Bernanke: Economy needs help fast. (Good luck with that.)

Discussion in 'Politics, Religion, Social Issues' started by Thomas Veil, Jan 17, 2008.

  1. Thomas Veil macrumors 68020

    Thomas Veil

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    #1
    NBC reported much the same the other night. Jobs are stagnant. Stores had weak Christmas sales. Just about everything that could be going wrong with the economy, is.

    And Bernanke wants Congress to enact something fast? Has he seen the way Bush and Congress work hand-in-hand on solving our nation's problems? (<---intense sarcasm)

    I don't see a chance of anything happening before January 20, 2009, do you?
     
  2. Swarmlord macrumors 6502a

    Swarmlord

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    #2
    Should be seeing those soup lines forming up any minute then. If you think that "just about everything that could be going wrong with the economy, is" you're not using much of an imagination.

    Just remember that the worst economic period during the Bush administration is still better than the best period during the Carter administration and we lived through that.

    I guess we'll just have to hope that the next president raises taxes so that jobs and spending increase. Oh wait... that doesn't work.
     
  3. emw macrumors G4

    emw

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    #3
    While I'd agree that things have been worse in the past, I believe the point was that there are numerous factors at play that are all pointing us down the wrong economic path. So while we're not there yet, there are few signs that improvement in the situation is coming, and more signs that things are going to get worse before they get better.
     
  4. Thanatoast macrumors 6502a

    Thanatoast

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    I guess we'll just have to hope that the next president lowers taxes for rich people and invades a middle eastern country so that jobs and spending increase...

    I didn't see anybody suggesting that increasing taxes was the right answer. I'll do it, though. We should raise taxes back to Clinton-era levels and get the hell out of Iraq. The increase in revenue (born mostly by the recently coddled rich) and the decrease in costs could do wonders for the budget, consumer confidence and overall morale of the nation.

    I have to say that endlessly blowing up brown people for no reason probably affects the country and economy in subtle and powerful ways, and not for the better.
     
  5. Swarmlord macrumors 6502a

    Swarmlord

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    Lol. Tax increases as morale builders. That's a new one.

    BTW those "brown people" are blown up for a reason. You may not understand what that reason is, but there is a reason. And when we stop blowing them up, it's still not going to stop them from doing it to themselves. For the answer to that, you'll have to ask them. You might even get an answer before they free your head from your neck.
     
  6. ntrigue macrumors 68040

    ntrigue

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    #6
    People are always looking for a quick fix. We know the economy today is a product of legislation 4-7 years past.
     
  7. leekohler macrumors G5

    leekohler

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    #7
    Yes- the reason is called money, don't even try to deny that.
     
  8. Ugg macrumors 68000

    Ugg

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    Just another reason the repubs need to be booted out. They've become economic junkies, anything for a quick fix as opposed to long term growth and stability.

    There's probably little that can be done this time around, expect to see a lot of former employees of financial institutions declaring bankruptcy.

    I wouldn't be surprised if a soup kitchen opened on Wall Street.
     
  9. Swarmlord macrumors 6502a

    Swarmlord

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    #9
    Yup, nothing like a little additional long term growth of government and entitlement programs to fix the economy. The current "repub" congress critters should be replaced with others for acting like dems if anything.
     
  10. j26 macrumors 65832

    j26

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    #10
    Actually it worked very well in Ireland in the late eighties. It paved the way for Ireland to become the poorest OECD nation to being one of the richest.
     
  11. mactastic macrumors 68040

    mactastic

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    Bush's solution is always tax cuts aimed at the most well-off among us. Economy's roaring along? Let's cut taxes, with the bulk of the cuts benefitting the rich. Economy kinda neutral? Let's cut taxes, with the bulk of the cuts benefitting the rich. Economy doing poorly? You guessed it, let's cut taxes, with the bulk of the cuts benefitting the rich.

    Talk about a one-trick pony. Ah well, running businesses, baseball teams, and nations into the ground is what Bush is best at. It's his only real skill.
     
  12. yellow Moderator emeritus

    yellow

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    #12
    I expect this to get very bad considering middle-class pay increases have stagnated over the years and consumers have turned to their credit cards more and more to live out their materialistic fantasies. If the economy floats into dangerous waters like most sane people expect (fear?) it to.. I think we haven't even seen the tip of the "credit crunch" iceberg.. Stupid people mortgages are clearly above the waterline now, but what is below the surface?


    I think the US Government should invest in infrastructure.. but **** roads and bridges. That just encourages more sprawl and gasoline usage. Invest in BROADBAND internet. Give the power of the information age to everyone, particularly in the rural areas and for stay-at-home folks. Then maybe some of the jobs that are lost overseas can come back home for telecommuting folks.

    OK, so that is just an idea so I can stop being stuck with dial-up out in the sticks of NC. :rolleyes:
    The negotiation sound is like nails in my brain!

    RRRRRRRRRRRooooooOOooooRRRRRRRRscrrriiiiiichhhhhhhhh---AAAARRRRRRRRRRRVOOOOOOO.
     
  13. mactastic macrumors 68040

    mactastic

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    #13
    I hear ya... I'm on dial up at home too. Still too cheap to spring for the satellite. Maybe if the economy were to improve...
     
  14. Thanatoast macrumors 6502a

    Thanatoast

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    You're right, balancing the federal budget wouldn't boost morale at all. Neither would ending morally repugnant wars and torture.

    Believing our government is capable of performing it's duties without resorting to deficit spending and killing foreigners would really just depress people even more.
     
  15. Music_Producer macrumors 68000

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    #15
    But.. but.. but.. haven't you been saying all this while that the economy is in great shape? "Look at the stock market, jobs, etc" ? :rolleyes:

    Like I mentioned a long time ago.. when this starts, it will start in a great manner. You probably think this is a temporary thing.. as much as I hate that you should be proven wrong.. you will be.
     
  16. Thomas Veil thread starter macrumors 68020

    Thomas Veil

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    On the megarich, it'd sure increase my morale.

    Sarcasm aside, nothing would fix the economy better than putting more money in people's pockets, so they can spend it. Of course, that'd imply giving growth of jobs and wages precedence over maximizing stockholder value. And since that's gonna happen when pigs fly, I expect really nothing to substantially change.

    And I'd love to see something done about corporate welfare, but...see the above comment re: aviating swine.

    Thank you.

    Ah, you remember that too, eh? :D
     
  17. Rodimus Prime macrumors G4

    Rodimus Prime

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    #17
    I highly doute the dems would of done any better in power. People blame the government for economic troubles when the truth to the matter is the government has control over the economy is reality little.

    If you look though out history the party in control general changes when the economy starts going south. Lets see Bill clintion came into power when the US Economny was going down but near getting out and it was out of the reseasion well before he really could of done anything. Right after clintion left office the economy started dropping again to quickly for anything Bush could of done. Hell the Economy pulling out in 93 was more because of what the former Bush did. Going south could easily be blamed on Clintion because it was stuff from his time that caused it.

    It more I think the goverment is not letting the business cycle take its natural course and letting it drop a little. Instead they are just putting it off. I say let economy y go into a minor repression and it will pull out on it own shortly after wards like history proves it.
     
  18. Desertrat macrumors newbie

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    #18
    The dollars per taxpayer that have been bandied about by various congressfolks aren't anywhere near enough to stave off any recession. At most, they'll just exacerbate inflation--and reduce the buying power of the dollar against foreign currencies. This next rate reduction by the Fed will also contribute to clobbering the dollar's comparative value.

    This sub-prime mess is causing the loss of tens of thousands of high-pay jobs in the Big Financials. That will ripple through the economy, same as the wipeout of all those real estate agents who aren't selling houses. (We're back to the 1980s joke about the difference between a pigeon and a realtor. "A pigeon can make a deposit on a new Mercedes.")

    The public would probably be better off if Congress were to void this recent energy bill. The higher food costs that will directly result from it are most likely a helluva lot more than any "stimulus package" dollars.

    Greenspan and Bernanke worried so much about a "soft landing" and staving off a recession that now that their misguided efforts finally have come home to roost, the landing's gonna be a real SOB.

    'Rat
     
  19. hulugu macrumors 68000

    hulugu

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    #19
    I agree with much of your post, but I wonder if we could keep parts of the energy bill. CAFE standards will be a good thing, but I agree with you about the larger effects of ethanol production.

    Something that I haven't seen addressed is how the "Bankruptcy Bill" from 2005 may also be affecting borrowers.

    :D
     
  20. Swarmlord macrumors 6502a

    Swarmlord

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    #20
    So, you're for greater tax cuts and reduced spending? Or are you implying wealth redistribution?

    All economic swings are temporary. On that I will never be proven wrong.
     
  21. hulugu macrumors 68000

    hulugu

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    #21
    What does this really mean?
     
  22. Thomas Veil thread starter macrumors 68020

    Thomas Veil

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    The wealth redistribution has already occurred, from the middle class to the megarich.

    The Soviet Union might disagree with you.
     
  23. Swarmlord macrumors 6502a

    Swarmlord

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    #23
    Where the government takes money from one group of people and gives it to another group of people.

    What are you saying? Through the sale of goods and services or what?
     
  24. Thomas Veil thread starter macrumors 68020

    Thomas Veil

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    Through the transformation of the US from a well-paying manufacturing economy to a poorly-paying retailing economy. What kind of wealth do Chinese-made electronics create for the US? We get depreciable products, and a profit for the stockholders at Target, but no manufacturing jobs, only a retailing job at that same Target, paying a lowly wage.

    Incidentally, tax cuts are a ridiculous solution for a nation that already has one of the very lowest tax rates in the industrialized world. What is it with Republicans and tax cuts? (Not meaning Swarmy specifically.) It's like a sexual fetish with them -- the politico-economic version of big boobs. It really turns them on, and they go after 'em every chance they get.
     
  25. hulugu macrumors 68000

    hulugu

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    #25
    So, if I paid income tax to the IRS and that money was distributed to the Defense Department which went to you. Isn't that wealth distribution?
    I think you owe me money. ;)
     

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