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

[Sean Renaud]

I love how all those WWE "reporters" on MSNBC talk about how we need more government workers. WTF this is what we DON'T need.

We must fire 47.2% of all government workers! Take back our money from the terrorist aka government pension "system" and use that money to create jobs and invest in technology

You mean use that money on twinkies and car elevators. Taking back that money will not create jobs and it sure as fuck won't get invested into technology. Thinking that'll it'll get invested in technology is just retarded.

 

[mercury14]

When they turn themselves in for their work visas, should we arrest their parents or put them on the path to citizenship?

We should come up with a sensible immigration immigration policy and implement it. But unfortunately your party is against immigration reform and can't think of anything other than "deport 'em all!!!!".

 

[mercury14]

Greece will stay in the Eurozone and work on a bailout package. Lit's conservatives are disappointed because it means a better economic future for America.

 

[4est_4est_Gump]

Obama’s Revisionism
By John R. Lott Jr., NRO
June 18, 2012

Americans’ patience is running thin. Unemployment has been above 8 percent for 40 months. Since the recovery started, over 7.2 million Americans have given up looking for work and left the labor force. It is during recessions, not recoveries, that people are supposed to give up looking for work.

But it is obviously all Bush’s fault. At least, that is President Obama’s new take. During his big economic address on Thursday, Obama repeatedly said that the economic problems we face today were “a decade in the making.”

But there is a problem with Obama’s logic. Over the last three-and-a-half years, the president and his administration have continually claimed that the stimulus was working and that a robust recovery was starting. If the legacy of the Bush administration policies was going to hinder the recovery so badly, why did Obama keep on predicting that things were going to get better soon?

Recall that Obama told the Today show’s Matt Lauer in February 2009: “We’re starting to make some progress. But there’s still gonna be some pain out there. If I don’t have this done in three years, then there’s gonna be a one-term proposition.”

What about his economic predictions concerning the stimulus? On January 9, 2009, the incoming Obama administration predicted that the unemployment rate was going to peak at 7.9 percent during July, August, and September of 2009 and then gradually fall to 5.8 percent in May of this year. Not even close to 8.2 percent, last month’s actual number.

After the stimulus was signed into law in February 2009, following the fourth quarter of 2008’s 6.2 percent drop in GDP, the administration put out new predictions claiming that unemployment would peak at 8.1 percent in 2009 and drop to 6.3 percent by now. Again, that is not even close to what has happened.

In March 2009, when some economists, such as Harvard’s Greg Mankiw, questioned whether the stimulus would produce the promised benefits, Obama supporter Paul Krugman attacked their honesty. In one blog post titled “Roots of evil,” Krugman accused Mankiw of “more than a bit of deliberate obtuseness” and claimed that “we can expect fast growth.”

Claims that the economy was on the verge of improving go back to the very beginning of the administration. Larry Summers, who then served as Obama’s chief economic adviser, promised on January 25, 2009, that the economy would start improving “within weeks” of the stimulus plan’s being passed. Indeed, Summers touted the “shovel ready” nature of the jobs program as being “timely, targeted, and temporary.” It was supposedly targeted at hiring unemployed workers quickly, within 90 days, and lasting until the private sector was able to get back on its feet.

In March 2009, just five weeks after passing the stimulus, President Obama perceived an upswing and started off a press conference by announcing: “We’re beginning to see signs of progress. . . . This plan’s already saved the jobs of teachers and police officers. It’s creating construction jobs to rebuild roads and bridges.”

Obama declared later, in May, that the massive spending program was “already seeing results” and had created or saved almost 150,000 jobs.

By September 2009, Vice President Biden was gushing: “In my wildest dreams, I never thought [the stimulus] would work this well.”

In April of the following year, the unemployment rate was still at 9.8 percent, but Biden thought that now, for sure, the economy was just about to boom: “Some time in the next couple of months we’re going to be creating between 250,000 jobs a month and 500,000 jobs a month.” The administration touted the summer of 2010 as the “Summer of Recovery.”

But by the end of the next summer, in August 2011, the unemployment rate was still at 9.1 percent. It was no longer possible to claim the stimulus had worked well, so the Obama administration began its strategy of blaming the slow growth and high unemployment on everything but its own policies.

The earthquake in Japan, the debt crisis in Europe, the Arab Spring, and the rise in oil prices have all been blamed for the unprecedentedly slow recovery. But economic growth had already ground to a halt before those events transpired, during the first three months of 2011 — when GDP grew by just 0.1 percent.

If Obama’s economic predictions had come true, he surely would have claimed the stimulus was a success. But with a bad economy, he acts as if he knew that Bush’s policies would keep the economy from growing. Why should anyone trust Obama when he can’t even admit that all these predictions were wrong?

"What's dispiriting is that throughout "Dreams," the moments that Obama has invented are precisely the occasions of his epiphanies - precisely those periodic aha! moments that carry the book and bring its author closer to self-discovery. Without them not much is left."
Andrew Ferguson, The Weekly Standard

 

[4est_4est_Gump]

We should come up with a sensible immigration immigration policy and implement it. But unfortunately your party is against immigration reform and can't think of anything other than "deport 'em all!!!!".

While you're at it, could you come up with a plan to cancel out America's nigger amnesty policy? And who gave Pocahontas and her drunk-ass tribe citizenship?

That my party stuff is a lie.

Then again, you think it's okay to lie...


http://forum.literotica.com/showthread.php?t=800325

 

[mercury14]

Obama’s Revisionism
By John R. Lott Jr., NRO
June 18, 2012

Hey, good C&P. Nothing like rehashing the same exact spam you posted in 2009. The Obama Administration didn't see how bad the recession was going to get until it was too late... Yes we know. Neither did the Bush administration. Neither did private economists or our corporations.

Neither did McCain or his chief economist Mark Zandi. Maybe you think Sarah Palin had a good view of the impending crisis?

*Yawn*

 

[mercury14]

That my party stuff is a lie.

Then again, you think it's okay to lie...


http://forum.literotica.com/showthread.php?t=800325

It's your party because you're a Republican. You believe in as much of the GOP platform as the average Republican does - most things but not all.

Saying you're a libertarian doesn't mean anything at all when you still support most of the GOP party platform.

 

[4est_4est_Gump]

While you're at it, could you come up with a plan to cancel out America's nigger amnesty policy? And who gave Pocahontas and her drunk-ass tribe citizenship?

Merc’s Day Alt:
http://forum.literotica.com/showthread.php?p=33735857&highlight=physician#post33735857
The lying
http://forum.literotica.com/showthread.php?t=800325


Liar.

 

[Ulaven_Demorte]

It's your party because you're a Republican. You believe in as much of the GOP platform as the average Republican does - most things but not all.

Saying you're a libertarian doesn't mean anything at all when you still support most of the GOP party platform.

Merc’s Day Alt:
http://forum.literotica.com/showthread.php?p=33735857&highlight=physician#post33735857
The lying
http://forum.literotica.com/showthread.php?t=800325


Liar.

When you can't deny the assertion of a poster, deflect and try to change the subject or attack the poster.

Merc's right, Cap'n NotRepublican, the more vehemently you deny it, while echoing the talking points of the far right (Hell you've even fallen back on DizzyBooby's old standby PJMedia), the less credible you become.

You calling someone else a liar? Now that's the pot calling the kettle black if ever I saw it.

 

[4est_4est_Gump]

Then it's simply fair for me to define you two as Socialists because the way I define Socialism fits your platform perfectly...

 

[mercury14]

Merc’s Day Alt:
http://forum.literotica.com/showthread.php?p=33735857&highlight=physician#post33735857
The lying
http://forum.literotica.com/showthread.php?t=800325


Liar.

Yeah, funny how you can't even show any evidence to disprove that you're just a boring old Republican. Economic issues? Yeap, you're a Republican there. Social issues? Check.

Your problem is you've soured on your own brand because you realize it's a load of crap. So you've re-labeled yourself as a libertarian because it's the only way you can look yourself in the mirror every day.

 

[mercury14]

Then it's simply fair for me to define you two as Socialists because the way I define Socialism fits your platform perfectly...

Hey I just decided that I define you as a fascist. Well the way I define fascism anway.

See how that works?

 

[4est_4est_Gump]

Ja Herr Hitler.

While you're at it, could you come up with a plan to cancel out America's nigger amnesty policy? And who gave Pocahontas and her drunk-ass tribe citizenship?

Sie sind ein Rassist.

Der Spiegel

 

[4est_4est_Gump]

Even if you put the good news into this calculation, the result is still nothing close to a recovery. At best there is light at the end of the tunnel. That light is several years away, though. It is absurd to think that housing prices have reached their bottom. It is equally absurd to think that foreclosures and underwater debt will not create massive headaches for the years to come. Don’t be deluded by a few positive stories. Stay buckled in, because destination recovery is still a ways down the road.

Anthony Randazzo is director of economic research at the Reason Foundation.

http://reason.com/archives/2012/06/17/still-not-a-recovery

 

[mercury14]

Ja Herr Hitler.





Sie sind ein Rassist.

Der Spiegel

You're absolutely out of ideas and have become well, Busybody.

Why not C&P some more to fill in the gaping chasms in your intellect?

 

[4est_4est_Gump]

You're absolutely out of ideas and have become well, Busybody.

Why not C&P some more to fill in the gaping chasms in your intellect?

While you're at it, could you come up with a plan to cancel out America's nigger amnesty policy? And who gave Pocahontas and her drunk-ass tribe citizenship?

Racist trash.

 

[mercury14]

Racist trash.

You want to accuse me of being racist as soon as I hold you accountable for being a fraud? Then you call that a liberal tactic in your silly little corollaries?

Really? That's the kind of person you are?

 

[4est_4est_Gump]

...



Collapses? Collapses?

You want to talk about collapses?

You want to talk about Dimon, Geithner, Paulson and Bernake?

You want to talk about Moody's, S&P, Zandi and economic models proving your points?

In the early 1990s we were warned about derivatives, Bill Clinton ran on regulating them, but on election, the lobbyists bought him off.

No one knew what derivatives were, no one could define so much as a tranche.

When Bear Sterns's "High-Grade Structured Credit Strategies Enhanced Leveraged Fund" began to blow up, the financial community rallied to keep it solvent.

According to the models developed by Moody's, S&P, and the banks, its debt was of no risk. Of course, it was so fucking risky that it had been moved off the books to defeat the limitations of the BASEL accord, and then after the risk was sold, the risk on the risk was sold and then, because the MOODY MODEL said the risk insurance was sound, people bought it. The models, especially in housing, were based on limited data, at best.

Then IKD sounded the alarm, and again, the finance community and governments rallied to it. The collapse was avoided. Then the Japanese began panicking. Then on August 9, 2007, the ECU began a series of low-cost loans to the banks to cover the shell companies losses as people began to "flee" the short-term paper markets, and then Countrywide began to implode (then CAIRN). The Fed acted to stop the collapse. Then Northern Rock. It was fixed. Then...

The fucking markets all collapsed and one of the architects, Paulson was in charge of preserving too big to fail, all of which got too fucking big to fail by circumventing Federal and International regulations.

So, when you see, almost daily, the world governments "fixing" the problems of the welfare states, keep in mind that you might hold up a domino or two, but when they begin falling, it happens rather quickly.

And all of our Golden Boys solving the problem now, were involved in it then...

While the Senate Banking Committee last week spun its wheels trying to get JP Morgan chief Jamie Dimon to admit to something nefarious during testimony about his “London Whale” trading loss, executives at the big bank were concealing a far bigger scandal.

OK, it’s no secret that nation’s public pension funds are in big trouble, holding large “unfunded” liabilities owed to public workers once they retire. But most politicians (New Jersey Gov. Chris Christie is an exception) will tell you the problem is fairly containable, that there are simple fixes — such as raising taxes on the rich or pruning benefits.

Not so, warns a “strictly confidential” report JP Morgan issued last year. It describes in straightforward, frightening detail how underfunded pensions are huge ticking timebombs for many of the nation’s big cities and states.

The scandal isn’t simply that most public officials are misleading the public about the enormity of the problem and what steps must be taken to address the matter. As the Morgan report notes, many of the real liabilities are located “off balance sheet,” hidden from the public’s eye, and lax accounting standards let cities and states minimize their enormity.

It’s also that JP Morgan itself kept the report’s findings a secret except for a few big clients, mostly hedge funds and large institutional investors, who got the inside tip on which states and cities are most likely to default on their debt as their pension liabilities fester.

Yes: Default is a very real possibility, because the solutions are far from easy.
Nationwide, the actual size of unfunded public pension liabilities is four times larger than the $900-plus billion that officials are ’fessing up to. That’s right, the bank sees a $3.9 trillion hole; to plug that, states and cities will need large tax hikes, massive budget cuts or both. Plus, public-sector unions will have to accept smaller retirement packages, and later retirement ages, to keep the pension systems going.

Without these steps, states and cities with the biggest holes face possible insolvency and default, though the bank believes the risk of default “is greater for municipalities than for states.”

Many of the places facing the biggest pension liabilities are right here in the Northeast, where big government rules and public unions are such a potent political force that officeholders dish out gold-plated benefits.

But the classic big-government answer, taxing the rich, won’t solve this problem. Nor can these municipalites simply count on high returns on investments bailing them out, the report warned, since markets don’t always go up.

Read more: http://www.nypost.com/p/news/opinio...g_secret_DSB0O9VFZwDih1ZrjkeaAN#ixzz1y95ohcrQ



The Song Remains the Same.

Same players, same banks, same big clients all scheming together under the blessing of Moody's models...

 

[4est_4est_Gump]

But Morgan’s discretion may have broken the law: The report’s dire predictions didn’t make it into investor-disclosure documents on at least some bond deals that Morgan underwrote for states with the biggest liabilities. Legal experts say that could violate federal anti-fraud statutes.

All of which sounds like far more onerous than anything the Senate Banking Committee could come up with last week: It grilled Dimon over $2 billion trading loss at his London office, while his firm was hiding evidence of a $4 trillion pension disaster.

Read more: http://www.nypost.com/p/news/opinio...g_secret_DSB0O9VFZwDih1ZrjkeaAN#ixzz1y96ubM2n

 

[4est_4est_Gump]

Will JPMorgan once again be TOO BIG TO FAIL???



Are they as "exceptional" as Greece?

 

[4est_4est_Gump]

No way are we experiencing a collapse...


No way!

http://globaleconomicanalysis.blogspot.com/

New Democracy won the Greek election. However, party leader Antonis Samaras still needs to form a coalition.

If this seems like Déjà Vu, it's because it is. We were in the same place following the May election.

Does the Outcome Matter?

This go around, I expect Pasok will reluctantly cave in and form a coalition with New Democracy. The price might be high, such as demanding the much despised Antonis Samaras to step aside.

Regardless, does the outcome matter?

The answer is "not really", except in the very short term, because of what I said in Europe Will Splinter Regardless of Greek Election Outcome; "France Has At Most Three Months Before Markets Make Their Mark" says German Official

...

If Hollande carries out his stated programs, it won't take three months before the bond market revolts, Germany revolts, or both revolt.

Step back for a moment and look at the enormous fundamental rift between France and Germany. Regardless of the outcome of the Greek election, that rift is not going away.

Hollande already threatened to renegotiate the so-called Merkozy treaty (which by the way France has not yet ratified).

Also note that last Thursday, the Bundesbank (Germany's central bank) came flat out and stated Policymakers Should Refrain From "Wild Goose Chase" of Higher Firewalls and Merkel Warned "Limited German Resources"

Assume France does ratify the treaty. Major revisions down the road are virtually impossible.

Dead Before Arrival

Thus, I was highly amused when a group of eurozone Nannycrats agreed to meet later this month to devise a master plan for a eurozone fiscal and banking union. (see Details of the Secret "Nannyplan" Emerge; Proposed Nannygroup Uniforms)

My response was "Dead Before Arrival": Bundesbank Shoots Down EU Banking-Union Proposal; Eight Lessons the EU Needs to Learn

No doom and gloom!

Our sails are full of wind and unemployment is at 6% as PROMISED!!!

 

[JohnnySavage]

Greece will stay in the Eurozone and work on a bailout package. Lit's conservatives are disappointed because it means a better economic future for America.

I think Greece should have exited the Eurozone. A country can't be sovereign if it doesn't control its money supply.

 

[phrodeau]

The Republican solution: Give Mitt Romney a government job, and let Obama start drawing a pension.

 

[RobDownSouth]

Racist trash.

No, Chief....THIS is "racist trash"...

I call him a nigger all the time. It's funny to watch him turn purple and start spitting...

 

[mercury14]

No way are we experiencing a collapse...


No way!

http://globaleconomicanalysis.blogspot.com/



No doom and gloom!

Our sails are full of wind and unemployment is at 6% as PROMISED!!!

Well if an internet blogger said there's a collapse, well dang it it must be true!