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94 Comments
- moviemadams, on 05/06/2009, -6/+34Blaming Obama for this problem is like blaming a doctor for not saving a patient who came in almost dead already.
Deregulation of the banking industry happened during the Clinton administration, which is the real root of the problem. Bush only made it worse by not doing anything to regulate the banking industry, and, in case anyone has forgotten, that administration a $700 billion dollar blank check to the banking industry in October.
So, let's review. In Q4, 2001, post-9/11, Enron, Worldcom, etc, the major stock indexes are about at the level they are now. To combat recession, the Treasury drops interest rates. Home prices heat up. No regulation against subprime mortgages or ARMs. Due to the lack of regulation, bankers can bundle worthless securities with decent securities, and still get a AAA rating. These banks sell stinky stinky turds to one another. The stock market soars on the wings of made-up sales created by very smart people, not because there was actually something valuable being traded. And guess what? We found out there was nothing valuable being traded, and now we're right back to where we were eight years ago.
Obviously, I'm a firm believer in regulation, but that's just writing a rulebook for the game. Government should not have as little effect on recovery as possible. This is a free market, which means the market should recover on its own, if there is a sustainable market at all. Don't count on the government to help you out; you need to help yourself. - DougP1, on 05/06/2009, -2/+16Good, informative article; doesn't take one side or the other, just tries to present the situation as it is.
- TheShagler, on 05/06/2009, -26/+38Yea... You're all correct. There is no way to recover. The sky is falling. The world is ending.
I’m so sick of all this trolling and Obama bashing.
How about all you economic pessimists go out and create economic value by doing something other then living in your parent’s basement at 25. - peestandingup, on 05/06/2009, -0/+11Because this is a "correction". Hence you cant recover from it.
- edstate, on 05/06/2009, -15/+25I think we should confiscate and/or print more money and simply throw that at the situation. Funneled, of course, through the largest political contributers.
- sHockz, on 05/06/2009, -4/+13im still curious how the govternment pays off debt by creating a bigger debt...
im pretty sure im not allowed to pay off my credit cards with other credit cards
obama has not changed the strategy. let me know when he does. - Feenix566, on 05/06/2009, -1/+10I can tell you why the economic recovery will be disappointing in one word: inflation. It's about to go through the roof. Prices of everything are gonna skyrocket. If your wage doesn't increase along with it, this "recovery" will be more like a nightmare.
- MisterFizzle, on 05/06/2009, -1/+10"The stock market is up 34% since early March."
That alone is scary, the stack market is still too inflated. - stanggt3, on 05/06/2009, -5/+13LOL @ THE SHAGLER
the country has been in worse shape than this and we are still here. Some of you need to get out of the house and into the real world. stop spending ur life reading doom and gloom articles. - Supernova36, on 05/06/2009, -1/+9'Butthey' is possibly my new favorite word.
- pstroll, on 05/06/2009, -3/+10Come on Ben and inflate a new bubble. I squandered the last one :(
- pathouston22, on 05/06/2009, -0/+7Sub-prime mortages were doing their thing before oil shot up in price. But oil did help the cause.
And guess what's going to happen? As the market recovers, demand will increase. And then the supply will be strained again, and prices will go up. Congress/Obama doesn't want us drilling for oil in the shale and offshore, well we won't be off oil tomorrow or in 5 years. And the price will spike and hurt the economy again. I for one am keeping my stocks in oil companies for a while, because I can gurantee you the price of oil will go up again. - Ebacherville, on 05/06/2009, -0/+7recovery will be finally not declining.. or the big crash when we hit bottom.. we were at a nose dive, now were kind of in a tumbling spinning fall.. its not as fast as a nose dive but its still a crappy situation!
- southwestnut, on 05/06/2009, -2/+9I agree. I am not blaming him for the meltdown as a whole, but I disagree with the way he is "fixing" the situation.
"is like blaming a doctor for not saving a patient who came in almost dead already."
you would be suprised how much that happens....... :>) - dshPls, on 05/06/2009, -6/+13They've been saying this crap since it was an election talking point. The US was supposed to collapse 5 or 6 times already if you follow their paranoid predictions about the NWO and Gold standard.
- Vaiper, on 05/06/2009, -0/+63 words for you...
LEARN. TO. SWIM. - hyderalamgir, on 05/06/2009, -6/+12Work?
Why would I do that when I can blame everyone else for my problems?! - thedcam, on 05/06/2009, -2/+8This is disappointing, so far all I got was some kind of Domino's pizza TARP plan.
- Bloodwine, on 05/06/2009, -5/+11"green shoots" nonsense = the government and economists trying to convince Main Street that everything is getting better, so please stop being so cynical and careful and to try and fall for the smoke and mirrors again.
- gfryesc, on 05/06/2009, -3/+8in about 2 years we're going to lament the 'green bubble' popping and wondering why we never saw it coming!
- yarcod, on 05/06/2009, -3/+810 pts awarded for gross over-generalization and ad hominem attacks.
- PhilliesBlunt, on 05/06/2009, -2/+7Actually, you are, it's called Debt consolidation, or balance transfer.
As for paying of debt with debt, businesses do this all the time by spending money to either advertise, or invest in growing their business so they'll be able to make a greater profit.
Whether or not it will actually work remains to be seen. I hope it does. - Contention, on 05/06/2009, -1/+5I find it odd that everyone keeps referring to the Sub-Prime mortgage as the start of the mess. Not to belittle the pivotal role they played, or that it wouldn't have eventually cause the same effect, but I don't think that's what REALLY started it.
Think back. When did consumer spending REALLY start to change drastically? I think the real start was when JP Morgan and other investment companies started driving up the price of oil out of fear that the demand would increase because of the predicted (not at all accurate) increase of consumption in China, because they money they were making from these bundled mortgages just wasn't enough.
If you think about it, THAT is when consumer purchasing started to dive - Every dime they would have normally spent on luxuries or other non-essential purchases was diverted directly into the hands of the oil companies. Suddenly, attitudes started to shift. People started spending more money just to drive around, and started thinking about what they really needed to spend money on. It started a cascading effect that not only affected consumers, but companies that took out loans to get money for products that people weren't buying anymore, or buying less of them. Then all hell broke loose.
My humble theory, anyway. I know MY spending drastically changed once I was paying $4.50 a gallon. By the time the prices came back down to sane levels, most of my spending habits had already changed. - inactive, on 05/06/2009, -4/+8Disappointing? Depends on how you look at it. Glass half empty, or half full?
Now is the BEST time for you to save into an IRA or 401k. Once the economy recovers (and let's not play stupid, it will recover), you're in an awesome position. Even if you need the money, then put it into the IRA that doesn't penalize you for early withdrawal (I think Roth). You still get to keep your earnings.
So while you might be down in the dumps that you can't afford a new play car, think about other situations in which you can benefit from this whole mess. And there are PLENTY.
Look, the truth is... we all saw how the general public reacted during the "swine flu" scare (along with the many others). What makes you think this economic crisis scare is any different? Most people aren't biologists just like MOST people aren't properly schooled in economics. It's bad, sure, but it's nothing to flip out about. - smemily, on 05/06/2009, -2/+6So it'll be about like the last 9 years have been, then?
- tnoy, on 05/06/2009, -1/+5There will be no "boom" We're not in a recession as much as we're back to normal levels after a massive bubble.
One of the worst things to happen would be the economy to return back to 2006 levels in a short time. - KarateMedia, on 05/06/2009, -2/+6Yeah, not to mention that stacks haven't been the same since they took ephedrine off the market.
- joe8pack, on 05/07/2009, -0/+3You might want to take a little money off the table and pocket those gains. The government can't keep pumping money into the market forever, not if they are going to continue to pump money into every other nook and cranny of the economy. This is a bear rally, its meant to suck excess money out of the suckers, we are on the crest of a W, waiting for the next roller coaster ride down. There are no fundamentals to support the rise in stocks, its pure speculation and manipulation. Unless you have friends in high places who can tell you when they are going to pull the rug out, I'd be very wary of having too much exposure. Cash will continue to be king, until the financial fraud has been controlled.
- kaelyiesta, on 05/06/2009, -0/+3No it doesn't. It doesn't address that those who are providing these optimistic predictions are those who were wrong when the economy began to fall. If I recall right, only 4 known economists warned specifically of the coming crash before it was already upon us. The same misguided and incorrect economists who said everything is fine are the ones being quoted in this article. It's providing a dichotomy sure, but that's like saying an article that provides a case for bombing Iran vs the case for bombing Iraq is "not taking sides" and "presenting the situation as it is".
It doesn't address the even larger issue(even bigger than these liars calling increased job losses a recovery): What is being 'recovered'. A recovery would be a correction of the market that would refocus labor and production into areas that are are more economically viable to satisfy what people want(IE the free market). This has not happened. The economy is being maintained without correction and so no recovery is technically possible. We may be moving again, but it's still in the wrong direction. Recovery is not having government force continue to sustain stagnant, entrenched, incumbent business and the malinvestment that keeps them there. Recovery is letting the economy accurately reflect the interests of the people, free of artificial influence and coercion. - inactive, on 05/06/2009, -0/+3not scary if you're making money.
It's a train ride right now built on ***** or not.
it's possible that it will reach to 10000 this summer 9500 is more realistic.
I've nearly doubled my money in the past 2 months.
- ChronicJ, on 05/06/2009, -0/+3Butthey won't like it one bit!
- yarcod, on 05/06/2009, -1/+4Growth will be disappointing for decades to come because the economy will have to pay for all of the government works in progress right now via taxes. (On top of all of the other ludicrous government works and wars already in progress)
- kingmanic, on 05/06/2009, -0/+3There is a bit of latency between when the ***** hits the fan and when we all smell the result. Similiarly we'll still smell it for a while even after it's been cleaned up. It'll be half a year before the economy shakes all the effects from before and starts to hire and grow again. I think the article may be alluding to this time lag as well as the fact that the "normal" growth just before the recession was actually pretty hyper inflated and we won't have that type of growth for some time if ever again (the fact it was unsustainable may means this is a good thing).
Seems to be just highlighting the uncertainly of what a post recession USA will look like. - WhiskeyLemur, on 06/30/2009, -1/+4I think your sarcasm detector is out of whack - might want to get that looked at, then re-read the post.
- Ebacherville, on 05/06/2009, -1/+4Subprime mess was caused buy the fed reserve making interest artificially low.. this promoted borrowing by banks and they let them do fractional reserve banking.. thats what cuased the crash , isnt it odd that the very cause of the crash is now the one thats here to fix it ..
Kind of like the local tire shop walking around puncturing tires to drum up some business! - TJ22, on 05/06/2009, -0/+3Oil didn't go up based on demand or supply it went up due to speculation of oil, investment companies betting the price would go up, driving the price up with no intention to take delivery. Close the "Enron loophole" that still exists for oil.
- redxii, on 05/06/2009, -1/+4Better keep saving. There doesn't seem to be a stop to the current $2-$3 per day rallies in oil since late last month, and the increase in food prices and other goods that will follow compounded on the increase when oil was $147..
- Vaiper, on 05/06/2009, -2/+5No it's not. You, I, or anyone for that matter, will never see that money ever again. If for some crazy reason that money comes back our way it will be so inflated that you will need 4 times as much to have the same buying power as before the recession.
- zomgflamer, on 05/06/2009, -0/+3The economy does well when you change the standard of how you measure things. Whether you and I like it or not we will have inflation and higher taxes to payoff for the spending. Problem is how big is it going to be.
Ultimately, if we don't produce more than we consume we will never get out of it, thats just logic and reality. THis place will become crap compared to other countries and get hit harder after that. - Barackalypse, on 05/06/2009, -1/+4What exactly is the long run economic potential of a country that spends too much and saves too little? We are 1-3 years away from having a public debt greater than our yearly GDP and Government spending shows no signs of leveling off.
- LenBaird, on 05/06/2009, -0/+3"Dump your money back into the system, we need it fully primed to rob you again," is what I think we are hearing, in layman's terms.
- Bloodwine, on 05/06/2009, -0/+2KimmyGibbler, Warren Buffet has said that inflation is heading our way. I think Warren knows a thing or two about money.
http://money.cnn.com/2009/05/02/news/newsmakers/wa ... - Trick07, on 05/07/2009, -0/+2Small breaks like a token tax break that I did notice... but I live here in California so my token tax break was just enough to cover the new taxes California now takes from me...
But that is a positive. I am no worse off after the tax break and tax increase... - funkedup, on 05/06/2009, -2/+4What I don't understand is that these are the same people who didn't see this crisis coming and now we're supposed to take their advice on how to fix it??? Unbelievable!!!
- southwestnut, on 05/06/2009, -1/+3True,
what we have here is an ABO incompatability. Meaning that the transfusion from the donor is not compatible with the host's blood type and hemolysis occurs. -------gosh I love being a nurse :>)
obama's policy is not compatible with our economic system. You can not spend your way out of this. That is like someone in a hole with a shovel that says to themselves that they are going to "dig their way out of it" and wind up going deeper.... - wolfing, on 05/06/2009, -4/+6I totally disagree. He made a jump from 'the economy is recovering' to 'but unemployment will keep rising'... One doesn't follow the other. I'm not saying companies will start hiring immediately, but they won't fire people if they see their numbers evening out and start rising. Also, many startups that are holding up until they see the bottom of the recession, might start hiring to ride the wave up.
I for one am optimistic, blue numbers are starting to show up (as opposed to the red we've been seeing for a year now), and other than pessimism I don't see why it would not continue to be so. - inactive, on 05/06/2009, -0/+2agree!
That's why the market always turns around first before the rest of the nation (world) during a recession.
even if you don't have a penny in the market it's good for every one to see it go up it means the turnaround is afoot. - LenBaird, on 05/06/2009, -0/+2I'd keep your hunter gathering skills sharp for now.
- AtomicTheory, on 05/06/2009, -0/+2It's 'cause, not cause'.
- KimmyGibbler, on 05/06/2009, -1/+3If you're so confident, then position your investments for inflation. Then again, you seem like the mattress stuffing type
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