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Thread: Horror for US Economy as Data Falls off Cliff

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    Horror for US Economy as Data Falls off Cliff

    News Headlines

    "It seems that almost every bit of data about the health of the US economy has disappointed expectations recently," said Riddell, in a note sent to CNBC on Wednesday.

    Pointing to the dramatic turnaround in the Citigroup "Economic Surprise Index" for the United States, Riddell said the tumble in a matter of months to negative from positive is almost as bad as the situation before the collapse of Lehman Brothers in 2008.
    Let's spend even more. Raise taxes. Create more regulations and burdens!

    Yes We Can!

    Back towards a US double-dip

    By Robert Reich (Clinton Economist)

    Published: June 1 2011 12:51 | Last updated: June 1 2011 12:51

    The US economy was supposed to be in bloom by late spring, but it is hardly growing at all. Expectations for second-quarter growth are not much better than the measly 1.8 per cent annualised rate of the first quarter. That is not nearly fast enough to reduce America’s ferociously high level of unemployment. ...there has been no sign of a surge in hiring. Nor in wages. Average hourly earnings of production and non-supervisory employees – who make up 80 per cent of non-government workers – dropped to $8.76 in April. Adjusted for inflation, that’s lower than they were in the depths of the recession.

    Meanwhile, housing prices continue to fall. They are now 33 per cent below their 2006 peak. That is a bigger drop than recorded in the Great Depression. Homes are the largest single asset of the American middle class, so as housing prices drop many Americans feel poorer. All of this is contributing to a general gloominess. Not surprisingly, consumer confidence is also down.

    The recovery has stalled. It is unlikely that America will find itself back in recession but the possibility of a double dip cannot be dismissed.

    http://www.ft.com/cms/s/0/aa81cf92-8...#axzz1O4Npu4kR

    Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything," Yastrow said. "We’re on the verge of a great, great depression. The [Federal Reserve] knows it.

    "We have many, many homeowners that are totally underwater here and cannot get out from under. The technology frontier is limited right now. We definitely have an innovation slowdown and the economy’s gonna suffer."
    http://www.cnbc.com/id/43236764


    .
    Last edited by zimmer; 06-01-11 at 08:36 PM.
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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    Re: Horror for US Economy as Data Falls off Cliff

    Quote Originally Posted by Redress View Post
    Generalizations are stupid.
    Quote Originally Posted by Joe Steel View Post
    The Second Amendment has nothing to do with guns.

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    Re: Horror for US Economy as Data Falls off Cliff

    Yeah, I mean man, look at all those extra taxes I've been made to pay since Obama took off-

    Oh wait.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Horror for US Economy as Data Falls off Cliff

    Ain't gonna be no double dip. We're still in the remission stages of the first dip. Until THIS changes...

    Record 2.9 Million U.S. Properties Receive Foreclosure Filings in 2010 Despite 30-Month Low in December

    ...the recovery will not take off. Just like the S&L crisis of the 90s, more needs to be liquidated. Period. Quantitative easing will do no harm or good.
    SWAGSWAGSWAGSWAGSWAGSWAGSWAGSWAG
    Quote Originally Posted by Josie
    Thanks for your awesomeness, Jeezy.

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    Re: Horror for US Economy as Data Falls off Cliff

    Quote Originally Posted by Deuce View Post
    Yeah, I mean man, look at all those extra taxes I've been made to pay since Obama took off-

    Oh wait.
    That's not what the photo implies...

    And the housing prices still continue to fall in many places...
    Last edited by Μολὼν λαβέ; 06-01-11 at 10:21 PM.
    Quote Originally Posted by Redress View Post
    Generalizations are stupid.
    Quote Originally Posted by Joe Steel View Post
    The Second Amendment has nothing to do with guns.

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    Re: Horror for US Economy as Data Falls off Cliff

    Many figures dropping is actually a good thing, because if they didn't consumption would be raising the debt even more. It's cheaper to put people on government checks vs. keeping them in full time jobs or letting them fall into a criminal dilemma with no benefits. The effect is a reduction if consumption and a lowered debt. Welfare is our friend right now. If you get too stingy, and both refuse welfare and full time work, you will create a criminal which is far more expensive than either.

    We must face that all these figures must drop until things get balanced. The only other alternative is to increase our international exports (not inter-state) to a level that keeps up with our debt and that is not going to happen any time soon. Things have gotten too far behind at this point and we are left with the only solution: downsizing everything while maintaining sustainability for everyone so they can get back to work once called.
    Last edited by empireofreason; 06-02-11 at 03:11 AM.

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    Re: Horror for US Economy as Data Falls off Cliff

    Quote Originally Posted by Μολὼν λαβέ View Post
    That's not what the photo implies...

    And the housing prices still continue to fall in many places...
    And there is a whole lot of uncertainty because people see an administration hostile to business and illiterate on the subject.

    And if we speak about taxes... what was their jawboning about taxing Cap Gains though it would reduce government revenue, and taxing at the 250,000 level?

    Their meddling in the housing market has been an outright disaster; compounding a problem they created.

    A 62% Top Tax Rate?
    Democrats have said they only intend to restore the tax rates that existed during the Clinton years. In reality they're proposing rates like those under President Carter.
    Stephen Moore: A 62% Top Tax Rate? - WSJ.com
    EOR: Reich is a Clinton economist who fits into the Keynesian School and he's got warning flags up. No matter which way you cut it... it ain't good.
    "If [small businesses] can get the bank loans to boost their payroll... they will do so."
    Barack Hussein Obama
    Businesses do not take loans to meet payroll.


    Rolling Blunder!

    .
    Last edited by zimmer; 06-02-11 at 04:53 AM.
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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    Re: Horror for US Economy as Data Falls off Cliff

    Until Obama is gone there will be recovery because he has no damn idea what to do or how to go about it.


    For all the talk about how brilliant Obama is, I find it curious that he has been wrong at every turn on the economy and and is still hiding his school records, that many say show that he just got by with very poor grades.


    Why else would he go into community organizing in stead of a real business. Hell he didn't even write the books that made most of his money.

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    Re: Horror for US Economy as Data Falls off Cliff

    Quote Originally Posted by Councilman View Post
    Until Obama is gone there will be recovery because he has no damn idea what to do or how to go about it.


    For all the talk about how brilliant Obama is, I find it curious that he has been wrong at every turn on the economy and and is still hiding his school records, that many say show that he just got by with very poor grades.


    Why else would he go into community organizing in stead of a real business. Hell he didn't even write the books that made most of his money.
    LOL

    Lets see...

    Bush, who only got into schools because of his name, only avoided going to Vietnam because of his connections and managed to bankrupt several businesses before he turned his eye on politics... and bankrupted the US with his policies.. Yea your problem is clearly Obama.....
    PeteEU

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    Re: Horror for US Economy as Data Falls off Cliff

    Quote Originally Posted by PeteEU View Post
    LOL

    Lets see...

    Bush, who only got into schools because of his name, only avoided going to Vietnam because of his connections and managed to bankrupt several businesses before he turned his eye on politics... and bankrupted the US with his policies.. Yea your problem is clearly Obama.....
    Once again a post that has nothing to do with the topic at hand.

    This is like a kid who was caught in the cookie jar and jumps up and says will Billy did it too.

    Try not to divert attention from the topic.

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