What is Digg?64 Comments
- lOvOl, on 03/17/2008, -1/+36More of the fake economy. Cutting rates won't do jack squat in the long-term and nor will any other type of financial engineering. The problem is that we have too many consumers relative to producers. Though technology and people working more hours has improved productivity in the overall economy, the real question is what are we being more productive in doing?
Certainly people in the FIRE industries (Finance, Insurance, Real Estate) have been far more productive per worker over the last 10 years or so, however, the question begs whether or not these people are only being productive as parasites and crippling true productivity in industries such as manufacturing that actually improves our long-term standard of living.
I would say that the decrease in manufacturing jobs would not be such a bad thing if those job decreases were the result of efficiencies made in areas like automation and logistics, however, all the evidence suggests that all that has happened is that our entire industrial base has been relocated to countries such as China and our "productivity" gains in terms of the balance sheets of American megacorporations only reflects the fact we basically have 2 Chinese slaves for every American working their asses off to support the bloated lifestyles of people who don't really produce anything.
How many people do you know who have jobs, even high paying jobs, where they basically spin their wheels and don't do anything? How many lawyers and accountants do you know that have jobs that depend on the graft of government legislation that makes running a business so complex that their services are warranted as if they were allowed to tax the rest of America at will? How many people do you know who work at government jobs (the only employment sector that has steadily and consistently added to employment over the last 10 years), where there is little or no accountability in what they do, nor any sort of real mission statement for doing anything of productive value in the first place?
Well all I can say is welcome to the United Socialist States of America where everyone is spinning their wheels with pride, but nobody is quite sure why, yet jobs somehow keep falling from the sky due to our seemingly unlimited capital. Unfortunately, that capital was mostly just an illusion and now we have a nation of 300 million people or more, legal and illegal, who are addicted to that gravy train economically, politically, and socially. Now that the drug supply looks like it is going to be cut off cold turkey, Americans like myself will have to do our best to suffer through the withdrawal symptoms brought on by a socialist economic system of phoney money or else just give up and kill ourselves.
As John F. Kennedy once said "Ask not what your country can do for you, but ask what you can do for your country". This effectively means every in today's age that everyone should look in the mirror and (assuming they have a conscience) ask themselves the question "Am I A Parasite?". And if your answer is "yes", then start to think about what you can do as an American to have a symbiotic relationship with your fellow Americans, rather than just that of a bloodsucker who depends on others for their very survival, yet contributes nothing tangible to America in return.
Until parasitism is rooted out of America at all levels of society, America will be hobbled with a gangrene leg that threatens to wipe out the rest of the body if it is not treated immediately. - Xios117, on 03/17/2008, -2/+29Our economy is a house of cards, the world market a gale force wind.
What could possibly go wrong? - iillthe2nd, on 03/17/2008, -1/+19Insert a Ron Paul "I told you" here .....
- Gemfinder, on 03/17/2008, -3/+12It sounds good on the surface but I'm wary. Look at the long picture: the lenders are getting that rate, but We The People won't ever see that. It'll stay around 5% for us, simply because of mark-up and profit. It's a lure, to get you to re-fi or jump on a loan you have no money to pay back. Which is what got us into this fix in the first place.
- inactive, on 03/17/2008, -2/+11Unfortunate you won't be dugg up higher; the European bury brigade will likely come along.
There are way too many socialists on Digg who don't have any concept of economics or free markets. Many here have a greatly misconstrued idea of what capitalism is and point to flaws in the United States which, ironically, all stem directly from central planning.
News flash -- the United States is a socialist country. We are nowhere near a free market, capitalist society. - keraneuology, on 03/17/2008, -1/+9A few points about this that should set your blood boiling:
1. Alan Greenspan is largely responsible for this. He started out with orders to prevent even a minor hiccup (ie: a natural market correction) from making Bill Clinton look bad. He artificially propped up the economy even though he KNEW that this would be the inevitable result.
2. Alan Greenspan knew that the junk mortgage loans would blow up in the economy's face eventually. Didn't care.
3. By the time dub the shrub came along the market was already set up like a house of cards so the priority became "let's hold it together long enough for me to get out of office"
4. The US is now the world's 2nd largest economy for the first time since WWII. Thanks, guys.
5. All of those smegheads at Bear Stearns who drove the stock from $170 last year to $2 this year collected hundreds of millions of dollars in salary, perks, performance bonuses (apparently if your performance sucks you still get a bonus). Their abject stupidity, arrogance and incompetence forced the taxpayers to bail out a handful of really rich people and some investment funds, and yet will not be fired (at least not without a generous golden parachute) and will have no problem finding another high-paying job elsewhere.
The system is broken - the incompetent sphincters who provide -zero- productivity to the economy (such as Chelsea Clinton - her mom was right, venture capitalists don't really work for a living) are the ones who get the most pay.
Greenspan should be in jail. The executives at Bear Stearns should be criminally prosecuted, forever surrender their legal/securities licenses and banned from the industry. - earlycj5, on 03/17/2008, -0/+8The original post did ask what else could go wrong.
- gehlm, on 03/17/2008, -0/+8There is nothing wrong with high interest rates. High rates encourage saving. Low rates encourage borrowing. This country must *stop* borrowing. I've seen my short-term saving rate drop from 4.95% to 3.35% in the last 12 months. The only ones who benefit from low rates are bankers. Wake Up!
- Xios117, on 03/17/2008, -2/+9Exactly, we're merely compounding the problem by cutting the rates.
- inactive, on 03/17/2008, -1/+8So you want this to continue eh? Because neither of them have a clue as to what "sound currency" means.
- shrewduser, on 03/17/2008, -0/+6its already too late, keynsian economics is only making things worse as well (why oh why didn't we give ron paul a go?) there is going to be some economic pain, there's no doubt about that... its only a matter of severity.
- Napoleone, on 03/17/2008, -1/+7Yeah, but if we just add another layer of cards to it we should be just fine. /s
- felman87, on 03/17/2008, -0/+6yeah, and I bet you have a huge penis too.
- davidwasman, on 03/17/2008, -0/+6C-C-C-C-Combo breaker!
- inactive, on 03/17/2008, -0/+5todays weather outlook predicts a 75% chance of cloudy skies and falling bodies
- inactive, on 03/17/2008, -0/+5They know what they're doing: screwing everyone
- Theisos, on 03/17/2008, -1/+5Who the ***** is Joe?
- nalimca, on 03/17/2008, -0/+4When money is made from thin air, it evaporates fast.
- idc5, on 03/17/2008, -1/+4Now is a good time to invest in foreign currency relative to the US dollar....
- sanman, on 03/17/2008, -3/+6and Fed is pissing into that wind
gold is looking better all the time - Berkana, on 03/17/2008, -0/+3Our economy is only as dependent and sensitive to interest rates as its money supply is borrowed. Unfortunately for us, ALL of our money is borrowed, and more of it is owed than is in circulation. Remember this!:
http://digg.com/business_finance/Our_Debt_based_Mo ... - BoDeeDoe, on 03/17/2008, -2/+5BUY GOLD AND SILVER...
- inactive, on 03/17/2008, -0/+3Well as a male porn star with a 14 inch *****, I disagree.
- marklittle, on 03/17/2008, -0/+3Yet another government action that serves to bailout the banks and ensure profits even in this downturn at the expense of borrowers and tax payers. According to http://www.helocbasics.com rates on second mortgages are around 9%, and home loan rates are jumping too. This means banks will now pocket even more profits than ever, while continuing to refuse to lower rates to borrowers.
- kinerry, on 03/17/2008, -1/+4Who the ***** is Joe?
- inactive, on 03/17/2008, -1/+4Who the ***** is Joe?
- sahaqiel, on 03/17/2008, -1/+3"You can't put hydrogen in the Hindenburg. It's gonna burn. Oh the humanities, oh the humanities!!"
- homah, on 03/17/2008, -0/+2Don't worry, McCain's close circle of friends will help us find more sunshine.
- BaronSamedi242, on 03/17/2008, -0/+2Try 29% for most people. People who pay off their credit cards and revolving credit accounts on time, even, have found that their rates have been raised to 29%-33%.
They get money at 3% - lend it at 29% - and cry crocodile tears that they need a bailout. - Look4Truth, on 03/19/2008, -0/+2Get out while the markets rally. There will be more bank closures soon so don't get caught.
- inactive, on 03/17/2008, -4/+6Whatever ***** hole you live in will feel the same pain the US does. It might sting your pride to admit it, but the world still swings on the US *****.
- kinerry, on 03/17/2008, -1/+3it's 53 trillion actually
- JigoroKano, on 03/17/2008, -2/+4This is a ***** pyramid scheme.
- greensuit, on 03/17/2008, -1/+3The US economy has over 500 trillion dollars of junk bonds (derivitives) which back everything and are totally worthless. the whole world GDP is only 50 trillion dollars. There increasingly is no way to pay off the worthless junk that backs our economy and the world knows it. Where did it come from? Well the Bear Stearns of the world sold bonds from all the fortune 1000 companies, and now it is only worthless paper. The world is waking up to the fact that gold, silver, copper, oil, gas, and all comodities have enduring value, but paper has none. Watch the price of gold today and for the next few weeks, it will be amasing. It's not too late to get in on it, as $1000 gold will soon seem cheap.
- aunjar, on 03/22/2008, -0/+2While everything before me that has been said may very well be true, we all need this economy to get better. What affects some people will eventually affect all people if not corrected...
- brad3378, on 03/19/2008, -0/+1Best comment I've read here in months. Seriously
- mirunit, on 03/17/2008, -0/+1Yes! Just like 1929.
- JosephStalin, on 03/19/2008, -0/+1Joe Rogan, comedian and host of Fear Factor and host of the last season of The Man Show. He's apparently on Digg (username: joerogan) and submitted this article. Whether or not it's actually him or just a poser, who knows. More:
http://en.wikipedia.org/wiki/Joe_Rogan - brianjlowry, on 03/17/2008, -0/+1Let the market correct itself. The economy can't be on the rise all the time.
- Xios117, on 03/17/2008, -0/+1The dollar wasn't in danger of collapsing in the 70's.
There was a shortage of gas because it wasn't physically there, not because people couldn't afford it.
Please fail less at metaphors. - Xios117, on 03/17/2008, -0/+1Gold is looking great, unless you're a normal person who cannot afford to buy it at its extremely high prices (which are a result of everyone pissing themselves over the economy).
- JosephStalin, on 03/19/2008, -0/+1Also, one thing to point out. He has dugg Joe Rogan's real blog, so it's likely that it's actually him:
http://digg.com/gadgets/I_m_Giving_Away_My_Isolati ... - Xios117, on 03/17/2008, -0/+1No, the mortgage rates we receive are not determined directly by the Fed's cuts; rather, the one we get is affected and lowered in comparison to whatever the Fed's rate is.
So no, we will never see the rate of 3.25%, but that was never the case or an option.
PLEASE research before posting. :( - glacius99, on 03/17/2008, -0/+1Isn't that like saying "Buy high! Sell low!" when playing the stock market?
- ProjectGSX, on 03/17/2008, -0/+1Dont forget agriculture.
- Xios117, on 03/17/2008, -0/+1http://www.brillig.com/debt_clock/
9 trillion. Think (and look up) before you post, please. - Xios117, on 03/17/2008, -0/+1"you have no credibility."
I'd like to start by saying that neither do you; you have exactly as much credibility as I do on digg.com, we're both complete strangers. Please think this over before getting all firey and witty; look up the definition of credibility as well.
And yes, Bernanke is apparently not a blundering idiot, otherwise he wouldn't be the most powerful man in the world (yes, the chairman of the Fed is, indeed, the most powerful man in the world). However, do you not think there's a tinge of desperation in the Fed's continued rate cuts? - Xios117, on 03/17/2008, -0/+1Indeed, it's all about appearing to be doing something about the problem, even if their "solutions" don't actually do or mean anything.
So you say, "I'm right, why was I buried??"
Well, that's because you used the words big shot in reference to yourself without anything resembling /s.
GG. - Xios117, on 03/17/2008, -0/+1...
Yeah that's pretty much it in a nutshell.
Anyone who singularly blames the poor bastard who's in office when the problem occurs is hopelessly myopic. - Xios117, on 03/17/2008, -0/+1That reply made me happy; thanks for giving me a laugh as I attempt to respond and quell idiocy taking place in this topic. :)
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