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337 Comments
- sjbdallas, on 07/05/2009, -20/+154Most economists = puppets
- NorthMass, on 07/05/2009, -7/+91I'd rather listen to this guy.
http://www.youtube.com/watch?v=2I0QN-FYkpw - mkw408, on 07/05/2009, -4/+69Yeah right. We still haven't seen the commercial real estate collapse. How many empty storefronts and half finished buildings do you see around? Who's paying their mortgage. NO ONE. Once our dollar collapses under the this giant debt load the US has we are going to see massive inflation. Contrary to what the idiot Martalli (above) said we need a strong dollar. Do you want to make $20/hr and have it be worth $2/hr because the US dollar is no longer the reserve currency. They cannot raise your salary because that will increase inflation even more.
- DeskFlyer, on 07/05/2009, -6/+66I'll believe it when I see it.
- inactive, on 07/05/2009, -5/+60They've been saying the worst is over for months.
- anarcurt, on 07/05/2009, -7/+58Where is the growth going to come from? There is no reason to believe consumer spending will improve. Unemployment and underemployment leave a lot of people from having any kind of discretionary spending. Credit limits are being cut giving people less available cash. The growth machine of the first half of the decade, home equity loans, have vanished completely. New credit is harder to get for large purchases like cars. They haven't touched the income taxes much but there are a lot more fees, tolls, excise taxes, sin taxes, etc to take more money out of our pockets. If the economy does happen to start growing then inflation will kick in to smack us back down. The stock market is half it's all time high, meaning that people who are drawing from their 401ks may have half the money to spend. While inflation as a whole has not started yet and will not likely start for another 2 years, the things we all use such as gas, food, electricity, etc. are all significantly more expensive than they were 3 years ago. We may have stopped falling deeper into the abyss but that does not mean we will find a way out any time soon. We just don't produce anything anymore.
- Stumpie2012, on 07/05/2009, -8/+51It's funny, every time the"experts" say the worst is over, we get more bad news like this month when the the unemployment numbers rose for the first time in 4 months. Doesn't sound like anything is getting better. Sound like some people trying to ***** us so it will prop the markets and continue to put more money in the "players" hands. It's time for a revolution.
- Chairboy, on 07/05/2009, -8/+48You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it.
~Dr. Adrian Rogers, 1931 - 2005 - inactive, on 07/05/2009, -2/+38Ben Stein is a douchebag. Subprime a "tiny" issue? Like the largest bankruptcy in U.S. history... Lehman Brothers?
And people still listen to these idiots. - biogears, on 07/05/2009, -3/+38"Most Economists" didn't predict the slump
- inactive, on 07/05/2009, -11/+44I bet there all Keynesians, arn't they.
- mkw408, on 07/05/2009, -3/+33You are an idiot if you think us losing reserve currency status will be beneficial to the U.S.
If our dollar is weak and you still get paid the same then everything that is imported will be drastically higher. Your wages won't go up because that will create more inflation. So your $20/hr will be worth $2 and commodity prices which will be priced in whatever the new reserve currency prices will be completely out of reach for the average American.
Not to mention no one will buy our Treasury bonds any more. Which is already happening. We will then start printing money Zimbabwe style to pay off our creditors. The collapse of the $1 will ensue followed by Chaos. IDIOT - JanSimpson, on 07/05/2009, -24/+51This is a bunch of lies, the next wave of foreclosures is about to hit, the Bubble Refinances are about hit, the ARMS are about to hit and then the National Debt Bubble is about to hit - so how it is the economist are saying it is over? More Obama lies and horrible tales so people will invest in the market - the unemployment rate is well above 30% but no one counts that - so how will Obama give wealth redistribution to his entitlement babies if the people who actually work aren't working or refuse to work hard to make any money. I guess what I would like to leave you with...isn't taxing the citizens and giving to the poor wealth redistribution which we have been doing how many years?
- clondike7, on 07/05/2009, -6/+33They've been saying the same thing since it started "the worst is over". It's to control the common folk who believe what mainstream media tells them. When most people know its all just ***** to hide how big a f*ck up it really is.
- TheTaoOfBill, on 07/05/2009, -4/+30Palin doesn't stand a chance. She didn't before and now she really doesn't. Quitting mid term is a BIG no no.
- angelschambers, on 07/05/2009, -3/+26Then I guess most economists don't read the upcoming section of Digg.
About 4 stories down from this
Biden: "We misread how bad the economy was" - BotchaMcCoola, on 07/05/2009, -12/+32Disagree. Inflation can wipe out wealth. It hurts the middle class mosly, helps the debtor classes, and doesn't affect the upper class very much. That should get a lot of votes for liberals (either the D or R kind), I would guess.
- PlusTheBear, on 07/05/2009, -22/+42Wealth gaps never decrease.
- noblepaladin, on 07/05/2009, -5/+24People who understand savings and compounded growth get richer. People who abuse debt and do not understand the losses caused by compounding interest get poorer.
- ThinkOutTheBox, on 07/05/2009, -1/+20Do you want to know a key indicator of when things are getting better? Watch the financial news and when every news story that gets printed isn't bad news, no matter how they try to spin it, and some good news starts trickling in steadily then things will be getting better.
Don't expect it for awhile though, we are going to have a new standard of living here in America, exactly how far we will drop and if we recover are two things that nobody knows. Anybody telling you different is lying. We still don't know if this is going to be a "soft" depression or a "hard" depression. But if the congress doesn't get a handle on spending its going to be a hard depression and it isn't going to be pretty. - inactive, on 07/05/2009, -6/+25Most economists said the bubble was going to continue for ever and not burst any time soon....hell, I mean most economists believe the boom/bust cycle is necessary.
- mc88, on 07/05/2009, -2/+21But this time they mean it. /s
- martalli, on 07/05/2009, -17/+35When the economy has stabilized, what will we be doing? I hear our local pundits talking about how St. Louis need to move into technology, but guess what? Everyone wants to move into technology - the last time I was in Bangalore I think they were moving ahead A LOT faster than StL or anywhere else in America.
When the economists talk about the economy turning around, I think they are really saying that the economy is stabilizing at a new normal, but now at a lower level. One major change we need is for the world community to give up the dollar as a reserve currency, which inflates the dollar, making it easier to buy imports (nice for China) and harder to sell our exports (bad for jobs). Of course there is the unsolved crisis of health care cost, dismal educational system, and many other problems. Since none of these systemic problems are changing, don't expect any true improvement in the economy or prospects for Americans in general. - rmxz, on 07/05/2009, -7/+25"Wealth gaps never decrease."
Of course - and there's a good explanation for this. Wealth distribution is fundamentally an unstable system
In any negotiation, and in every purchase/sale of anything - the wealthy have a better bargaining position simply because of their wealth. And with that better bargaining position, they can get a better deal than the less wealthy.
For one example, a poor company (or ones owned by not-very-rich individuals) might need to take a not-very-attractive deal from a VC simply to pay bills. One backed by rich individuals will never need to take an unattractive deal simply because the rich guys would put up a bridge loan themselves until market conditions improve. Moving down the scale - a lower-middle-class person may need to sell a house in an unfavorable market, while a richer person wouldn't. For another example, a poor individual may have to pawn off all their valuables just to eat, while a rich person will never need to do so.
These examples are extremes, but similar is true to a lesser degree in many transfers of wealth.
That said, "never" is a bit too strong - revolutions and falls of empires basically reset wealth-gaps. - TheBlueVulcan, on 07/05/2009, -7/+24Six months is a "sustained depression"?
- RyanCoonan, on 07/05/2009, -4/+21Yes, which was also wrong.
"But the Republicans did it!" is not good enough justification for the Democrats doing it. - samsmartjr, on 07/06/2009, -0/+16And companies who get people to abuse debt get bailed out.
- damack, on 07/05/2009, -3/+19The easiest way to tell they are full of crap is to read their comments before the "recession" happened.
It doesn't get more obvious than that they know a lot less than they like to think they called this whole thing completely wrong from the beginning. - jh4rms, on 07/05/2009, -1/+16Peter Schiff owns
- diggduggjoe, on 07/05/2009, -3/+18I fully agree. It seems that we are looking toward a new bubble. With the government now involved in the auto industry, they will push cars and houses. I am sure that will turn out well! /s
I saw a headline in my local rag on the business section, "New Concerns Now About Debt". Holy crap, didn't anybody see that we were already knee deep in it, before the Obama spend-a-thon.
You cannot borrow yourself out of a financial crisis. The one way out is growth, and that happens only when the free market is allowed to work, without all the government tweaking. - boulder555, on 07/05/2009, -1/+16 Nigel Gault, chief U.S. economist for IHS Global Insight, a forecasting firm, said in a written analysis. "We expect job losses to continue throughout 2009, and the unemployment rate to peak at 10.3 percent in the first half of 2010."
- bobcat7407, on 07/05/2009, -2/+16Are these the same guys who didn't see the current economic problems coming? So NOW they have it figured out. Either way, trying to fix the economy the way we did will just result in another burst bubble somewhere else.
- tastypaste, on 07/05/2009, -2/+16Most of these experts were wrong about the financial crisis in the first place. They denied it was going to happen. These idiots aren't experts they're tarot card readers taking wild guesses.
- Greyscale88, on 07/05/2009, -3/+1730% Unemployment huh? I finally get to be the douche who says "citation needed"!
- jjason1985, on 07/05/2009, -5/+19I don't believe them.
These are the same guys who say all we need is "confidence" in the economy. Well, its all a bunch of nonsense that benefits a few rich individuals while making economic slaves out of the rest. Who would be confident about that? - blackopsfreak06, on 07/05/2009, -6/+20Suuuuure, unemployment is at a 25 year high, stocks continue to fall, oil is still far more expensive than it should be...what is this a "well, it can't get any worse!" prediction?
- enzomedici, on 07/06/2009, -4/+18Most economists didn't even see it coming so they are ignorant in their own professions.
- inactive, on 07/05/2009, -2/+15Great link...thanks
- ipushmycar, on 07/05/2009, -0/+13They laugh at him as if his predictions are as farfetched as aliens landing on earth and enslaving the human race.
What he says is extremely valid and not that hard to grasp. My economics teacher taught me exactly what this guy is preaching. - jjason1985, on 07/05/2009, -5/+18Didn't the fiscally responsible republicans have a bailout under King George?
- TheTaoOfBill, on 07/05/2009, -0/+13Yes. This entire article is about you.
You can finally afford that Wii. - ichbeineinrcg, on 07/05/2009, -3/+15The other piece I expect to see dragging on the economy is the big state government layoffs that we're seeing around the country. I'm not convinced that housing is on the way back, either, and dairy operations are struggling because the bulk milk price is for ***** right now.
Plant a garden and buy a gun, folks, because it could get worse before it gets worse. - ISellSigals, on 07/05/2009, -2/+14It looks like it's improving because all the bailout money is trickling back in re-inflating the bubble.
- inactive, on 07/05/2009, -5/+17Most economists=clueless
Calling them puppets gives them too much credit. These guys had no clue this was coming on, that it would be so severe, or how to fix it. They're a joke. - bradleyland, on 07/06/2009, -1/+12Any time I read "economists say", I have to wonder if it's the same idiots who all stood around and said everything was find until just before the ***** hit the fan.
- mardraum, on 07/05/2009, -15/+26I would gladly trust Digg comments over PhD economists. what a bunch of ***** morons they are, right?
- noahtron, on 07/05/2009, -0/+11...decrease?
- twomeyw23334, on 07/06/2009, -2/+13And they probably still all laugh at the Austrians and consider them "lucky" for being able to foresee this mess.
- gdenne, on 07/05/2009, -1/+12Exactly. And yet Peter Schiff, the guy who actually predicted and saw this whole thing coming was laughed off of several TV interviews by economists.
- jaymzdean, on 07/05/2009, -0/+10That's right, Schiff was scorned by everyone. And now, mostly ostracized by the media.
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