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The economy was shrinking at a rapid pace of 6% in Bush's final months. After bold action taken by Obama, the Dems and Bernanke, GDP has stopped shrinking. My question is, do you care if the US gets stuck in a depression or do you just want to make the President look bad at any ridiculous cost? It seems many Obama opponents would have defended Bush no matter how fast the economy went racing off of a cliff, but if Obama helps overt catastrophe, these same people quickly change the subject and suddenly begin to label Obama as Hitler. If you don't want to be labeled a racist, I don't really care, but don't tell me you're not being total obstructionists. What's wrong with this picture?
Goodluckwithhat: That's not true at all it's bull sh!t. I along with most of the country supported Bush after the attacks of September! I supported him no matter how idiotic his speeches sounded. I watched that guy erode all of his support getting involved in the Iraq quagmire. And it turns out, it was Iran with all of the WMDs anyways!
Zinger: You want to be a neigh sayer, I understand. You're invested in defeat. Now, all you can do is talk down the economy and hope it fails. Because if it doesn't fail, you and all of your neocon ilk were wrong. The economy needs gov't intervention and all of your goofy marches were nothing but a waste of everyone's time. Keep hoping the President fails b/c it's all you have left.
J S: You're misinformed. What set off the total melt down was the failure of the Bush administration to save Lehman Bros. But, if you want to go back to what factors set up the conditions for such a catastrophe, you'd have to go back to Phill Graham's (R) bill back in 1999. This bill basically repealed the Glass-Steagall Act of 1933. Banks giving loans out to people who were not qualified was a small problem that was easily solvable until it was compounded by Phill Graham's 1999 bill.
J S: Also, the entire stimulus money is not yet spent b/c much of it is assigned to different projects that are still in design phases (e.g. super trains). You don't just drop 100 billion on the counter and tell the clerk to ring you up a high speed rail system that goes from Hampton Cove to FL. The money is spent in phases.
Zipper: spout off all of the unemployment numbers you want and then make up some more. Any economists will tell you that when coming out of a recession, unemployment is historically always the last thing to improve b/c it takes businesses a long time to be in good enough shape to start expanding and hiring new workers. A better indicator is the real GDP. Even homes sales are deceptive since they are always higher during the summer months. Spout off as many numbers as you want though. I'm sure you're much wiser than Ben Bernanke or Obama. Why do I even question your neocon wisdom (sarcasm there).
Delusional Liberals - partying like its 1999 The rest of us - partying like its 1929 Liberals are deluding themselves doing high fives and victory laps.. What for? Unemployment is staggering, bank failures accelerating, and the next wave - commercial loan defaults / credit card defaults, haven't even hit yet The dollar is collapsing, gold is now trading over $1,000 - indicating sheer panic Capital invested in GOLD does NOTHING to grow an economy, gold is shiny, it creates NO JOBS Most Corporations are re-trenching or moving over seas to escape onerous unions, taxes and regulation - the pace of movement toward the exit is staggering During the GREAT DEPRESSION the stock market rebounded 50% within 6 months, then collapsed again Ever heard of the DEAD CAT BOUNCE ????????? Our stock market has rebounded 50% and its teetering on rancid economic data Durrable good orders PLUMMET despite obama-bucks for clunkers The economy is in a tail spin, the worst is yet to come. But keep high fiveing yourself there dude ! EDIT: 12% unemployment is not naysaying, its reality Commercial Loan Defaults is also a reality Credit Card Defaults are at record levels How much longer can we prop up our banks / dollar etc with strawberry scented stimulus checks, drafted from borrowed Chinese capital anyway? Answer that genius !
The weight challenged womyn hasn't sung yet. The Federal Reserve and federal government have been blowing up this inflationary bubble for a long time through the printing of fiat currency and manipulation of interest rates. Every inflationary bubble created in history had burst. Recessions, depressions and deflation are the natural and inevitable corrections for these artificially created bubbles. The recent actions of the Fed and the fedgov have only delayed the inevitable correction. The value of the dollar must be allowed to reset. Malinvestment must be sold at a discount so that those funds can be freed up to go to work in productive sectors of the economy. Propping up corporations which have failed to stay profitable, printing more currency and lowering interest rates even more will do just the opposite. Consumption has outpaced production. The debt is now almost $12 trillion and the unfunded liabilities of Social Security, Medicare and the prescription drug program are over $50 trillion. The US has been riding the gravy train for almost 100 years. Now it's time to face reality, suffer a well deserved economic hangover, pick up all the empties on the lawn, and get back to work.
About 5 years ago, I started to fall into a really depressive episode. At first I thought it was only because I had a bad break from a relationship but the feelings wouldn't go away even after I got a new girlfriend. It was wrecking my life until a point where it was seriously affecting my work and personal life. She was very worried but at the same time couldn't understand why I was still sad and thought that I still couldn't let go of my previous relationship. Being the wonderful person that she is, she put aside her feelings and suggested I go for psychiatric evaluation. Many months later and even more anti-depressants, I was not coming close to being better at all. After doing some research online, I found out the real cause as you described it really makes a lot of sense and purchased this program. The results were simply astonishing. I read this book over three times and put all words in action. Using this method, I've kept my depression at bay ever since. Up to date I'm still living happily with my girlfriend. Depression Free Method?
Many, many flaws in your rant. First off, the current recession was set off by the Government pushing lending industries to make housing loans to people who had no way or were highly unlikely to be able to pay these loans back. Who led the charge for these risky loans? Barney Frank, Chris Dodd, and the Clinton Administration. When President Bush asked for tighter regulation on this practice, who rallied against it on the floor of Congress? Barney Frank and Chris Dodd. When all these risky loans went belly up and the lending institutions were left with huge debt and stocks in these compainies went right down the crapper, who started wailing and beating their chests while pointing at Bush? That's right...Barney Frank and Chris Dodd. Who were the ones supposedly over-seeing this lending practice, watching over May-Mack? Barney Frank and Chris Dodd. Who demanded that President Bush bail out these failing financial institutions to the sum of billions? Congress, led on by Nancy Perlosi, Barney Frank and Chris Dodd. Do you see a patern here? They like to deny these FACTS, but its all public record. Oh and for the sake of your arguement...who also started the ball rolling with the bail-out money that you say is soo helpful to the "rebounding" economy? Yeah, that was under the Bush administration. If all that stimulus money is sooo helpful why is Obama holding back more than 1/2 of the approved stimulus money? Wouldn't the economy be that much better off if it was dumped out there?
Obama has no idea what he us doing. Hes just doing what those who ran this economy into the ground are telling him to do. We put a speach maker in a job for a economic genious. Thats like putting a chef to do brain surgery. But he was the only chioce they gave us. I know you show some facts and figues, but other great experts predict that the deficit bubble and inflation is going to cause long term trouble. 'Bigger problems' This county will never be the same. First thing he should have done was get rid of Bermanke.
Sorry Mr. Kool Aid sipper! You haven seen anything yet. With Trillion Dollar deficites, the dollar is going to collapse within a year. The Chinese and Japanese will stop investing in the US Dollar, and with world economy will take a huge hit as you trudge to the Super market with that wheel barrow full of hundreds to buy a loaf of bread! Have a nice day!
Get real! The one who thought another depression was on it's way was Obama and his obamabots. It wasn't even close. And you would gone against Bush no matter what he tried or didn't try to do but will support Obama no matter how much evidence goes against it. Stop calling the kettle black and open your eyes. You were an obstructionist for 8 years but now you have a problem with it? How weak is that? You called Bush Hitler and more over the last 8 years yet you don't see the comparison with Obama?! Call me a racist if you like, I don't care anymore. Just because you call me a racist, doesn't make me one any more than claiming we were close to a depression makes it true.
We live in dark times when we look at a 1% shrink in the economy last quarter as a good thing. It really depends on what kind of person you are if your a glass half empty kind of person or a glass half full kind or person. I guess to look at things from a glass half full perspective nobody is hiring anyone but at least the lay offs have stopped dramatically.
The great zombie apocalypse of 2009 never happened either. Some things you're leaving out: 1) The democrats are who caused the problem in the first place. 2) The economy was improving before Obama took office. 3) The recovery was the worst in history. 4) Obama's 1.9% growth is the worst since Hoover 5) Giving someone credit for stopping something you imagined is kind of ridiculous.
If the massive governmental spending is taken out of the equation the GDP is still negative. By the way it is borrowed money we are injecting.