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The stock market is booming, but wages are stagnant. Feels like 2005 to me. I was selling real estate at the time, and the real estate business was booming due to lack of restrictions on the banks and their creative mortgaging. In 2006 the "boom" started into a nose dive. You don't have to recount 2008 for anyone here who lived through it and had their 401Ks decimated by the bust. It was Reaganomics taken to its logical conclusion, with redistribution of wealth from the poor and middle classes to the top.
Yep. We're there, again, at the hands of the GOP, again, watching the bubble get larger. A select few will make a killing when it bursts, and the rest of America will be killed. This time we many get our Great Depression Redux that W tried so hard to give us. When real estate prices drop through the floor, Trump and his cronies will buy it for pennies on the dollar. The "economy" is being manipulated by the 1% and their lapdog president and Congress.
For what it's worth, Obama pioneered a lot of what you mentioned by allowing so many institutions to get bailed out that I argue should have been let go bankrupt. Quantitative easing and bailing people out just rewards the irresponsible.... better they get flushed out of the system. Blaming this entire "problem" on republicans is very short sighted.. this is a problem of both parties that seems to be a normal part of decaying empires if you look back at history. Hopefully history doesn't repeat...
Is it just me or does something not feel right about this economy?
We're on an economic sugar high caused by an artificial stimulus: the huge corporate and wealthy class tax cuts were all funded with public debt financing. Much like the fool who takes out a cash advance on their credit card to fund a catered party with a hosted bar -- feels great until the bill comes due.
This same thing was happening under Obama. That those like yourself simply refuse to admit it is why we can not enact real change.
You only needed to add one letter to make your post legit.
lapdog president(s)
Obama is the one who had the job of cleaning up W's mess. He was a strong enough leader to make the hard decisions that pulled us back from a Great Depression.
For what it's worth, Obama pioneered a lot of what you mentioned by allowing so many institutions to get bailed out that I argue should have been let go bankrupt.
Not only was TARP paid back, the government made a $3.3 billion profit.
Quote:
Originally Posted by stockwiz
Quantitative easing and bailing people out just rewards the irresponsible.... better they get flushed out of the system.
Bernanke had no choice but to do QE because Congress refused to spend and stimulate the economy. We learned from the Depression that you can't recover unless bank liquidity is restored and you need government spending on projects to help restore aggregate demand (aka "prime the pump.").
Some of the worst banks and mortgage lenders did fail and were not bailed out.
What’s not right is things are like Karl Marx predicted. Working people are becoming poorer and poorer.
Whats not right is you think Marx was the only one to make that prediction. Henry George made that prediction as well as making the prediction that Marxism would lead to totalitarianism.
Let's refrain from blaming any politician at first. Let's talk about the current state of the economy. The media on both sides have generally pushed the narrative that it's booming in recent years. However, is that really the case? First and foremost, the only thing that has really boomed since the beginning of 2017 is the stock market. Everything else has continued humming along as it has since at least early in Obama's second term. We have nearly full unemplyoment but it doesn't feel like it. Wages are not rising like they should if the unemployment rate really was as low as the official number. This isn't a '90s economy. This is an '06 economy. It also doesn't feel like a 3% GDP economy. It feels more like 1-2%. I would say this economy is not bad per say but it's not as rosy as some would have you believe. I also think recession is coming sooner than people want to admit as well.
What are your thoughts on the current economy?
It is the same as it has been for the past 6 years. Look at the wages, GDP growth and employment gains. Nothing has changed, except that the stock market has declined in 2018, which is a step in the wrong direction. The unnecessary trade wars and escalating debt will make things worse.
People who are trying to convince themselves the country was in the gutter is 2016, and wonderful today are only fooling themselves.
Last edited by Finn_Jarber; 06-16-2018 at 09:24 AM..
It wasn't right long before that. You had people investing millions into tech companies 20 years ago that were producing nothing and really didn't even have a valid business model to justify such investments.
Yep, the 20 yr younger version of me learned a valuable lesson with the .com collapse.
we had to wait five months for the contractor we hired to start our construction project. the owner told me his company is so busy they aren't even taking anymore jobs in backlog.
It won't be easy to find Americans who are willing to do roofing in 100+ degree heat, plus trade wars will make building materials more expensive. If you see this as a good thing, you have a twisted idea of what good is.
Yep, the 20 yr younger version of me learned a valuable lesson with the .com collapse.
lol No you didn't. Otherwise you would have seen the Housing collapse coming. It was the progressive horrible policy. Easy lending.
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