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What is scary is that the GDP increased while unemployent is rising.Makes you wander just now soon any company is going to expand their workforce to any degreee especailly in permanent jobs, We;ll just have to see what happens as the liqutiy from governamnt works its way out of thye economy and interest rates rise.
Um - GDP pretty much ALWAYS increases before unemployment stops rising in ANY recovery.
Look at what the unemployment rate was doing during the Reagan Recession:
Good to see that the economy is showing short term gains by being propped up by the stimulus and various credits. Shame it won't last as it isn't based on true long-term recovery. That's what happens when something like 70% of your GDP is the result of consumerism instead of manufacturing any tangible product.
The idea that the US doesn't export anything is Bullsh*t. While clearly our manufacturing IS decreasing (and your comment about most of the GDP being based on consumerism IS true) the fact is that the US is STILL #5 on the top exporter's list.
1 World $13,720,000,000,000
2 Germany $1,361,000,000,000
3 European Union $1,330,000,000,000
4 China $1,221,000,000,000
5 United States $1,140,000,000,000
6 Japan $665,700,000,000
7 France $558,900,000,000
8 Italy $474,800,000,000
9 Netherlands $465,300,000,000
10 Canada $440,100,000,000
The idea that the US doesn't export anything is Bullsh*t. While clearly our manufacturing IS decreasing (and your comment about most of the GDP being based on consumerism IS true) the fact is that the US is STILL #5 on the top exporter's list.
I didn't say we didn't export, I said the large majority of our GDP is based on services and consumer spending instead of manufacturing, please read more carefully.
Also keep in mind that our GDP is many times larger than those other countries you listed, making it a smaller part of our economy when compared to theirs. You can't use gross numbers in a situation where percentages is needed. While our gross number is larger, manufacturing makes up a larger proportion of many of those countries' economies.
That should have been given to Bush before he destroyed the economy.
Inaccurate to say that Bush "destroyed" the economy. The housing and mortgage mess happened mainly under the "guidance" of Barney Frank and Christopher Dodd.
We actually had about 5-6 years of a very good economy under Bush. 52 consecutive months of job growth, an unemployment rate as low as 4.5% and strong GDP growth- at one point over 7%.
Also impressive is that the last recession which began in March, 2001 ended by Nov. 2001 even with the 9/11 attacks just two months earlier.
Inaccurate to say that Bush "destroyed" the economy. The housing and mortgage mess happened mainly under the "guidance" of Barney Frank and Christopher Dodd.
We actually had about 5-6 years of a very good economy under Bush. 52 consecutive months of job growth, an unemployment rate as low as 4.5% and strong GDP growth- at one point over 7%.
Yes we did have that growth - largely built upon the housing bubble - which occured (in your words) 'mainly under the "guidance" of Barney Frank and Christopher Dodd').
So in other words - the 5-6 years of very good economic growth under Bush should apparently be credited to the "guidance" of Barney Frank and Christopher Dodd. I mean it WAS a bubble that pushed up the entire economy - and it WAS (according to you) Barney Frank and Christopher Dodd that created that situation (the bubble).
It won't last. The sheep believe the Stock Market is growing due to natural means and consumer spending. It's not, it's growing due to the infusion of stimulus and bailout money being used to try and make phantom profits. Once those are done deals, it will slide way down again. Besides, there are a bunch of bailed out banks that are about to go under any day now.
Agreed. I talked to a person who is working with the FDIC on bank closings. He said the same thing, more banks are going under.
Yes we did have that growth - largely built upon the housing bubble - which occured (in your words) 'mainly under the "guidance" of Barney Frank and Christopher Dodd').
So in other words - the 5-6 years of very good economic growth under Bush should apparently be credited to the "guidance" of Barney Frank and Christopher Dodd. I mean it WAS a bubble that pushed up the entire economy - and it WAS (according to you) Barney Frank and Christopher Dodd that created that situation (the bubble).
Ken
Getting everyone into homes via ludicrously loose lending standards has been, unfortunately, a practice of many administrations dating back decades. It's such an easy and popular platform, promoting the "American Dream" of home ownership. So tons of people that couldn't afford a home were able to buy one anyway, and here we are.
I'm still wating for clear proof that borrowing money to buy crap and pay off older debt today makes you more successful in the future.
Quote:
Originally Posted by summers73
saganista might have to write a dissertation for you, trying to promote a rather simple concept like economics into rocket science. Since you're questioning the debt = wealth paradigm, be ready for some berating comments and equating you with kooky right wingers.
Didn't the fed govt. just recently tell banks to start laoning out subprime loans again? Wasn't there billions of dollars slated out to give these institutions to do just that? Who's the ones going back to their old tricks again?
Just for the record, subprime lending has been permitted since state usury laws were thrown out and replaced by federal law in 1980. There is nothing sinister about subprime lending. In fact, it is restricting credit to prime markets that is destructive. What was highly problematic between 2002 and 2006 in particular was ABUSE of subprime and other markets by unregulated private mortgage brokers and so-called bank affiliates in cooperation with Wall Street investment banks for the purpose of stripping all the short-term profit off of real estate deals and then dumping all of the risk off into secondary mortgage markets, all while laissez-faire regulators sat on their hands and watched it all happen, secure in their pathetic knowledge that markets were wise enough to regulate themselves. We have not seen those kinds of old tricks again.
Oct. 29 (Bloomberg) -- The U.S. economy grew in the third quarter for the first time in more than a year, propelled by stimulus-driven gains in consumer spending and home building.
The world’s largest economy expanded at a 3.5 percent pace from July through September, exceeding the median estimate of economists surveyed by Bloomberg News, after shrinking the previous four quarters, figures from the Commerce Department showed today in Washington. Household purchases climbed 3.4 percent, the most in more than two years.
***
Payroll cuts peaked at 741,000 in January before falling to 263,000 job losses in September.
Can the stimulus be working? How soon will businesses start hiring? George Soros said in an interview, "[Obama is] concerned about the unemployment and I think he is right to be concerned. Now, the trouble is that it seems that businesses are extremely cautious and even as you have some recovery, they don’t actually hire. They actually are producing good profits by cutting costs and so you’re going to have continued unemployment."
Everything is great! Put all your money in the stock market NOW!
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How soon will businesses start hiring? George Soros said in 
