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195 Comments
- ConcernedCanuck, on 06/17/2009, -20/+90I CALL *****.
I go to INDEPENDENT non-criminal analysts for my economic information.
Names like Peter Schiff, Gerald Celente, Bob Chapman, Michael Berry, Doug Casey, Paul Van Eeden... They are all saying that this crisis will last much much longer then then we are led to believe.
"President Obama's stimulus package and other "remedies" will not cure our economic woes any more than the New Deal cured the Great Depression. The real question is whether Barack Obama's New Deal, building on the old one, will finally sink the American economy into the sands." -The Politically Incorrect Guide to the Great Depression and the New Deal. By Robert P. Murphy. Regnery, 2009 - Trutholder, on 06/18/2009, -6/+66haha wow are these the same economists that were saying "we aren't in a recession before last summer? Remember, even the bush admin didn't officially acknoladge a recession until 6 months after people were talking about it. These ecomist are nothing but liers. People need to do some studying on there own and stop relying on so called experts telling them about the economy. For example, the real unempoyment rate is not 9.4%, but closer to 15%. Yet, you still don't hear anything about that.
- Julie188, on 06/17/2009, -1/+53I need it to end and end now. But just like my kids, the recession isn't listening to me.
- inactive, on 06/18/2009, -3/+47You mean the same bankers that got lots of money from the government for royally ***** up?
- AmnesiacJack, on 06/18/2009, -1/+35Good news everybody! The military has plenty of openings and interviews are ongoing!
- Doubledown, on 06/18/2009, -5/+36In all reality... the recession won't end for another 5+years
- mogebier, on 06/18/2009, -7/+38It will end when the Government STOPS throwing fake money at the problem and starts letting the market decide which companies fail and which ones succeed.
Balance will be restored quicker, with a lot of pain in the beginning. The way it's happening now, the pain is going to be spread out over the next 10 years. The band-aid needs to be taken off FAST, not slowly like it is right now. - seattlegirluw, on 06/17/2009, -4/+27I'm just glad that someone is finally admitting that this recession won't end for most Americans before the end of the year. We keep hearing it'll be over soon and that's the wrong message to send because disappointed voters are going to vote against incumbents
- mogebier, on 06/18/2009, -1/+19Is it wrong that my brain read that in Professor Farnsworth voice?
- KSUdesigner, on 06/18/2009, -2/+20We were well into insurmountable debt before Obama was elected, but yes none of his bailouts have really been very beneficial so far.
- nixfu, on 06/18/2009, -1/+17Glad to see you're rooting for reality.
- covertbadger, on 06/18/2009, -2/+17"Remember, even the bush admin didn't officially acknoladge a recession until 6 months after people were talking about it."
The very DEFINITION of a recession is "two down quarters of GDP", therefore it takes at least 6 months to identify one. If you're going to play at armchair economist, at least learn the basics.
"People need to do some studying on there own"
Take your own advice. I suggest you start with a dictionary, letter 'R'. - Charlotte_Web, on 06/18/2009, -4/+17The recession will end when we get a president and a Congress in office that understands that you can't use debt to spend your way out of a recession.
- tomasII, on 06/18/2009, -1/+14And in other news forecasters are now able to tell us what the weather will do next week.....Yeah right.
- juankovo, on 06/18/2009, -2/+14Wasabi,
Yes. Companies must fail in order for others to grow. If you don't let them fail, nothing else can grow. New trees can only grow in the forest when an old one falls down, providing space and light and fertilizer.
The companies who make cassette tapes started to lose business when CDs came on the scene in the early 90s. Should we have bailed out the cassette manufacturers so their employees didn't have to suffer through a job loss? Of course not.
"Too big to fail" really means that they were too big to sustain themselves. Propping them up only spreads the costs to people who were smart enough not to invest in the failing company. It's privatized profits and socialized losses. That's no way to run an economy. - foohookups311, on 06/18/2009, -1/+13I believe he is referring to the discouraged workers who get part time jobs after they can't find a full time job to replace the job that they previously worked. These discouraged workers are left out of the 9.4% because they are "technically" employed.
- inactive, on 06/18/2009, -4/+16It's unemployment by a different definition. It's useless to bring up the number because it is used to make things sound worse than they actually are. You have to compare apples with apples and oranges with oranges. If the "real" unemployment rate is 15%, than was it 10% before the recession?
- Pssdoff, on 06/18/2009, -2/+14Ending the Federal Reserve monopoly is a prerequisite for ending the recession.
- juankovo, on 06/18/2009, -8/+20The recession is not over, and won't be for a long time. If there's any question about it, look at these: http://mises.org/markets.asp
- methdwman3, on 06/18/2009, -2/+13They lose their freakin jobs! How our mentality has changed in this country in such a short period of time. Why didn't Enron get a bailout? Because we were all content with letting a bad company fail. What happened to that mentality?
- theaceoffire, on 06/18/2009, -2/+13I am honestly shocked it will only supposedly last for a year... This was a huge issue, and if it can be fixed that quickly, I will be amazed.
- Alderon, on 06/18/2009, -6/+17At the end of the long dribble of - "It'll end, banks are good, jobs will come, and the sun will rise again..." we have the truth about this piece of "_____" (You fill in whatever word you want).
"...
All of this is speculation. What we know for certain is that average Americans won't really feel that their personal financial situation has improved until they can ask their employer to keep their salary in line with inflation and, perhaps, even get a small raise for all the extra work they've taken on since the company began firing and redistributing tasks. Such job security could be a long time coming.
..."
It's all a guess to the author and the folks quoted in the piece.
This DEPRESSION is real and here to stay with the Federal Reserve printing up Trillions and Trillions of pieces of paper the inflation (growth of money in the market) rate is growing exponentially and when the flood of all these new dollars hit the market, we the 2-5% pay cut folks will be screwed out of far more than a mere 2-5% more like 10-25% of our take home pay. - juankovo, on 06/18/2009, -5/+16They get jobs at the companies that replace the failed companies, duh.
If we have 10 widget-makers, and our economy really only needs 8 widget-makers, the worst 2 of them will fail and the employees of that company will go find jobs making whatzits or doohickeys. If the government keeps those 2 widget makers open, you will continue making too many widgets and all 10 of the widget makers will continue to suffer, as well as the taxpayers who must continually bail out the worst players in the widget market. - govsucks, on 06/18/2009, -1/+11Are these some of the same economists that predicted un-employment wouldn't rise about 8%?
Does anyone smell PWNED? - ezki1l, on 06/18/2009, -3/+13My Dad lived through the "Great" Depression. He always asked, "What was so great about it?" At that time there was no unemployment insurance or welfare to take the sting off the loss of a job. Only married men could work in those days if there was a job available. He lived in the woods with others in the same "boat". They hunted, trapped and picked ginseng, berries or mushrooms for trading with people that had money or jobs. They back packed everything they owned each day with them or others would find their shack and take off with the goods.
During the 50s, the recession hit and we moved from a large city to a cabin on a lake he had started back in our home town. No good heat (a fireplace and garbage burner), no electricity for a year. Those were the best times for a 12 year old. I fished all the time and we ate what I caught. Water we got from the neighbor's hand pump in a 2 gallon pail froze solid each day. We lived on handouts from the people in town that got "relief" in the form of corn meal (wormy). I used those for fish bait in the winter months. We didn't get the powdered eggs, flour, powered milk or cheese, because my dad had to stay back in the big city to stand in line all day to wait for a job where he had worked, if any. No checks in those days either. Bills didn't get paid. We didn't go out and buy a lot of clothes. My gym shoes were socks. Hot Showers after gym were a treasure.
Even though the unemployment rate is 10% today, and even if we call this a depression, we just need to grit our teeth and get through it. After it is over, you will have something to tell your grandchildren about, when they ask you, "Grandpa (Grandma) were you in the Depression of 2008-09"? "Yes child, I had to go round and sign a card saying I looked for work before the man would send me my unemployment check. Boy those were tough days."
-Delmar Fairchild, Barron, WI
lol... - WhiskeyLemur, on 06/30/2009, -2/+12Acknowledging the full scope of the problem is not at all the same thing as rooting for failure. I *want* Obama's financial interventions to succeed just as much as you do - but just because I want something doesn't mean that I *believe* that's how it will pan out.
- jkasquires, on 06/18/2009, -1/+11I stopped reading when it stated it was from economists from banks lol!
- juankovo, on 06/18/2009, -7/+17It will not be fixed in a year. It will be worse in a year.
- foohookups311, on 06/18/2009, -0/+10Agreed. The corporatist look at it like this, "Ohh the US population doesn't like the fact that we are shipping jobs overseas. Okay then we will in source our low wage workers. Muhahahahaha"
There is only one way for the American worker to combat this and it is to reinvest in education. You are only going to yield what your worth at the end of the day. - Eorster, on 06/18/2009, -1/+11Really people... put on your thinking caps. These are people from the same institutions that rated packaged sub prime loans AAA. Believe nothing trust no one.
- juankovo, on 06/18/2009, -4/+13Bush and the Republican leadership are almost as much to blame. They (Rs & Ds) are nearly all adherents to Keynesian economic theory. Not because Keynesianism has any truth to it at all, but because it allows politicians to claim a great deal more power for themselves.
U.S. government philosophy: If it ain't broke, fix it until it is! - Unreal030, on 06/18/2009, -0/+9Hello, as and economist I thought I would key in on this as several people are requesting the information. Broad unemplyoment rate (the real rate, not the fudged government one) was running around 12.3% in April of 2007. Unemployment, if you want to calculate with the part-time replacement workers, as foohookups311 stated, and those who have stopped looking all together is running around 19.7% right now. The latest unemployment rate numbers were run on Jun 5th of this year. Depending on how you want to calculate it, I would say it would best to follow along the lines of between 16-18 percent however. This is the result of more conservative calculations.
Also I would agree with some of the people on here that this recession will not be ending anytime soon from what I have seen in data and through what I have come to understand via conversations with other economists. Most of these people parroting these things are political hacks. It's unfortunate that the economics world has become so politicized but unfortunately it does happen. We will most likely see the biggest impact of our current situation somewhere towards the end of the next 2 years or the beginning of 3 years from now. - CaughtThinking, on 06/18/2009, -1/+10What universe are these guys in? Is it that they just want us to start borrowing and throwing money at them again?
- asgardshill, on 06/18/2009, -2/+11All politics is local. And the locals say if you have a decent job = no recession. If you don't = recession. If you don't with no realistic prospects to get one any time soon = depression.
- forcedfx, on 06/18/2009, -2/+11Is it true that they'll pay for my college education?
(If I don't get killed first) - vbullinger, on 06/18/2009, -0/+9"Not only have they been beneficial"
I think you meant "Not only have they NOT been beneficial" - roostersheep, on 06/18/2009, -7/+15You're trying too hard.
- foohookups311, on 06/18/2009, -5/+13They get hurt for a little bit and then they get re-employed after the private market restructures and becomes profitable again.
- Ebacherville, on 06/18/2009, -2/+10yeah the recession will end in three months , thats when they will call it a DEPRESSION!
Honestly I don't know but at this point looking 3 months out for a turn around.. I'm not seeing it. - Sarkoon, on 06/18/2009, -2/+10How can the recession even be close to over when the second half of mortgage resets hasn't even happened yet? All the experts I believe are saying that the housing market won't begin to recover until 2012.
http://dshort.com/charts/mortgage-resets.gif - Libertaire, on 06/18/2009, -0/+8Rrrrright, this coming from the shyster banksters. Look at 'em trying all hard to restore our confidence. Morons.
- CrazedLeper, on 06/18/2009, -7/+15@emjaysea said:
"Yes, the Concerned Canuck is another far right wingnut with no real understanding of history."
Buried for use of the insanity defense. I'm harboring a growing hatred for people who dismiss things they don't want to hear by calling the messenger "insane". It's an asinine cop-out that means nothing more than "I am not open to any discussion because my opinion is intertwined with my identity and I am unwilling to change". - juankovo, on 06/18/2009, -1/+8They weren't forced to leave their professions, they were underbid. Someone else came in and offered to do the same work for less. They can either take the pay cut in light of intense competition, or look for a better paying job elsewhere.
Schemes to prevent this sort of thing from happening merely make the United States less competitive in a global economy. - Moonkeeper, on 06/18/2009, -1/+8I hope they are right but I believe they are wrong. Two years ago the same people felt the housing boom would continue. A few months later these same people "knew" that the slowdown would stay in the subprime sector. Then it was just housing.....then it was the auto industry as well....
What has me more concerned is that those that were correct about what has happened are predicting a "lost decade." - ChrisOrr, on 06/18/2009, -3/+10Wow this sounds like a ***** ***** system we live in. Where were forced to pay companies to produce goods we don't want just so we can save these mythical "jobs" from disappearing off the face of the earth somehow. Personally, I'd rather not have a job and see all of these garbage companies go under. Then maybe we could bring some god damn sense back into this economy. Right now the politicians and professional "economists" out there are throwing numbers around to make the US still look like "the greatest and richest country in the world" but its all false. Were trying to save face by making ***** up and eventually its all going to come tumbling down. Can't be the greatest country in the world forever, especially not at the expense of the rest of the world.
Maybe if people lost their jobs they'd go have more time to think of something actually useful to do instead of crunch spreadsheets for IBM or stamp side-panels for GM cars. Maybe the human race could take a step forward out of the clutches of corporatocracy and again be free. Go invent the new greenest energy before they do, because they'll hold it for 100 years to keep profits, just look at the electric car. - juankovo, on 06/18/2009, -1/+8Sometimes education is not a good investment. The costs of education have far outpaced inflation for decades because of all the government money that gets dumped into the education sector every year, and the value of that education has generally declined. Many people would be far better off with a 2-year college education and a good internship, entering the workforce a year earlier and saving themselves a year of tuition.
- eastwood24, on 06/18/2009, -0/+7Not unless we create another boom/bust bubble.
- Kyzzyxx, on 06/18/2009, -1/+8Of course the banks (with the Government's help) are gonna say this cause they want you giving them your children's money again cause they have finished soaking up ANY of the excess wealth that existed before this debacle. The only reason we probably had ANY wealth to begin with was just so they could keep the facade of 'the American Dream' going.
- inactive, on 06/18/2009, -1/+7Decades of ***** up government practices will not be "fixed" until major internal changes occur. According to some economists(the economists who don't collect a government paycheck) the recession will not end before its gets worse.
- juankovo, on 06/18/2009, -0/+6What exactly would you like me to do? I will be running for city council next year. Is that a good start?
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