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Thread: U.S. Economy Shrinks By Most Since Great Recession in 1Q[W:487:681]

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by Jack Hays View Post
    Linking inflation to specific presidents was his contribution, not mine.
    Just responded to this: Seems more to correlate with Carter's time in office than any other trend.

    Never meant to imply I was following the entire conversation. The point was just about causal relationships with presidents.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by MasterLiberty View Post
    Actually I am calling for the US government to lower gas prices which they have the power to do by manipulating the federal gas reserve (If supply increases and demand stays the same then prices go down.) You yourself just said that supply and demand play a factor, so if the US has a greater supply and the same demand then they can naturally lower prices.
    Oh, OK.

    I didn't realize that the US Strategic Oil Reserves were substantial enough to effect world wide oil prices. I thought it was just for emergencies - like Katrina, or another OPEC embargo.

    Regardless, you are still calling for the US government to manipulate free market prices. That still doesn't quite seem libertarian to me.
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by imagep View Post
    Oh, OK.

    I didn't realize that the US Strategic Oil Reserves were substantial enough to effect world wide oil prices. I thought it was just for emergencies - like Katrina, or another OPEC embargo.

    Regardless, you are still calling for the US government to manipulate free market prices. That still doesn't quite seem libertarian to me.
    You seem to be missing the point so here I go. The US by not EXPORTING its oil and instead using oil for DOMESTIC USE can create its own ISOLATED oil market seperate from the rest of the world to use for its own purposes and at its own prices.

    Is that simple enough for you?? Its not messing with a Free Market, it is simply creating a new market.

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by MasterLiberty View Post
    You seem to be missing the point so here I go. The US by not EXPORTING its oil and instead using oil for DOMESTIC USE can create its own ISOLATED oil market seperate from the rest of the world to use for its own purposes and at its own prices.

    Is that simple enough for you?? Its not messing with a Free Market, it is simply creating a new market.
    So you are arguing against world wide trade and for isolationist policies?

    Anyhow, why would US oil producers be willing to accept a lower price for their oil than they could get on the world wide market? Companies are expected to try to maximize profits for share holders.
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by MasterLiberty View Post
    Actually I am calling for the US government to lower gas prices which they have the power to do by manipulating the federal gas reserve....
    That's so not what it's for.

    First, it's the strategic petroleum reserve. It isn't refined gas.

    Second, its purpose is not to provide Americans with cheaper gas. Seriously, that's a Chavez tactic -- he subsidized gas prices for years, mostly to maintain his own political position.

    Third, the US has had a ban on oil exports for 40 years. The US is now producing so much oil that Obama is considering allowing exports. And as Forbes explains, allowing the US to export oil may stabilize oil prices, because other nations will be less dependent on unstable regions for some of their oil. (Obama Takes Step Toward US Oil Exports, And Maybe New US Energy Policy For 21st Century - Forbes)

    What this has to do with Q1 GDP, I have no idea. Anyway...

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    This is what I do not understand about a lot of people on the right side of the political spectrum.

    They rail against our current economic situation but what exactly are they suggesting to fix it besides plans to put it to the people who are suffering the most and since late 2008 the result of piss-poor government, banking & housing ****-ups.


    And then, there's this:
    "No, it's wrong to have an abortion, which kills an innocent baby."
    "What about the starving people, including women and children, who live under the overpass?"
    "Not my problem nor my concern."

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by iliveonramen View Post
    It's both
    You have evidence of higher profit margins? Take BP, for example, who recently had record profits. Their profit margin meanwhile has not moved anywhere but down, from an avg of 7% to an avg of 4-5%.

    http://ycharts.com/companies/BP/profit_margin
    Last edited by jonny5; 06-27-14 at 08:41 AM.

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by Jango View Post
    This is what I do not understand about a lot of people on the right side of the political spectrum.

    They rail against our current economic situation but what exactly are they suggesting to fix it besides plans to put it to the people who are suffering the most and since late 2008 the result of piss-poor government, banking & housing ****-ups."
    Do you really think the intent is to "put it to the people suffering the most"? Maybe thats why you dont understand it.

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by Demon of Light View Post
    And I am sure you get a nice stipend for having and expressing that belief, but be real for a moment. Do you really think there is no source of trouble in the underlying economy? I admit there is no single sexy culprit to pinpoint as there was with the Dotcom bubble or the housing bubble, but that is a reflection of the overall weakness of the U.S. economy. No noteworthy growth stories exist and thus you have many less prominent bubbles rather than a single dominant bubble.
    I didn't say that there is no source of trouble. I noted, "there are some macroeconomic factors involved..." Aside from matters of developments in overseas trading partners, still elevated household debt levels, there is also some degree of risk associated with the winddown of QE. QE almost certainly has created some financial market distortions and the unwinding might flow into real channels via shifting capital allocations, confidence, etc.

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    Re: U.S. Economy Shrinks By Most Since Great Recession in 1Q

    Quote Originally Posted by Fenton View Post
    It was one of those " 50 year " winters.

    But the Obama apologist have forecasted a 4 percent increase in growth though !!

    Nothing to worry about
    Most of the economic forecasts I've seen are in the 3%-4% range. The 4% figure is at the high end of those forecasts. There are a few outliers below and above that range.

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