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Anyone here remember Jimmy Carter's last years as President? Get ready for another fun-filled ride with an even dumber cadre of officials in Washington!
Anyone here remember Jimmy Carter's last years as President? Get ready for another fun-filled ride with an even dumber cadre of officials in Washington!
It was rough, but during the last year he did do some good by nominating Paul Volcker who resolved the inflation and interest rate problem. He also has Warren negotiate the release of the hostages, which took place as soon as he steppend out of the WH.
It was rough, but during the last year he did do some good by nominating Paul Volcker who resolved the inflation and interest rate problem. He also has Warren negotiate the release of the hostages, which took place as soon as he steppend out of the WH.
And he engineered the Camp David Agreement - which is probably America's greatest Middle East diplomatic achievement ever.
24% a year is only the beginning. Remember the bailouts? Well, the bill is now coming due and you will pay for it by losing 24% (or more) in your wages every year.
What the he!! are you talking about??? I don't know where the AFP article got its 2% number, but it was NOT from this morning's press release, which indicates that PCEPI was up 0.1% in March (as against less than 0.1% in February) and 1.3% since March 2009 (as against the same number for Feb 2010 over Feb 2009). The Reuters article (http://news.yahoo.com/s/nm/20100503/bs_nm/us_usa_economy_1 - broken link) had it correctly. But not AFP and certainly not you. Not only have you got hold of the wrong number, but you don't know what that number would represent, even if it were correct.
In the real freaking world of people who actually know what they are talking about, this morning's numbers were a little bit disappointing in that it would have been nice if they had been a little bit HIGHER!!! There is absolutely no inflation risk in the current economy whatsoever, but there remains a small, shrinking, but still not vanished deflationary risk that we don't want to get anywhere near. Today's numbers didn't put much new daylight between us and the potential for deflation, but the larger data on inflationary pressure remain positive, and therefore encouraging.
Quote:
Originally Posted by nicet4
We went through this with Jimmy Carter.
We went through absolutely nothing even remotely like this during any part of the Carter administration.
More hyperbole. The bill is coming due simply b/c it was put off in 2001, again in 2007 and triaged in 2009. The bailouts were symptomatic of lax regulation leading to fraud, waste and corruption on multiple levels. For that, now we all have to pay.
Speak for yourself. If you want to burn in he!! because some bunch of laissez-faire Republican bumblers and cowboy capitalists crashed the credit markets, you go right ahead. But don't expect anyone to ride along with you. The bailouts and stimulus efforts were decisively necessary interventions that have provided massive relief and rescue from actual and potential pain and suffering. If you and your fellow masochists want to go off and eat locusts in the desert over it, knock yourselves out. But you'll be on your own.
So far as I can tell, most of the posts in the thread are in serious need of correction as well. Let me at least endorse the WSJ blog piece, however. It provides a good survey of the current inflation field, even including relevant information on inflation expectations that isn't often seen in the popular press...
This is the inevitable conclusion to a government out of control with spending and expansion, with money we don't have.
Here is the rest of the article from your link. I am sure you wanted to include this also but mistakenly omitted it.
Quote:
The Federal Reserve last Wednesday vowed to keep historically low interest rates for an "extended period," amid "subdued" inflation trends.
Pointing to a slightly quickening economic recovery, the Fed said labor and housing markets showed glimmers of improvement and spending had ticked up.
That impression was reinforced Monday by the Commerce Department, which said spending rose for the sixth consecutive month in March, up by 0.6 percent.
Seasonally adjusted figures showed spending, a key driver of the US economy, rose as Americans saved less
It was rough, but during the last year he did do some good by nominating Paul Volcker who resolved the inflation and interest rate problem. He also has Warren negotiate the release of the hostages, which took place as soon as he steppend out of the WH.
Yeah, and before that he oversaw Operation Eagle Claw, which was the single-most embarassing moment in the great history of the United States Military, of which I am a proud 15-year veteran.
Volcker's Fed did its best work betwen 1981 and 1983 and - yeah, who was President of the U.S. at that point? A REAL man's man.
Funny you bring that up - what Reagan did in the Carter aftermath in the inverse of what Obama is doing after Bush - Reagan took a dismal economy and made it strong, Obama took a dismal economy and fradulently let corporations continue to inflate the numbers while farming out jobs overseas as part the "let's apologize for America" world tour. The United States of America will be one of the few nations in the world with solid economic/GDP growth and record unemployment.
That simply is not true. Inflation became a problem right at the end of the Vietnam War, and indeed somewhat before that. The unemployment rate rose to 9%, the highest level since the Great Depression.
The inflation rate was 3.0% in 1966 and 3.3% in 1972. It spiked after that on accountof the 1973-74 Arab Oil Embargo. The highest level of unemployment recorded over that period was 6.1%. A level of 9% was eventually touched in May 1975, again as the result of the recession resulting from the Oil Embargo.
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Originally Posted by Frankie117
History supports quite the opposite. Inflation is a drag on wages, income, consumer spending, and taxes. By all means please post your source that lead you to believe high inflation leads to low unemployment..
Have you ever heard of a Phillips Curve? Might be a good place to start...
I remember Carter, and his actual administration did not at all resemble what right-wingers of today typically describe it as having been.
Quote:
Originally Posted by sanrene
The administration is desperate for consumers to spend. Without that spending, the economy will remain in the tank with high UE.
The reliability of your economic estimates and analyses has long been in very serious question. PCE has expanded over the past three quarters as follows: +2.8%, +1.6%, +3.6%. This is the first time since 2007 that PCE growth has been positive for three quarters in a row. The administration is apparently desperate for what it already has. My guess would be that you are much more desperate at this point than they are. The rapidly improving economy is a growing threat to significantly erode whatever chance for November electoral gains you may have thought you had...
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