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The events you were talking about occurred before Obama was president. The situation with housing has nothing to do with Obama's policies either. This thread has nothing to do with Obama either.
So Obama did not bail out the banks in regards to bad mortgages?
what keynesian eggheads fail to realize is you can't get out of a debt crisis by nationalizing it. How much was the Fed on the hook for in regards to all the paper it took in as collateral? Suspending mark to market accounting... genius . Guess what, the market aint coming back. People living beyond their means over last couple decades aren't coming back to the indebted lifestyle. The psychology of the consumer has made a fundamental shift and government is only extending our recession by not letting things correct swiftly. Central planning has and will always fail. The state is a flawed institution.
I think you meant who voted FOR the bill. Both McCain and Obama voted FOR the bailout if that's what you are looking for but these current problems cannot be blamed on one single person or one administrative term as they were years in the making.
If things play out the way Sandy, Bobby and some others predict we're talkin Mad Max World stuff. LOL!..Comeon guys take a breath.
Meanwhile the highways are jam packed with 18 wheelers hualing something somewhere. Restaurants in Clearwater, Fl, Macon Ga, Dalton Ga, and Nashville Tn are full or nearly so on a weeknight. And, rush hour traffic is bad everywhere.
Did it ever occur to those who believe things will never come back that 90% of the population is going about their business as usual? That given how many people who were laid off were highly educated and highly paid that they're not going to just sit around and rot? That a good number of those people, and others as well, will chose to out create the challenges effecting them from having the life they want? That instead of sitting around bitchin and moanin about what Washington should or shouldn't do, a lot of people instead will focus on solving their own problems or meeting their own goals?
If the doomers have taken one in the groin lately, the head in the sand pollyanna’s have been in intensive care for the past year. There is a difference between being negative and being realistic. The truth is the U.S. economy has little to be optimistic about. Let’s look at the facts.
In the past 18 months nearly two million American manufacturing jobs have been lost. Most have gone overseas and are not coming back.
the decline in commercial real estate at 16% over the last TWO MONTHS.
2.4%: Forecasted GDP growth over the next three decades as boomers ratchet back. GDP has grown 3.2% a year since 1965.
Bernanke said:
"It takes GDP growth of about 2.5 percent to keep the jobless rate constant. But the Fed expects growth of only about 1 percent in the last six months of the year. So that's not enough to bring down the unemployment rate."
Now consider the implications of a 2.4% GDP forecast for three decades.
Robert Reich said
"This economy can't get back on track because the track we were on for years -- featuring flat or declining median wages, mounting consumer debt, and widening insecurity. All we know is the current economy can't recover because it can't go back to where it was before the crash"
The government has thrown everything it has at this economic downturn with dismal results. They have been put on notice by the Chinese to end the huge deficit spending or face the consequences of little or no support and possible sales of holdings. What they have already squandered will cause huge future tax increases that will stifle growth. Add to that the demographic problems that come with an aging population that now has to save every penny to avoid eating pet food in their golden years and I ask you what is going to be the driving force behind a recovery? Headlines are easy to generate, real results are not. By the way, consumer confidence numbers are out today, and they reflect what most people really feel, that things are not recovering.
If things play out the way Sandy, Bobby and some others predict we're talkin Mad Max World stuff. LOL!..Comeon guys take a breath.
Meanwhile the highways are jam packed with 18 wheelers hualing something somewhere. Restaurants in Clearwater, Fl, Macon Ga, Dalton Ga, and Nashville Tn are full or nearly so on a weeknight. And, rush hour traffic is bad everywhere.
Traderx, actually container freight traffic is down almost 30% at the ports.
Rail freight traffic is down too but I don't know that number.
Supermarkets and other big box stores are frontloading their merchandise on the shelves.
Only the banks, the government and the press are seeing these green shoots.
Then again money only seems to be circulating between the government and the banks and then the press toots their horn loud and clear.
The stimulus money did not get invested in capital which produces real jobs and real goods - most are one shot temporary jobs that have no value to the US economy or it's future.
Repaving some senator's little town's runway or creating a walking trail to a school is not going to give the US what it needs to recover.
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. Guess what, the market aint coming back. People living beyond their means over last couple decades aren't coming back to the indebted lifestyle. The psychology of the consumer has made a fundamental shift and government is only extending our recession by not letting things correct swiftly. Central planning has and will always fail. The state is a flawed institution.
