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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Eric15210 on August 25, 2010, 06:49:06 AM
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Positive gross domestic product readings and other mildly hopeful signs are masking an ugly truth: The US economy is in a 1930s-style Depression, Gluskin Sheff economist David Rosenberg said Tuesday.
Writing in his daily briefing to investors, Rosenberg said the Great Depression also had its high points, with a series of positive GDP reports and sharp stock market gains.
But then as now, those signs of recovery were unsustainable and only provided a false sense of stability, said Rosenberg.
Rosenberg calls current economic conditions "a depression, and not just some garden-variety recession," and notes that any good news both during the initial 1929-33 recession and the one that began in 2008 triggered "euphoric response."
"Such is human nature and nobody can be blamed for trying to be optimistic; however, in the money management business, we have a fiduciary responsibility to be as realistic as possible about the outlook for the economy and the market at all times," he said.
The 1929-33 recession saw six quarterly bounces in GDP with an average gain of 8 percent, sending the stock market to a 50 percent rally in early 1930 as investors thought the worst had passed.
"False premise," Rosenberg said. "And guess what? We may well be reliving history here. If you're keeping score, we have recorded four quarterly advances in real GDP, and the average is only 3%."
Rosenberg's warning comes as a slew of major analysts—Goldman Sachs and JPMorgan among them—have slashed GDP projections for 2010 to the 1.5 to 2 percent range.
Chicago Federal Reserve President Charles Evans said in a speech Tuesday that the risk of a double-dip recession has escalated. He said government programs to help distressed homeowners have been ineffective and aren't helping the pivotal housing sector recover.
The dour outlooks come on the same day that the National Association of Realtors said home sales reached a 15-year low in June, dousing hopes that the industry had reached a bottoming point.
Rosenberg points out that the "overall economic malaise" has come despite aggressive efforts by the Federal Reserve to stimulate the economy through rate cuts. The central bank itself has scaled back its economic projections, has held steady on its balance sheet, and could be announcing another round of quantitative easing measures at its Jackson Hole summit this week.
"How's that for a reality check," Rosenberg said. "It's not too late, by the way, to shift course if you have stayed long this market."
http://www.cnbc.com/id/38831550
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sounds about right
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sounds about right
so you agree that the Stim Bill failed?
We are only 19 months after that mess was passed.
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so you agree that the Stim Bill failed?
We are only 19 months after that mess was passed.
What were its stated goals?
Did it hold off a more massive failure of banking and automotive systems?
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What were its stated goals?
Did it hold off a more massive failure of banking and automotive systems?
Keep UE below 8%.
Automotive systems? My transmission on my 2002 Explorer went last year, as did the ball joints, shocks and struts, so it didnt do shit to save my automotive systems either. ;D
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What were its stated goals?
Did it hold off a more massive failure of banking and automotive systems?
Those weren't it's stated goals and the Stim Bill had nothing to do with either of them.
So no, it didn't hold off a massive failure of banking and automotive systems. It wasn't supposed too.
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"Mineral field depleted"
"Insufficient Vespene gas"
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What were its stated goals?
Did it hold off a more massive failure of banking and automotive systems?
Wow,once again you have no idea of what your talking about.The stimulus was a waste of a trillion dollars.IT IS NOT THE BANK BAILOUT!!!They are two seperate things!!The bailout of GM was another seperate thing.The stimulus is the biggest failure in history!!!!!!!!!!!!!!!!!!
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"Mineral field depleted"
"Insufficient Vespene gas"
;D ;D ;D
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What were its stated goals?
Did it hold off a more massive failure of banking and automotive systems?
It didn't hold of either of those, but those weren't its stated goals.
It didn't meet it's stated goals either though.
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It didn't hold of either of those, but those weren't its stated goals.
It didn't meet it's stated goals either though.
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Maybe he didn't use enough money? Perhaps $2 trillion would have made everything better?
What else could he do? Reward businesses for hiring new employees? Reward business owners with tax benefits for offering jobs to welfare recipients, and cutting welfare payments to those that refuse the offered jobs? Penalize people who sell their food stamps to friends and relatives because they get "more than they could ever eat?" Provide tax relief for people who are actually paying their mortgages instead of looking for ways to "help" people who foreclose on their homes?
We need more programs that reward those who aren't working. We need more incentives for unemployed workers to remain unemployed.
We need to make sure those without jobs aren't going back to school to improve their resumes. We need to make sure business owners stop hiring new employees by taxing them like hell. That's the only way out of this mess....taking money from people that are still working, are still paying their bills, aren't in over their heads with credit card debt, and giving that money to people who aren't looking for work, aren't getting more technical training, and aren't paying their bills.
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Maybe he didn't use enough money? Perhaps $2 trillion would have made everything better?
What else could he do? Reward businesses for hiring new employees? Reward business owners with tax benefits for offering jobs to welfare recipients, and cutting welfare payments to those that refuse the offered jobs? Penalize people who sell their food stamps to friends and relatives because they get "more than they could ever eat?" Provide tax relief for people who are actually paying their mortgages instead of looking for ways to "help" people who foreclose on their homes?
We need more programs that reward those who aren't working. We need more incentives for unemployed workers to remain unemployed.
We need to make sure those without jobs aren't going back to school to improve their resumes. We need to make sure business owners stop hiring new employees by taxing them like hell. That's the only way out of this mess....taking money from people that are still working, are still paying their bills, aren't in over their heads with credit card debt, and giving that money to people who aren't looking for work, aren't getting more technical training, and aren't paying their bills.
Check out my thread on Obama the economy killer.
I posted a interview with the CEO of Intel as to what is needed to create jobs. Sadly, the idiotic Obama Admn won't listen.
Check out this graph.
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Check out my thread on Obama the economy killer.
I posted a interview with the CEO of Intel as to what is needed to create jobs. Sadly, the idiotic Obama Admn won't listen.
Check out this graph.
The Obama admin. would listen......if they actually wanted to create jobs.