by 2020 all it will take to finance the government of the United States is for the rest of the planet to be willing to sink 19 percent of its GDP into U.S. Treasury debt. Which Kitchen and Chinn say is technically doable. Yeah. In the same sense that me dating Scarlett Johansson is technically doable.

Unfortunately, neither Scarlett nor the rest of the planet is willing to do it. It’s not 2020 and we’re not yet asking the rest of the planet for a fifth of its GDP. But already the world is imposing its own debt ceiling. Most of the debt issued by the Treasury so far this year has been borrowed from the Federal Reserve. That adds another absurd wrinkle to the D.C. charade: Washington is negotiating with itself over how much money to lend itself.

Meanwhile, the World’s Greatest Orator bemoans the “intransigence” of Republicans. Okay, what’s your plan? Give us one actual program you’re willing to cut, right now. Oh, don’t worry, says Barack Obluffer. To demonstrate how serious he is, he’s offered to put on the table for fiscal year 2012 spending cuts of (stand well back now) $2 billion. That would be a lot in, say, Iceland or even Australia. Once upon a time it would have been a lot even in Washington. But today $2 billion is what the Brokest Nation in History borrows every ten hours. In other words, in less time than he spends sitting across the table negotiating his $2 billion cut, he’s already borrowed it all back. A negotiation with Obama is literally not worth the time.

In order to fund Obamacare and the other opiates of Big Government dependency, the feds need to take 25 percent of GDP, now and forever: The “new normal.” It can’t be done. Look around you. The new normal’s already here: flatline jobs market, negative equity, the dead-parrot economy. What comes next will be profoundly abnormal. His name was Obamandias, King of Kings. Look upon his works, ye mighty, and despair. Round the decay of that colossal wreck, boundless and bare, the lone and level sands stretch far away.

Do they still teach Shelley in high school? Or just the “diversity manual” about “social justice” the Omaha Public Schools paid for with $130,000 of “stimulus” funding
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Mark Steyn
NRO
 
BUT DO YOU KNOW WHO S n PEE IS?????? Tell us POON!

Ohio's Credit Rating; Cites GOP Governor Kasich's Whining About His Predecessor and His Budget, But Mostly His Budget

By electing a fiscal conservative, Ohio is moving in the right direction when it comes to economic vibrancy.

Standard & Poor's Ratings Services upgraded Ohio's debt rating just one day after it put the United States on "creditwatch negative" on what it calls a rising risk of policy stalemate in the debt limit negotiations.

For Ohio, the rating was revised from "negative" to "stable" after Gov. John Kasich signed a new budget the ratings agency says will essentially balance the state's finances for the next two years. S&P also said Ohio is experiencing a modest economic recovery which has stabilized revenue.

In making the upgrade, the agency also assigned a "AA+" long-term rating to Ohio's $416.75 million general obligation bonds... "After a significant decline through the recession, Ohio's economy is steadily recovering," according to S&P's statement issued Friday.

The agency listed factors such as Ohio's unemployment rate has stabilized and fallen to 8.6 percent through May 2011 from a peak of 11 percent in March 2010. The also state experienced positive employment growth in 2010 and through the first quarter of 2011...

In S&P's statement Thursday about the U.S., it said it placed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on "CreditWatch with negative implications."

The action means there is a "substantial likelihood of it taking a rating action within the next 90 days." ...
Unlike President Obama, Kasich actually took proactive steps to reduce the size of Ohio's government and improve business conditions for the private sector. Plus he didn't blame his predecessor, demonize his political opponents, or say "I" and "me" all the time.
 
rw ideologues, not independent like m00dees....





buncha racists

U_D has no time for this thread now, he's back to FAUX and glen B3kkk... ;) ;)

Summer of recovery! Rahm laying off Chicago's public sector...
 
With the specter of Quantitative Easing 3 raised this week during congressional testimony from Federal Reserve Chairman Ben Bernanke, there has been renewed debate over the impact of QE2 and whether more monetary stimulus is the right prescription for our economic ills. Some warn of an impending no-growth inflation crisis much like the phenomena seen in the 1970s. Others point to the artificial formation of another asset bubble. What few are brave enough to consider is the possibility of an asset bubble forming at the same time as heavy inflationary pressures build in a low-to-no-growth environment. Signs of this perfect storm have already surfaced.

The United States is currently in a low-growth environment. The 2011 first quarter GDP has grown a weak 1.9 percent while the 2010 growth rate was only 2.9 percent. That may count as a decent performance in normal times, but it's very low growth following the steep economic decline we recently experienced. Meanwhile, wages continue to remain flat and by some measures are in decline—not surprising given an unemployment rate of 9.2 percent. More than $2.1 trillion flowing from the Fed clearly has done nothing to mend the American job market. Asset markets on the other hand are booming.

Since the Fed began its campaign, the S&P has more than doubled, the Barclays aggregate is up 8 percent, and IPO pricings are signaling the next bubble. The latest major IPO to hit the street, LinkedIn, is trading at well-over 1,000 times its earnings. Plenty more companies will soon become public with price valuations that will make even that look cheap. Inflation is also beginning to creep higher and a commodity boom threatens to rapidly accelerate price hikes.

When solid underlying fundamentals of the economy contribute to inflation and to spiking asset prices, the Fed normally has a number of options at its disposal to curb the situation. But this situation is different. Now it's the Fed itself, via its purchases, productivity gains, and abnormal speculation that has created this strange environment.

Typically commodity run-ups, inflation, and asset bubbles are associated with and partially offset by healthy economic growth, hiring, and innovation through entrepreneurism. That is not the case today. Without a strong economy corresponding with the coming confluence of inflation and bubbles, the Fed may find itself helpless to act given its current balance sheet and extended zero-interest-rate-policy (ZIRP).

Furthermore, the solution of either selling assets or raising interest rates would each run counter to the Fed's mandate to promote full-employment. (Not that it’s a good mandate.)

As Chairman Bernanke has made clear, the Fed is comfortable maintaining the status quo for the time being, keeping asset prices propped up by reinvesting QE purchases as they run-off. In an effort to shirk the responsibility of acting preemptively, the Fed maintains that the slack job market is mitigating the threat of inflation and/or an asset bubble. The Fed also points to inflation expectations as keeping conditions anchored. These two factors are providing an excuse to justify further asset purchases and the continuance of ZIRP because the Fed believes asset bubbles and high inflation cannot occur in an environment with high unemployment and stagnant wages. The looming perfect storm is not even on the Fed's radar.

For the Fed to take measures counter to its current policy something would have to change in the present environment, either a wage-price spiral or an unexpected (to the Fed) shift in inflation expectations. An asset bubble factoring into current Fed policy is not even conceivable at this point. And given its success at identifying the previous two, it most likely never will be.

The central (bank) irony here is that the Fed alone is keeping expectations low through its purchases. QE2’s $600 billion treasury purchases on top of the first round of quantitative easing clearly affected yields. Using them now as an indicator for future inflation is like using tech stock P/Es as an indicator for future growth in 1999. They are manipulated metrics. The Fed has artificially pushed down yields by bidding up prices, which not only skewed inflation expectations, but may also be contributing to a bond bubble. If nothing else, it has mispriced risk.

The very indicator the Fed is using to dictate a change in policy is being directly affected by its own policy. That paradox is also keeping the Fed from properly identifying pending problems in the economy.

So a perfect storm brews on the horizon while the Fed looks in the wrong direction. The crippling affects from inflationary stagnation and from the recessionary onset of a busting bubble would line-up some very difficult decisions for the Fed. If both occur simultaneously, the Fed will be helpless to defend against the two-front assault on the economy. Indeed, the Fed won't even see it coming.
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http://reason.com/archives/2011/07/15/the-failure-of-quantitative-ea
 
The architects of his economic policies — Austan Goolsbee, Peter Orszag, Christina Romer, Larry Summers — did not even last three years. All now are either back in tenured academia, making millions in the revolving door that Obama once blasted, or writing op-eds why following their former advice is leading to insolvency, or all three combined. None are making the argument any more that we need more of their stimuli or ObamaCare will save us billions and create “400,000 new jobs.”
Click to expand...
Victor Davis Hanson
PajamasMedia.com
 
Frisco_Slug_Esq said:
rw ideologues, not independent like m00dees....





buncha racists

U_D has no time for this thread now, he's back to FAUX and glen B3kkk... ;) ;)

Summer of recovery! Rahm laying off Chicago's public sector...
Click to expand...

and the palin movie

dpnt forget, he is counting the people going into teh Pailn movie

when they make a movie about OdumBOH!

it will be

Dumb and Dumber Part Fo!
 
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