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This economist disagrees and sees a pretty bleak future ahead. Funny how he was laughed at two years ago but he was spot on in his predictions. Makes one say hmmmmmmmmm.
Sorry, but you are sadly mistaken. Two consecutive quarters of negative growth in the GDP would indicate a recession. The GDP was 3.3% last quarter.
While the GDP may be the preferred measurement, it is not the only indicator:
From the NYT 9/5/2008:
Never has the unemployment rate risen so much in so short a period, except in a recession, economists note, and only in a recession have the nation’s employers shed jobs for so many consecutive months.
You know, it just amazes me the myoptic view of an economy some people have. Do you know how long the housing market has been BOOMING - at least 10+ years that I recall - Phenomenal appreciation on homes values - they have to pullback every once in a while or no one would be able to buy a home.
A 6.1% umemployment rate is not indicative of a crisis in unemployment.
I realize some of you started life in the late-eighties and nineties so you have no frame of reference for what is good, bad, and truly ugly in terms of an economy.
Tell that to the 84,000+ people who lost their jobs last month. Think they'll be buying houses any time soon?
I am all for a 'correction' from time to time, however, I think it is Mr. Bush's party that has a myopic view. House prices appreciated beyond all reason in many parts of the country, and anyone who had been paying attention could see that there was going to be a big, ugly crash sooner rather than later.
While I have lived long enough to have an excellent frame of reference, I take exception to your characterization of our younger people. How many of them can afford to live on their own now, like, perhaps, you were able to when you were their age? College costs have risen in some cases 500% since I graduated but the minimum wage has risen all of, what, $2, $3 in twenty years? Books are averaging between $500 - $1000 per semester.
You know, it just amazes me the myoptic view of an economy some people have. Do you know how long the housing market has been BOOMING - at least 10+ years that I recall - Phenomenal appreciation on homes values - they have to pullback every once in a while or no one would be able to buy a home.
A 6.1% umemployment rate is not indicative of a crisis in unemployment.
I realize some of you started life in the late-eighties and nineties so you have no frame of reference for what is good, bad, and truly ugly in terms of an economy.
Tell that to the 84,000+ people who lost their jobs last month. Think they'll be buying houses any time soon?
I am all for a 'correction' from time to time, however, I think it is Mr. Bush's party that has a myopic view. House prices appreciated beyond all reason in many parts of the country, and anyone who had been paying attention could see that there was going to be a big, ugly crash sooner rather than later.
While I have lived long enough to have an excellent frame of reference, I take exception to your characterization of our younger people. How many of them can afford to live on their own now, like, perhaps, you were able to when you were their age? College costs have risen in some cases 500% since I graduated but the minimum wage has risen all of, what, $2, $3 in twenty years? Books are averaging between $500 - $1000 per semester.
What exactly is so good about this economy?
You act like this has never happened before. You do realize some people have lost their house before this year, or last year, or the year before. Have you checked the historical foreclosure rate? This "crisis" was a result of people buying beyond their means, and banks and brokers ignoring that small insignificant fact.
This "crisis" was a result of people buying beyond their means, and banks and brokers ignoring that small insignificant fact.
I agree 100%. In the past, creditors were much more discriminating about who they gave mortgages to, however, once everything was deregulated and people realized how much money could be made selling and reselling those mortgages, common sense went out the window.
At the same time, we had our president telling us that it is our duty as Americans to spend, spend, spend, I guess so that we could help pay down our debt to China.
Really, seven years of growth and 6.1% unemployment isn't too shabby. Amusing thing is there is room for improvement if Obama and his advisors would grasp the topic and present actual issues. Recession is not the issue; just a false buzz word.
You know, it just amazes me the myoptic view of an economy some people have. Do you know how long the housing market has been BOOMING - at least 10+ years that I recall - Phenomenal appreciation on homes values - they have to pullback every once in a while or no one would be able to buy a home.
A 6.1% umemployment rate is not indicative of a crisis in unemployment.
I realize some of you started life in the late-eighties and nineties so you have no frame of reference for what is good, bad, and truly ugly in terms of an economy.
So lets sit on our hands, keep doing what we've been doing for another four years, and everyone can soon see what a "truly ugly economy" looks like......
I don't think he did fire him; Gramm's lack of tact just got him out of the public eye.
But he was right:
"You've heard of mental depression; this is a mental recession," he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. "We may have a recession; we haven't had one yet. We have sort of become a nation of whiners. You just hear this constant whining, complaining about a loss of competitiveness, 'America in decline' despite a major export boom that is the primary reason that growth continues in the economy."
Just spend 5 minutes here and you can see all the whiners. Perhaps understandable if one is relating direct, personal troubles but that is rarely the case behind a good whine.
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