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Thread: Economy shrinks for first time in 3 1/2 years[W: 395]

  1. #281
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    Re: Economy shrinks for first time in 3 1/2 years

    Quote Originally Posted by Conservative View Post
    No, sorry, but your age is extremely relevant.

    I lived and worked during both and unless you did you have no idea what the 81-82 recession was like you truly have no idea what you are talking about.
    Nope! The relevant figures remain the same. Your personal recollections aren't of any use here.

    Are virtually all those interested in economics thereby unable to render any verdict as to the severity of the Great Depresssion?

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    Re: Economy shrinks for first time in 3 1/2 years

    Quote Originally Posted by Kushinator View Post
    There was a very real decline in wealth that has yet to be recovered.



    Yet it did not occur at all during what you call "the worst recession".

    People recovered from the 81-82 recession a lot faster than this one and 18 million jobs were created. Too bad you rely on books rather than reality.

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    Re: Economy shrinks for first time in 3 1/2 years

    Quote Originally Posted by Conservative View Post
    People recovered from the 81-82 recession a lot faster than this one and 18 million jobs were created. Too bad you rely on books rather than reality.
    Of course they did, they never had to wait years for their wealth to recuperate. This is the problem with financially induced economic downturns; they are the absolute worst (see the Great Depression for a reference).
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Economy shrinks for first time in 3 1/2 years

    "But according to you... people are unemployed because they're lazy and it's their own fault...

    Actually it's the administration's fiscal policies. And the fools who re-elected the fool behind those policies. We need more taxes, and more redistribution. Yep, that'll do it.

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    Re: Economy shrinks for first time in 3 1/2 years

    Quote Originally Posted by Kushinator View Post
    Of course they did, they never had to wait years for their wealth to recuperate. This is the problem with financially induced economic downturns; they are the absolute worst (see the Great Depression for a reference).
    No, people back then understood personal responsibility, didn't get two years of unemployment insurance. So where were you during that recession?

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    Re: Economy shrinks for first time in 3 1/2 years

    Quote Originally Posted by Conservative View Post
    No, people back then understood personal responsibility, didn't get two years of unemployment insurance. So where were you during that recession?
    You are not even addressing my statements. People back then did not have to wait until $14 trillion of wealth came back into existence. There was not a decline in wealth EVEN though short term interest rates were in double digits. We still have not regained our previous wealth after 5 years and 4 years of short term interest rates @ zero.

    Of course i do not expect you to respond with anything valid.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

  7. #287
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    Re: Economy shrinks for first time in 3 1/2 years

    Quote Originally Posted by Kushinator View Post
    You are not even addressing my statements. People back then did not have to wait until $14 trillion of wealth came back into existence. There was not a decline in wealth EVEN though short term interest rates were in double digits. We still have not regained our previous wealth after 5 years and 4 years of short term interest rates @ zero.

    Of course i do not expect you to respond with anything valid.
    How did this recession hurt you or your family. I can tell you how the 81-82 recession hurt everyone. Try paying over 17% interest rates and having high inflation along with 10.8% unemployment?

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    Re: Economy shrinks for first time in 3 1/2 years

    Quote Originally Posted by Conservative View Post
    How did this recession hurt you or your family. I can tell you how the 81-82 recession hurt everyone. Try paying over 17% interest rates and having high inflation along with 10.8% unemployment?
    This is not even a response.

    I stated:

    Quote Originally Posted by Kushinator View Post
    There was never even an instance of net-wealth lost during the early 1980's recession. However, from 2007-2009, the U.S. witnessed a wealth decline in the tune of 100% of GDP.
    Instead of even addressing my statements in ANY of your replies, you instead chose to attack straw men and make red herrings, which is a fallacious debate tactic.

    You cannot say (with any accuracy) that the 1980's recession was anywhere as bad as the current economic reality when the wealth of the people (like in almost all economic downturns) does not decrease.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Economy shrinks for first time in 3 1/2 years

    Quote Originally Posted by hfd View Post
    "But according to you... people are unemployed because they're lazy and it's their own fault...

    Actually it's the administration's fiscal policies. And the fools who re-elected the fool behind those policies. We need more taxes, and more redistribution. Yep, that'll do it.
    It's destroy the private sector and grow the public sector...

    At this point it us useless to argue.

    I see what's happening, you see it - no point to document it on a message board where idiots can just attempt to refute it with crackpot lack of logic, diagrams that come from humor sites and bunt contempt for law and reason.

    90% of this board belongs in prison on charges of treason.

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    Re: Economy shrinks for first time in 3 1/2 years

    Quote Originally Posted by Mr.Nick View Post
    I see what's happening, you see it - no point to document it on a message board where idiots can just attempt to refute it with crackpot lack of logic, diagrams that come from humor sites and bunt contempt for law and reason.
    Given your post history, i find this response.....
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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