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Old 01-09-2010, 10:15 AM
 
Location: Here
10,864 posts, read 11,904,421 times
Reputation: 5981

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Interesting read.



There Is NO Economic Recovery Happening - The Market Ticker (http://market-ticker.denninger.net/archives/1832-There-Is-NO-Economic-Recovery-Happening.html - broken link)

Quote:
Look folks, this is really quite simple.

Economic Stability and Recovery = Credit Expansion.

We cannot recover until we purge the excess debt from the system, and the longer we take to do that, the longer the pain will last and the worse it will be.

President Obama and Tim Geithner know this - that's why they are constantly harping on banks to "lend more."
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Old 01-09-2010, 10:17 AM
 
47,576 posts, read 60,469,168 times
Reputation: 22275
And when do we start paying for all the billions of dollar bailouts?

Let's just start being like the democrats and start humming that democrats are running everything, all is fine, and hum it over and over.

There are no problems, screw the unemployed Americans. Everything is great, we're out of the recession, it was all Bush's fault, it was all Bush's fault....
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Old 01-09-2010, 12:06 PM
 
Location: Fredericktown,Ohio
6,898 posts, read 4,397,976 times
Reputation: 2736
I was amused that Obama and Geithner drug the bankers in to brow beat them into lending more money.Look at our situation,gobs of people have foreclosed or declared bankruptcy.Millions of people are now unemployed,millions more have no equity remaining in there homes and others are tapped out and holding the line.With all of this going on why would Obama brow beat the bankers? I mean does he expect them to make loans that people should not qualify or can not pay back?Does he want to start no doc loans just to spur economic growth?
The people are doing what they should do and that is to buckle down and get their budgets in order.From the OP's story Obama and Geithner want something different:
The so-called "recovery" has been driven by pump-priming, which has had at its root one primary intent - to drive citizens into herd behavior and get them to spend more and more (that they don't have!)
They both know that our economy is 72% consuming and they want us to run up more debt to pay interest to their banking buddies.Is this the type of economy that we want?according to Obama it is because he said that credit is the life blood of the economy.
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Old 01-10-2010, 02:24 AM
 
2,024 posts, read 4,595,251 times
Reputation: 1994
This former central banker thinks another financial crisis may be coming.


http://www.youtube.com/watch?v=RLKuXwisOrc
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Old 01-10-2010, 03:04 AM
 
Location: Midwest
30,988 posts, read 19,488,479 times
Reputation: 7714
Obama mainly wants the banks to issue more credit to small businesses and for good reason!

America’s best job creators are being hit by a credit crunch


Quote:
Small businesses (firms employing 500 workers or fewer) have accounted for 64% of net new job creation over the past 15 years, according to the Small Business Administration (SBA), an independent government agency. And a recent economic study found that cities with more small firms have done better at creating jobs over the past 20 years. But America’s most recent recession has hit small businesses hard. The very small, with fewer than 50 workers—employing almost one-third of working Americans—have suffered around 45% of the job losses of the downturn.
Quote:
Unfortunately, helping small businesses has not proved easy. The stimulus package passed last spring offered tax benefits, including capital-gains tax exemptions and increases in the amount of business expenses that could be claimed for tax purposes. The bill also targeted the flow of credit to small businesses. Money was set aside to cut fees and provide guarantees for major SBA lending programmes. The results were disappointing. Although lack of access to credit inflicted huge damage on small businesses last autumn, lending (or lack of it) has not been the main problem for most of 2009.
Rather, it was the weak economy that devastated profits and loan demand (see chart).
Banks and small businesses: For want of a loan | The Economist
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Old 01-10-2010, 03:06 AM
 
Location: Fort Worth, Texas
3,391 posts, read 4,226,391 times
Reputation: 2023
Quote:
Originally Posted by malamute View Post
And when do we start paying for all the billions of dollar bailouts?

Let's just start being like the democrats and start humming that democrats are running everything, all is fine, and hum it over and over.

There are no problems, screw the unemployed Americans. Everything is great, we're out of the recession, it was all Bush's fault, it was all Bush's fault....
Yep. Don't look behind the curtain. Don't look behind the curtain.
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Old 01-10-2010, 03:11 AM
 
48,516 posts, read 83,664,057 times
Reputation: 18036
The economy is in recovery ;just not waht people expected. For insatnce look at europe. High unemployment is just part of thier system .That with our governmant polices is like IMO to be our fate to a extent. many be not the 10% we see now as europe is use to but much higher than what we consider to be low.They say that the consumer is 70% of the economy;and i don't seee many consumer in their lifetime ever getting abck to where they were in spending.By tht i mean they will never get to the borrowing level to sup[port themselves to the degreee rather by intent or by being limited. Mos of it is by the actions on borrowing we have seen. just asi the 50's this will actually help the economy overall to be more balanced.We are alos likely to see governamnt spending on programs decrease in the long run as its debt will limit its borrowing eventaully and cause higher taxes for everyone.I know no expert that beleives governamnt spending can continue at the levels it is now for a long period.We sooner than later will have to start paying the debt to cuctainable levels and that will cause alot of pain or we will have noraml high unemployemnt that europe is use to.
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Old 01-10-2010, 03:14 AM
 
Location: Midwest
30,988 posts, read 19,488,479 times
Reputation: 7714
Quote:
Originally Posted by malamute View Post
And when do we start paying for all the billions of dollar bailouts?
Let's just start being like the democrats and start humming that democrats are running everything, all is fine, and hum it over and over.
There are no problems, screw the unemployed Americans. Everything is great, we're out of the recession, it was all Bush's fault, it was all Bush's fault....

The bailouts and stimulus’s started with Bush! Bush denied the recession for almost eight months after it started. Suddenly, Bush shows up on national TV looking like a deer in the headlights telling us he needs billions in bailouts immediately!

Who was pretending everything was okay until the $h!t literally hit the fan?

At least Obama is ahead of it!
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Old 01-10-2010, 03:25 AM
 
8,640 posts, read 7,951,314 times
Reputation: 2854
Didn't hussein obama create and save a whole lot of jobs in those districts that don't exist? Between that and those extra states he said we have maybe life and the economy is great in fairy tale town.
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Old 01-10-2010, 03:29 AM
 
Location: Midwest
30,988 posts, read 19,488,479 times
Reputation: 7714
Quote:
Originally Posted by dcsldcd View Post
Didn't hussein obama create and save a whole lot of jobs in those districts that don't exist? Between that and those extra states he said we have maybe life and the economy is great in fairy tale town.
Do you not have anything to add that pertains to the discussion?
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