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The 2001 recession didn't hit housing the way this one is. In 2001 tech jobs got hit but in 2009 it's tech pharma, banking, finance & Everything that has to do with construction from architects to builiding suppliers. More are definitely affected by this recession & the layoffs aren't stopping any time soon within the next 18 months. Sorry to say...;-(
Did housing construction or the relocation of people slow down in 2001/2002?
JFK's tax cuts worked were really well. Reagan's tax cuts got us out of Carter's mess of a recession and Bush's tax cuts got us out of the dot com mess and recession as well.
If only people would pay attention to history and see that spending doesn't help in the long run, but tax & spending cuts do. It is documented over and over, yet we always have people wanting to spend more as the solution. Didn't 2008 teach us anything? Didn't we already get pressured by Pelosi, Reid, Bush and the rest of them to pass some crazy spending bill? Remember, about 2/3 of Democrats said yes and 2/3 of Republicans said no to that stupid spending bill. I guess we haven't learned yet. Time for lesson #2.
The talk from the "talking heads" on all the networks are always trying to call a turn around point in all this. We have heard everything from 2010 to 2015 before it gets better. Nobody feels it will improve this year.
That being said, this is what I predict will happen before it gets better.
1. The spending spree by Congress will ignite the economy for a few months, maybe a year and will will all feel fuzzy for a while.
2. After that, unemployment will spike to 15% or higher.
3. Soup kitchens will crop up across the country
4. Public schools will combine, classroom sizes double.
4. Counties and states (about 50% nationwide) will be bankrupt. We will come close in the Triangle, but will not be among those here.
5. Congress will implement plan B, which will place a stop loss for housing and shore up lending, (as we were told they were already doing, big lie)
6. We will see at least three major riots across America, with people calling for the heads (not literally) of many of their elected officials
7. We will see a mass exit of major greedy corporate CEOs and executives from the banking industry that led us down this path. They will flee America due to security issues.
8. The likes of Pelosi, Reed, and Dodd will be finally be gone.
9. Obama will fare well, as he will back plan B, and get us back on track. But we will the be an additional $1.5-2 trillion in debt
Timeline for all this? 2009-2012, by 2013, well finally start truly coming out of all this when we finally get it right.
Did housing construction or the relocation of people slow down in 2001/2002?
Not at all..in fact, that's when the interest rates initially started to go low, and everyone got into a frenzy about buying a house "before they went back up.." I truly believe that was the start of the bubble - people started purchasing in droves to take advantage of the very low interest rates and easy money. That's what got us out of the 2001 recession. It's not there this time..
Democrats: Stimulus plan no quick fix for economy - Yahoo! News (http://news.yahoo.com/s/ap/20090126/ap_on_go_pr_wh/obama_economy - broken link)
And just remember, they ALWAYS let us down easy and downplay stuff. So, if they are saying this, how bad do you think it really will be? Here is a clue....... BAD!
Democrats: Stimulus plan no quick fix for economy - Yahoo! News (http://news.yahoo.com/s/ap/20090126/ap_on_go_pr_wh/obama_economy - broken link)
And just remember, they ALWAYS let us down easy and downplay stuff. So, if they are saying this, how bad do you think it really will be? Here is a clue....... BAD!
Doom and Gloom baby! 2012 here we come!
I think it's cute that people think $1trillion+ of federal money will actually positively impact the triangle economy. That money is going to more "deserving" areas before it even touches this section of the country. Remember what Marx said: "...to each according to his NEEDS". The triangle is not considered "needy" compared to many in the country. Therefore, much of the money will not wind up here. Taxpayers and entrepeneurs here will pay a hefty price for bailing out other states up north and out west.
I think it's cute that people think $1trillion+ of federal money will actually positively impact the triangle economy. That money is going to more "deserving" areas before it even touches this section of the country. Remember what Marx said: "...to each according to his NEEDS". The triangle is not considered "needy" compared to many in the country. Therefore, much of the money will not wind up here. Taxpayers and entrepeneurs here will pay a hefty price for bailing out other states up north and out west.
The money will be spent at Walmart and go to China.
The money will be spent at Walmart and go to China.
I'm talking about the public works projects that will be wasted on inefficient bureaucracies and bridges to nowhere.
The triangle will see a tiny fraction of this amount, if any at all. But, we'll sure as heck pay for it in increased taxes and/or interest rates and/or inflation. With caterpillar shedding 20,000 jobs announced this morning, I'm willing to bet that the amount received for such projects might only return a small fraction of those jobs lost here.
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We need protectionism to turn this around.
Free trade would be preferable, but I think we both can agree that we don't have this.
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