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Old 10-15-2008, 09:47 PM
 
Location: Rockland County New York
2,984 posts, read 5,125,611 times
Reputation: 1285

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Now that the banks are being conservative when granting credit we will start to see negative grow in the U.S. markets. U.S. job losses will continue in all major job sectors and in doing so will reduce the overall income taxes collected by the IRS. Same goes with retail taxes. With credit drying up and with few people able to be approved for credit the amount of consumer tax collected by the IRS will also diminish. Our own government will not be able to pay back the terrible amount of debt it has incurred, especially since we bailed out the banks. Whether Senator McCain or Obama becomes president soon won't matter at all. Whether they reduce taxes, increase taxes or create bigger government spending packages, they will all lead to the same place, a depression. In my opinion Senator Osama’s economic ideas will move the depression a little sooner, but only by a few months. Our government lost too many jobs over the last twenty years and with it people’s discretionary income. As my old accounting professor once lectured to my college class credit is not an asset but a liability. You can not replace the reduction of discretionary income with credit. In doing so you are incurring more debt. The Chinese and Europeans are now worried that we are going to print more currency which is not backed by any real economic growth here in the United States. Our currency will diminish in value and hurt the very nations who purchased our debt. We will cause their economic down fall as well as our own.
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Old 10-15-2008, 09:58 PM
 
Location: Heartland Florida
9,324 posts, read 23,248,709 times
Reputation: 4895
A currency crash is unavoidable. I just hope that people wake up and start conducting more business under the table to survive, and start holding government officials responsible for what they are doing.
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Old 10-15-2008, 10:35 PM
 
Location: Gary, WV & Springfield, ME
5,826 posts, read 8,464,911 times
Reputation: 17250
Quote:
Originally Posted by tallrick View Post
start holding government officials responsible for what they are doing.
Too late. He's done more damage to the country than any other administration, ever. And he certainly isn't doing anything to encourage the American people to vote republican this time around, if ever again.
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Old 10-16-2008, 01:12 AM
 
956 posts, read 2,648,303 times
Reputation: 576
It's the Weimar Republic once again.
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Old 10-16-2008, 02:46 AM
 
Location: Central CT, sometimes NH.
3,256 posts, read 4,912,974 times
Reputation: 3024
Time to clean the "House" and the "Senate" while we're at it! Get rid of the bums!
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Old 10-16-2008, 03:38 AM
 
Location: Concrete Vietnam
43 posts, read 151,161 times
Reputation: 26
bring the power back to congress
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Old 10-16-2008, 04:48 AM
 
705 posts, read 1,144,589 times
Reputation: 427
The economy over the past 27 years was built on expansion of credit and willingness to lend. If we didn't have expansion of credit, we would've have negative growth. Without easy credit and willingness to lend at reasonable rates there will be no growth. Wages for the middle class have been stagnant for the entire period. Seems like a big science fair project gone terribly bad.
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Old 10-16-2008, 08:18 AM
Status: "Finally Done With C-D BYE BYE" (set 19 days ago)
 
Location: LEAVING CD
22,947 posts, read 21,501,470 times
Reputation: 15431
Quote:
Originally Posted by AliceT View Post
Too late. He's done more damage to the country than any other administration, ever. And he certainly isn't doing anything to encourage the American people to vote republican this time around, if ever again.
It cracks me up when people are so blinded by partisanship that they blame one person for this mess like he's got a big lever in the whitehouse that controls the economy.
Don't y'all think that both parties in CONGRESS had a big hand in what's going on? It takes much more than the president to get things pushed through or did y'all forget how government works.
Yeah, Bush was up there penciling in all those earmarks, twisting Freddie and Fannies BOD to give liar loans etc. Yeah, that's right HE did it all.
We all voted for these morons year after year (how long has Franks and Dodd been sucking from the government trough?) so exactly who's to blame?
You can't blame a pig for being a pig but you surely don't have to let him live in your pen or feed him right?
It ain't hard to figure out that it's time for the incumbents to go, they've gotten way too fat off our dime and it's time to send them to the hot dog factory and start again.
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Old 10-16-2008, 11:02 AM
 
Location: Londonderry, NH
41,505 posts, read 49,595,785 times
Reputation: 24548
Since we elected Ronnie Raygun we have been conducting an interesting economic experiment that involved spending wealth we did not create to make nominal millionaires out of financial manipulators. Ronnie’s big mistake was to outspend the Soviet Union without collecting the money with progressive income taxes.

The unexpected (to some) result was the collapse of a really inefficient system that was replaced by a controlled capitalist system floating on a sea of oil. We "defeated" the Soviet Union but made the Russians even stronger. RR thought he was going to defeat the Russians - fat chance of that ever happening.

Our economy is collapsing until our spending is matched by our wealth creation. This economy is dead and I have not heard anyone talking about what will replace it.
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Old 10-16-2008, 11:33 AM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,454,002 times
Reputation: 867
I'm not so sure the economy really needed to be "saved". Saving it with Fed (taxpayer) money will cost the same (or more) than letting it sort itself out with bankruptcies, lower values, market adjustments, etc. Who knows, allowing the economy to fix itself without major Fed involvement might be quicker. Just because the lack of Fed involvement during the early part of the great depression caused a lengthy recovery doesn't necessarily mean non-Fed involvement in 2008 would also cause a lengthy recovery.
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