Obama and the Social Democratic Party want to remove the US from a carbon-based Energy Society.
Everything in our nation runs on OIL!!!
This will be the another Great Depression thanks to Obama!
SELL IT ALL, every stock you own tomorrow...before it's all worthless!
I was born during the depression and this is not anyway near what the depression was like. That's all I am going to say about a depression, which you evidently do not have a clue. What we have now is a deep recession which has been in the making for a number of years caused by a number of bad decisions by the G.W.B. administration.
I want to point out that when Reagan took office we had high inflation. To curb the money supply, Paul Volker raised interest rates to curb the excess money supply and thus cut demand, which in turn led to greater supply of goods and services in the market place, which in turn brought down inflation. Volker was reappointed the head of the fed by Reagan. He continued to keep interest rates up as inflation was still high but was being reduced. By reducing money supply in the market place, demand for goods and services were the result and our economy went into a deep recession because the Fed kept interest rate high too long. Reagan cut taxes but the bulk of the tax cuts were for the top 1% of taxpayers which did not increase demand for the bulk of the consumers and thus led to a deep recession. Reagan's budget deficit ended up way over 100 billion compared to Jimmy Carter's last budget deficit of $37 billion.
The great increase in the deficit was due to excess spending by the government. There is more to the story than this, but, we are not in a depression but one of the worst recessions that I have ever seen.
WOW, what a memory! You dragged up all of the facts that polished up the democrat turds and blamed the Bush kid again for the downturn in the entire world. Think about it again and try to remember that Dubya inherited an economic downturn when Clintons bridge into the future fell down. Remember, it was when the Y2K had everyone scared about the computers all blowing up! People just pulled back and liquidated their investments and held on until the year 2000 had passed and with it, in came the Clinton recession.
Check it out....then sound it out until it sinks in, dude!
If Pussy Obnama had been in office on 9-11 instead of GWB we would have already be run-over by ragheads.
I thank GWB for giveing us another 8 years of freedom, a commodity that is fast receeding in America.
Wake Up America!
The technical definition of depression is three successive quarters of negative growth. On that premise alone, do I declare that we ARE in a depression, albeit relatively less traumatic as the Great Depression.
That said, although you were born in the Depression that does not qualify you to say that another does not know anything about it. Nor does it make you an expert. Had your father wrote this, I might take the implied insult more serious. You were not working then, and although you may have experienced hardships because of it, I presume the depression was long past by the time you yourself entered the workforce.
If you think about it, just because we are only reading 10% unemployment that does not mean there is not tremendous suffering. As you know, unemployment reached 25% during the Great Depression. But if you discount the fact that our government only counts those who are actively seeking employment and who are currently receiving unemployment as "unemployed" I assure you that if you include those who no longer qualify for assistance, those who have settled for part time work, and those who have given up looking the numbers are much much higher. One might estimate approaching 20%.
Nevertheless, we do have a safety net now which did not exist then. We now have unemployment insurance, FDIC insurance, social security, food stamps, and housing assistance, etc., programs that did not exist back then, thanks to Democratic philosophy. If we did not this recession would be just as bad!
It is irresponsible of you to imply that just because one wasn't "born during the recession" that they have on concept of how bad a state of the economy we are currently in.
I comment Raegan for lowering the tax on the upper class. I commend the Republican philosophy that you must reward the wealthy in order to stimulate the imagination and promote investments of the upper class, those who have proven they have the ability to create jobs. If there is no profit, there will be no investment.
I don't know about that but in haste he wanted to blame Bush for what he left and he jumped into the giveaway mode and run up the deficit even more, when patience would have been enough to turn it around in time. It seems no notices that the economy runs in cycles and it can happen at any time when the world situation changes. Party politics is a real problem.
I agree party politics is a real problem, but it is the best system in the free world, today.
I am an economist, so I distance myself from partisan politics. To me, democratic governments exploit political differences to keep societies segregated. Good politicians know how to achieve agenda's despite alternate views or opinions.
In autocracies, the same agenda's are accomplished through the manipulation of religious factions.
I have the much appreciated advantage of viewing all agenda's through an economist's logic other than a political one.
I approve of Republican doctrine's which promote economic growth from the top down, but I also support democratic goals of providing for those unable or sadly unwilling to support themselves.
Political parties are focusing on obtaining votes by promoting perceived party agendas.
Sadly, 90 plus percent of voters are hung up in the political differences which they believe will benefit them individually.
I do believe our legislatures however, once appointed, are able to promote America's best interests without losing support of the majority of their parties votes.
So far as our trade deficit with China is concerned. The goal for America is to persuade them to stop printing their own money in order to hold their currency down. The Yuan was trading over 8-1 against the dollar last year. China has agreed to slow the printing presses and appreciate their currency over the last year. We are now less than 7-1 (yuan = .146 today). The short term goal is 6-1. So long as China continues to increase the value of their currency, they are working with us (They depend on us just as we do them). What impact will this have on us? As their currency appreciates, their products become more expensive to everyone in the world and this reverses the trade deficits. It can not nor should it happen over night. It takes time. But so long as participating countries are moving in the right direction, global trade around the world will continue to expand.
I don't have time to detail every thing I am trying to say. But I can assure you, that you need to stop falling into the Democrat/Republican BS and look at it from an economist point of view. Look at it at the long term and you will begin to see the true objectives.
Why are you blaming Obama? This depression was caused by 8 years Clinton and Bush. Clinton initiated the low interest rates, but the problem continued for 6 more years of Republican led Congress and Bush allowing it to continue under the discretion of Greenspan. Fact is the worse of the housing problem came between 2004 - 2006 when the Bush administration promoted subprime lending, reverse mortgages, no money down lending, etc. it was the last two years of borrowers which will never be able to pay off those loans and which caused the $2 trillion of unpayable debt.
Now Obama is just the next puppet to expand the socialist goal our government is determined to complete.
Healthcare will be socialized as well. Now I'm no fan of socialism because it is unproductive, but there are times when government regulation is necessary. Something has to be done to keep health care costs down as baby boomers will be depleting medicare at an unsustainable rate. Like it or not, it is a necessary evil.
As for the economy. The government had no choice but to bail out the banks. If they hadn't we would realize a much worse depression than we are in now as bank after bank shut down (just as they did in the early 30's.
Although things appear hopeless, they are not. The government has to hold down Treasury yields in order to help clear out the housing inventories. The only way they can do this is to buy bonds. That is why big money will not move into securities yet. We are stuck in a trading range for another 9 months like it or not, maybe longer. Fact is we may indeed retest the lows, but rest assured we have seen the lows at DOW 6500. We are getting ready to experience a retest and we will have another stimulus package. Although it will only be 1/2 as big as the last one (between $300-400 billion). The government will never sell it to voters unless they can "create" another panic. So the market will retest. Besides they will continue to drive rates down by committing to bonds. Accept it. On the plus side, more than half the housing inventories on banks balance sheets have been financed as financial institutions have either raised money or received monies from TARP. But, the economy will not take off until all losses have been recouped. It is basic economics.
Why do people continue to fall for the Democratic / Republican finger pointing? Both parties are equally responsible.
Regardless, Bush succeeded in building the foundation which allowed big oil to secure oil rights in Iran, but Obama will complete the goal of establishing an oil route through Afghanistan into India/ and China which the Bush administration began. That is what he is doing there. They are looking 20 years ahead, not one or two as you infer. The US will maintain its hegemon status as we control the oil flow into China and India in anticipation of future demand in both regions.
Our current economic delimma is but a temporary glitch in the 20-30 year picture.
So long as China continues to purchase our debt (which they are slowing down on) we will see no inflation either. It is when we have to purchase our own that we begin to see the effects of real printing of the dollar. Fact is, I wonder if that is not why Obama visited Russia this week. Perhaps as China slows its purchase of the dollar as they focus on their own infrastructure, we are merely shopping for another purchaser to take their place.