How Do You See The Economy

It really is not about a person or a political party (both parties are just a guilty and there are a lot of players). It is about how our government and big business have become intertwined in policy making. What is best for Big Business may not be whats best for the country, but then it maybe good for the politicians at that time since they have a tendency to limit their focus to 4 years. Either way this will not be the last crises we have, but it is a big one and we have to deal with now. It will take time to work out.

I am really surprised at how the voting is going on this issue.

I did not expect so many people to say that they do not see signs of recovery.

The Glass-Steagall Act was enacted in 1933 after excessive risk-taking that contributed to the Great Depression and I agree that repealing it was a serious mistake, but Clinton was pressured into signing the bill which was veto proof, unfortunately.

The fact is that too many mistakes were made by too many smart people who should have known better like Detroit automakers caving in to the unions and discovering that the Japanese could make better cars cheaper and better without the heavy burden of the unions. The unions killed the goose that laid the golden eggs.

To further complicate matters, Bush took this country in the wrong direction with his idiotic war in Iraq, but thankfully, Obama is now working to end that war and already set an August deadline to bring the troops home. The money spent on that foolish war would have better served building up our economy.

In spite of the pessimism, I remain very optimistic that Obama is exactly what this country needs at this time and I maintain that the recovery has already begun!

I've also heard those dire warning about inflation coming next, but I don't buy that argument either. We just need to fine-tune the money we're pumping into the recovery to prevent that. We can do that.

The ignorance of the US contributed to the Great Depression by not promptly jumping in and pumping cash into the economy, but we know better now.

The great bail out was necessary like bad-tasting medicine (to the taxpayer) but many banks have already paid back the TARP money and that gives me hope.

God bless the USA.

I am really surprised at how the voting is going on this issue.

I did not expect so many people to say that they do not see signs of recovery.

The Glass-Steagall Act was enacted in 1933 after excessive risk-taking that contributed to the Great Depression and I agree that repealing it was a serious mistake, but Clinton was pressured into signing the bill which was veto proof, unfortunately.

The fact is that too many mistakes were made by too many smart people who should have known better like Detroit automakers caving in to the unions and discovering that the Japanese could make better cars cheaper and better without the heavy burden of the unions. The unions killed the goose that laid the golden eggs.

To further complicate matters, Bush took this country in the wrong direction with his idiotic war in Iraq, but thankfully, Obama is now working to end that war and already set an August deadline to bring the troops home. The money spent on that foolish war would have better served building up our economy.

In spite of the pessimism, I remain very optimistic that Obama is exactly what this country needs at this time and I maintain that the recovery has already begun!

I've also heard those dire warning about inflation coming next, but I don't buy that argument either. We just need to fine-tune the money we're pumping into the recovery to prevent that. We can do that.

The ignorance of the US contributed to the Great Depression by not promptly jumping in and pumping cash into the economy, but we know better now.

The great bail out was necessary like bad-tasting medicine (to the taxpayer) but many banks have already paid back the TARP money and that gives me hope.

God bless the USA. Originally Posted by Fast Gunn

The Great Depression began after the an economic downturn. With the tax increases that followed the effects of the depression were prolonged. More companies failed and more people were out of work, reducing tax revenue even further resulting in even more tax increases.

Blackwater may have been Bush's private army in Iraq, but Triple Canopy(TC), a company founded in Chicago, is the current administrations choice. At least Blackwater hired more American's than TC who is at 75% foreign employees.

It appears we think alike when it comes to the unions, but knowing that 'caving to the unions' resluted in the debacle of the US auto industry, why would anyone nominate a pro-union attorney, Craig Becker, to the National Labor Relations Board?

Obama, just announced that he was 'agnostic' to tax increases and his campaign promises are turning into campaign reteric. It appears they are now following the same paths taken during the Great Depression. Whether it's the legislature or the executive branches, I have zero faith in anyone practicing Keynsian economic theory.

DFW5Traveler, it was fogetting the basics of Keynesian economics that got us in this mess. Here is an excellent article by noted conservative Judge Richard Posner on his recent conversion from efficient market hypothesis economics to what was (and now is again) more mainstream economics:

http://www.tnr.com/article/how-i-became-keynesian

A similar piece for Neiman Watchdog:

http://www.niemanwatchdog.org/index....groundid=00431

We have seen the depths of the current crises but we are on the edge of another. The other one is due to the bandaid fixes for the current crisis.

We are definitely years from a full recovery.

The reasons that we got into this economic mess have nothing whatsoever to do with "forgetting the basics of Keynesian economics." The American middle class will be paying a painful price for this "Keynesian renaissance", and for a very long time.

Pyramider is absolutely spot on in my opinion. We seem intent on doing little more than building a bridge to the next crisis.

This long post from Feb. 3 in the "Diamonds and Tuxedos" forum addresses the issue more fully:

[ame="http://www.eccie.net/showpost.php?p=89053&postcount =30"]ECCIE - Your source for escort reviews - View Single Post - Future of the Economy[/ame]

I would be fine with Obama taking a page out of the FDR depression playbook, if he brought back the work corp. These free handouts while the streets are still in disrepair, bridges are crumbling, state and national parks are in the worst shape they have ever been in, and litter is everywhere is ridiculous. If taxes are going to be this high (has anyone talked about the jump in user fees--the hidden tax?) the infrastructure should be improved and people should be up off their asses with at least a broom in their hand. Here is an idea. Why not put in bike trails on every road that gets built or improved and put people that are out of work to work maintaining those trails.

DFW5Traveler, it was fogetting the basics of Keynesian economics that got us in this mess. Here is an excellent article by noted conservative Judge Richard Posner on his recent conversion from efficient market hypothesis economics to what was (and now is again) more mainstream economics:

http://www.tnr.com/article/how-i-became-keynesian

A similar piece for Neiman Watchdog:

http://www.niemanwatchdog.org/index....groundid=00431 Originally Posted by TexTushHog

Blogs, again??? I read them both and they are both personal opinion pieces. Historical precedence is a better tool to use as a reference to our current path.

In the First article, he even says that the administration is "digging the economy out of its deep hole." The pole on this thread shows, even on a very small scale, that it isn't true. The article sounds like a "tingle up my leg" praise of Keynsianism and therefore cannot be objective.

In the second article, labelled "Comentary," it starts by labeling deregulation during the Reagan administration as a root cause to the collapse of 2008. He is right that deregulation caused part the problem; the repealing of the Glass-Steagle Act of 1933, a regulatory act, was a huge part of the problem. Thank you very much Bill Clinton. It seems you fail to believe that a Democrat could have any hand in the mess we are in. During the Bush administration Rep Kanjorski(D) said, "at some point it's better we don't mess with this than do a bad job," refering to Assistant Treasury Abernathy when he said, "there is the need for a new regulatory system." Abernathy reiterated "the Treasury view that the 12 Federal Home Loan Banks should also be regulated by the new entity but said that is not a requirement for administration support."

It is highly probably that we will have a second dip to this recession (if not an eventual depression). The only reason we have had any poistive GDP lately is because the gov't has thrown trillions (not just billions) at the economy ... which is unsustainable and if they keep it up it will eventually do more harm then good.

Remember ... there are 2 kind of gov't statistics ... lies and damn lies.

You here of all the unemployed, and the negitive economic indicators, but when you are out in public you could not tell people are on hard times. Go out to eat on a Friday, or Saturday night there are lines of people waiting at all of the top dollar restaurants. Go to the casinos down on the gulf coast, most of the big ones Hard Rock, Beau Rivage, etc. are packed with people gambling, eating, and partying at the clubs. Look at all the sports teams, football especially, there is no shortage of teams with waiting list to buy season tickets, this is true for most major college teams as well, and the cost to go to a game, parking $25+, beer $10+, hot dog $7 etc. etc., a family of 4 in average seating cost close to $500 bucks/game. So the way I see the economy is that people have the money to spend when and where they want to spend it. What is lost in all the economic talk is the overall population numbers, it is hard to believe how many people you have out here across america participating in the economy day in and day out. For some it may be hardship, but for others there is no end to the spending. Originally Posted by UNDER THE RADAR

& Comps, discounts, freebies are at an all time high for my adult life....

at every level, from $1 Quarter Pound Hamburgers to half off deals at moderate priced restaurants to incredible prix fixe menus at some of the best restaurants in the world to $1 beers at sports bars to $6 tickets to major league sporting events

these are tough times for the owners and employees of these places...they are doing everything they can to drive traffic...sometimes at prices that barely cover marginal costs

Unless you're a "guv-ment" employee, things are going to be tough... you can't tax the country to prosperity...

JMO.

H

Unless you sell exotic meats, beef prices are still low. Ranching has gotten to be a hobby for many people. It allows you to keep a low ag exemption for taxes. That's all it's worth now.
I am seeing more exploration and completion in the natural gas market.

My client friends are increasingly pulling out of the business and even previously wealthy men I've known are spending sleepless nights agonizing over selling their businesses and in some cases becoming bankrupt.

Personally I've just adjusted my fees at a more affordable entry level rate of $1000 for 2hrs. and I'll see how that goes. I've noticed some girls who previously had high rates - and in some cases a really snotty attitude - reducing their fees by 70%. With a different name, of course.

My client friends are increasingly pulling out of the business and even previously wealthy men I've known are spending sleepless nights agonizing over selling their businesses and in some cases becoming bankrupt.

Personally I've just adjusted my fees at a more affordable entry level rate of $1000 for 2hrs. and I'll see how that goes. I've noticed some girls who previously had high rates - and in some cases a really snotty attitude - reducing their fees by 70%. With a different name, of course. Originally Posted by Leah Ireland

It is always sad when people lose their homes or their business, but I do believe that we are on the road to recovery, despite the poll results thus far.

One minor benefit of hard financial times is that it does eliminate a lot of snooty attitudes!

It is always sad when people lose their homes or their business, but I do believe that we are on the road to recovery, despite the poll results thus far.
Originally Posted by Fast Gunn

I hope you're right.

Unfortunately we seem bent on institutionalizing the Europeanization of our economy. Even the "strong" economies of Europe have persistent 10-13% unemployment.