What is Digg?209 Comments
- Lederhosed, on 07/13/2009, -3/+59Only 11 more years? Hooray!
- dayal911, on 07/14/2009, -12/+66All of the selfish Democrats hoped the economy tanked when Bush was in office.
All the selfish Republicans are hoping the economy tanks further now that Obama is in office.
All of us are now going to suffer because the sheep would rather be 'right', than be wrong. - Hillsfar, on 07/14/2009, -5/+40As a nation we over-spent and got heavily into debt and up to our eyeballs in home loans. At the same time, we outsourced and continue to outsource our manufacturing jobs, leaving only service-sector jobs that in many instances aren't necessary. Overspending on bubbles and the resultant popping and drop in employment means we will contract heavily as an economy. At the same time, our government has been setting itself up for greater and greater debt burdens and obligations: wars, Social Security, Medicare, and trillion-dollar debts and deficits begun by Reagan and continued through Bush, Clinton, Bush, and Obama. We are either going to have to pay those debts or print money to pay those debts and thus suffer hyper inflation.
If you haven't watched Chris Martenson's Cash Course presentations on the major problems our nation is facing, I highly suggest viewing all the chapters. If not, at least start with Chapter 15 on bubbles and keep going from there.
http://www.chrismartenson.com/crashcourse/ - richmomz, on 07/14/2009, -2/+34It's possible - Japan's economic crash in the early 1990s was very similar to what we're going through now and they still haven't recovered (the Nikkei is only at 20% of it's peak).
- laughtears, on 07/14/2009, -0/+25fingers crossed the author isn't an expert - economy is more art than science, right?
- alanocu, on 07/14/2009, -2/+27I think it's safe to say that ALL politicians are full of CRAP. If Palin uses her popularity to get rich and never goes back to politics and laughs at her supporters and detractors, that would be awesome. Making a ton of money while laughing at everybody is the American dream.
- spinchange, on 07/14/2009, -1/+26This is why I'm throwing in with Bhutan on 'gross national happiness' as a measure of national well being
- AmyVernon, on 07/14/2009, -7/+27By the way, you have the best Digg username EVAR.
- Akairenn, on 07/14/2009, -4/+21I'd rather own chickens and guns.
If the right-wing wet dream of complete societal collapse happens, well - have fun eating your worthless shiny rocks. :p - AmyVernon, on 07/14/2009, -0/+16No, his username is "INACTIVE" - when digg makes a user inactive, it's "inactive"
- oldhick, on 07/14/2009, -4/+19A voice of reason such as yours won't last long in Diggland! But so true.
- anexanhume, on 07/14/2009, -1/+15Same thing happens to me when I eat Taco Bell.
- Zippo, on 07/14/2009, -1/+15Christ, I hope not.
- glberns, on 07/14/2009, -8/+21This is a self fulfilling prophecy. The economy is made up of us, consumers. So, if a majority of us think the economy will go bad, we will take certain actions which will make the economy go bad. If most of us believe the market is improving, it will improve.
- badfish0116, on 07/14/2009, -4/+17Well in fairness this is a Change.......
- mrsteveman1, on 07/14/2009, -3/+16Stop taxing business entirely and see how quick the economy recovers, that's what you meant to say.
- AmyVernon, on 07/14/2009, -2/+14And you can kill the chickens with the guns. I like the way you think.
- i4ybrid, on 07/14/2009, -1/+13There have been a number of articles stating the worst is over, things will level out and get better. Some say it's going to get worse. I believe that no1 knows what the hell they are talking about and only the future can tell...what the future will bring.
....unless you have a Delorean. - BobSagetFan, on 07/14/2009, -1/+12Yeah, but they have funny game shows and tentacle porn so who cares.
- stoanhart, on 07/14/2009, -1/+12For a start, we need to plant weed everywhere like they have.
- alamedaman, on 07/14/2009, -8/+19but spending will help!!! /obama
- kemp34, on 07/14/2009, -4/+14One can hope.
Hope is not the best strategy, however. - AmyVernon, on 07/14/2009, -7/+17As would the Republicraps.
C'mon, Democraps made me laugh. Republicraps should make you laugh, too. - oldhick, on 07/14/2009, -0/+10What a pathetic dream. When did the American dream change to a bitter desire for wealth? The American dream is the dream to have freedom and opportunity. Not wealth and bitterness.
- tightscrummy, on 07/14/2009, -0/+9This is why I wear headphones on the train.
- minoss, on 07/14/2009, -2/+11Good thing we're not following in their path of stimulus after stimulus in futile attempts to "shock" the economy out of recession.
/s - TheR3dMenace, on 07/14/2009, -1/+9Don't worry, the Constitution protects your right to bear arms
- BobSagetFan, on 07/14/2009, -5/+13I had no idea Glenn Beck posted on Digg.
- AngelaQ, on 07/14/2009, -1/+9The problem is that this article is really not about the economy per se. It is about the financial sector, which it thinks of as the sum total of the economy. It is not.
Thanks to government policy and regulations, the economy of this country is far too contingent on the financial sector for its well-being. We need to get back into producing goods and services.
It is a huge mistake to assume that what's good for the financial sector is good for the economy. This crash has proven conclusively that those in it in a position to exploit, defraud, and outright steal caused the crash, and will do it again for personal gain.
Even if the financial sector is looking rosy, the rest of the economy will likely be totally crap. It is time to stop propping them up. If they cannot succeed on their own, let them fail.
What we need is for the rest of the economy to start ignoring what the big bankers are saying. Start your small business and keep it small. Grow only when you can afford to. Keep it private, and keep it out of the hands of those who would trade your soul for a quarter's profit.
Small businesses can exist and grow without kowtowing to big finance. It's called sustainable growth. Deal with local credit unions, not national banks. Barter services for goods and vice versa. Stop feeding the Wall Street whales. - flip2trip, on 07/14/2009, -1/+9I think he was referencing the pols not everyday Democrats.
- KimmyGibbler, on 07/14/2009, -4/+11Another poster who has no idea how the Treasury bond market works
- kbillar, on 07/14/2009, -0/+7The three Gs: Gold, Guns, and Groceries
I am not wealthy, so I'm doing silver, guns, and canned food. I may start a garden, but I have a black thumb, and live in the middle of a desert. - khfn, on 07/14/2009, -1/+8Remember a few years ago the kooks would pop up announcing the depression and everyone would laugh? Observe how the average outlook has... deviated.
- WasabiBomb, on 07/14/2009, -9/+16... and like other types of explosives, it would leave nothing but carnage in its wake.
- LouisCipher777, on 07/14/2009, -5/+12you feel free to hope that you won't need either one.
me, im going to hope for the best and prepare for the worst. - FlashX12, on 07/14/2009, -1/+8The government interfering with the economy caused it-- now the same types are blaming capitalism for our recession. *rollseyes*
- Jlaugh, on 07/14/2009, -1/+7Last time there was a depression the government just made private ownership of gold illegal. Your better off stockpiling food, and other tangible goods.
- BionicPimp, on 07/14/2009, -1/+7@LouisCipher777 a lot of the budget surplus was achieved through accounting shenanigans. What happened was the Administration paid down the *public* debt by borrowing from social security via intergovernmental loans. This gave the appearance of a balanced budget. Some people say that if it weren't for the raiding of the social security funds for this kind of accounting BS, Social Security would be completely solvent for the foreseeable future.
I find it interesting that stopping this kind of inter agency borrowing, (remember the lockbox?) was a principal campaign goal for Al Gore when he ran for president. Both Democrats and Republicans administrations have both been using this trick for years and were probably reluctant to give up their tricks. Al Gore was shamefully ridiculed for trying to stop this practice by both sides, which leads me to believe that the lockbox was probably a good idea.
see: http://www.craigsteiner.us/articles/16 - NorthMass, on 07/14/2009, -1/+7FredFredrickson - Why are we so reliant on credit in the first place? Because we have no savings, we are in debt. This is not sustainable, trying to prop it up will lead to long-term severe inflation/hyperinflation.
- Maxwell1234, on 07/14/2009, -1/+7Correct you are. Touche.
- Maxwell1234, on 07/14/2009, -1/+7I don't think anyone ever wanted the economy to tank... right or left.
- PhilliesBlunt, on 07/14/2009, -1/+7I didn't want the economy to tank under bush, I expected it too and was hoping that the effects wouldn't be THIS bad, and the damage could at least be mitigated somewhat.
- enantiodromia, on 07/14/2009, -3/+9seriously?
- robinthehood, on 07/14/2009, -1/+7And this is all assuming that the US starts paying down it's debts... There was a great program on CBC Newsworld last night. Yes I know "leftist" and yes, I know "Canadian" but essentially the US is up ***** creek because no one is addressing the underlying issue which is "YOU BROKE SON!"
The deficit clock is at 1 trillion. That's a lot of zeros.
I will continue to bandy around the D word (depression) which you can't really disprove as there's no economic definition for a depression. Rest assured though, if this is just a recession it's a damn deep one.
Last time America had it's debt this high as a portion of GDP was WW2. - inactive, on 07/14/2009, -0/+6What like they did between 1966 and 1982?
- tightscrummy, on 07/14/2009, -2/+8And bullet trains and used underwear vending machines.
- LouisCipher777, on 07/14/2009, -1/+7when clinton left office he had a BUDGET SURPLUS. we still had a large national debt, we were just actually capable of making payments on it. of course that is far better than the two people since have done.
- mywhitenoise, on 07/14/2009, -7/+12I hated Bush, but I didn't want him to fail even more than he did...why the hell would anyone want that?
- altgeeky1, on 07/14/2009, -3/+8Sounds like you have described a perpetual wealth machine, something that generates wealth with no inputs. You should write a paper on it.
Hint: the reason the US has been coasting along as a Consumer market -- with a HUGE trade defecit -- is because we are selling off the country to foreign investors, bit by bit. Companies, technology, and even bridges and ports (so they can hike the tolls).
Indebted consumers do not create wealth. -
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