Haha. What I say is true though. For you guys who live in cities think about this. How many government workers live in your town? Between Federal, state, county and municipal. Teachers, cops, transit workers, IRS agents, garbage collectors and run of the mill bureaucrats. The list goes on and on and on. More Americans work directly for the government than in any time in our history. NONE of those folks give two shits about "meltdown". Their paychecks and pensions are secure. Then you have the massive retirement class. People who own their homes at some 1967 price basis. Their stock portfolio is the Dow at 600. They're also an unmovable force. And each day when one of them dies a lucky offspring ALSO owns a free house and a bunch of cheap stocks. Then there are those in Middle America. Yes maybe they only work as claims adjusters or at WMT but they paid 70k for their home and they grill hamburgers for dinner. They aren't freaking out today either. No this is a rare event in the past three decades. This is the day where the Lords and Bosses are taking it on the chin. A day where the "ownership society" is bleeding on the white collar shirts. That's all my point is.
man, utter one word against the imbecile Bush, and imbeciles like the above come running out of the wood work. What "Socialism" may you be referring to? Obama clearly outlines in his website how he will be cutting taxes for guys in your tax bracket. Since most Bush supporters are at the poverty level, you don't pay any taxes at all anyway. I never understood how the average bush supporter can condone what Bush has been doing for 8 years. Bush has been Privatizing corporate profits and socializing corporate losses However, you can bet your next 3 generations will be paying for the corporate losses Bush socialized during the 8 years he was in power.
The economy in the US hasn't been "strong" for at least the last several years... INFLATION, however has been very strong.
Gnome I've said the same thing for years. I think the "real" economy topped in '98 or so and for wage workers back in the late 80's. People act like this is something new. Jeez we effectively lost our auto and steel manufactoring in the 70's!
Stiglitz and i respectfully (at least i'm respectful anyway) disagree with your assertion that the war has nothing to do with the present crisis. The war did not cause financial turmoil. That's true enough. My point, though, is that were it not for the additional pressures of having to manage the war deficits and consequent debt load -- via monetization-- this mess would be more tractable. We have boxed ourselves into a rather tight corner.
Pretty much sums it up. âWhat people still are missing is that every growth story of the last five to ten years has been based on credit. China, commodities, real estate, hedge funds, everything was a capital-intense endeavor. Global growth was the symptom of the credit bubble,â http://blogs.wsj.com/marketbeat/2008/09/16/shareholders-run-much-like-depositors-once-did/
Obama is a left wing socialist, you can check senate his voting records for the truth. Speaking of voting records, the dude voted present 130 times and can't make up his mind on any issues at hand; talking about leadership indecision. And did you know that he has a half brother in Africa making literally 1$/month and got nothing from his 1mil/year brother on the other side of the world; do you really think that he cares about your poor old soul after he's elected? I don't think so. sg20
Debt had not increased 2-3 trillion is the only reason I post this. Don't lie about it. The federal budget was around 450 billion already for defense, and they've spent 500 or so billion, so I wouldn't concede 2-3 trillion.