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Chronic unemployment worse than Great Depression

danarhea

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(CBS News) There is an unfortunate adage for the unemployed: The longer folks are out of a job, the longer it takes them to find a new one.


CBS News correspondent Ben Tracy reports that the chronically unemployed face the hardest road back to recovery, and that while the jobs picture may be improving statistically on a national level, it is not for them.

Ain't that the truth. And while Republicans and Democrats continue to point the finger at each other, our nation continues to burn. So, to Democrats and Republicans both, I am going to be very blunt.

1) Bush policies began the Great Recession.

2) Obama policies have continued the Great Recession.

There is no other way to look at it, except that ALL of our leaders have been selling us out.

Look, folks here is the deal. I get madder every day I see Bush people pointing the finger at Obama, and Obama people pointing the finger at Bush, while ignoring their own guy. Where the hell is the sense of patriotism and sacrifice that existed in the 1930's, when our leaders put America before politics? If America goes to hell in a handbasket, I will blame them all, Republicans and Democrats alike. In case anybody forgot, today's politicians, no matter which party, are all scum bags.

Article is here.
 
That is precisely the way it is. Both parties playing "gotcha" and the only people winning in this thing are CEOs, Wall Street and Congress. What chaps my ass is that most Americans seem to be playing along with it. I don't understand that. One thing for certain is that it isn't on the way to getting better.
 
Ain't that the truth. And while Republicans and Democrats continue to point the finger at each other, our nation continues to burn. So, to Democrats and Republicans both, I am going to be very blunt.

1) Bush policies began the Great Recession.

2) Obama policies have continued the Great Recession.

There is no other way to look at it, except that ALL of our leaders have been selling us out.

Look, folks here is the deal. I get madder every day I see Bush people pointing the finger at Obama, and Obama people pointing the finger at Bush, while ignoring their own guy. Where the hell is the sense of patriotism and sacrifice that existed in the 1930's, when our leaders put America before politics? If America goes to hell in a handbasket, I will blame them all, Republicans and Democrats alike. In case anybody forgot, today's politicians, no matter which party, are all scum bags.

Article is here.

Very well said. Darn near PERFECTLY said. Look at my signature. Every day... EVERY DAY!!!!!!!!!!! Common Americans are bombarded with propaganda. For what? FOR NOTHING! We have betrayed by people we put into office so THEY can get reelected. Thing is..... I currently have no solution. WE... have no solution. So, like most Americans Im going to get something to eat. From an illegal that whipped up a giant burrito.
 
Ain't that the truth. And while Republicans and Democrats continue to point the finger at each other, our nation continues to burn. So, to Democrats and Republicans both, I am going to be very blunt.

1) Bush policies began the Great Recession.

BS -

When history looks back on what he did right and what he did wrong, I wonder if they'll consider this.

Before the first year of Bush's first term was over, we suffered the worst terrorist attack in the history of the world and the nation.

Before the first year off second term was over, we suffered the worst natural disaster (Katrina) in the history of the country
 
It should be noted that the underlying seeds of the financial crisis, namely the housing bubble, that led to the Great Recession were planted well before either Presidents Bush and Obama took office. Moreover, they were not entirely political in nature. Bad policy contributed. But the convergence of factors was far broader than public policy.
 
Ain't that the truth. And while Republicans and Democrats continue to point the finger at each other, our nation continues to burn. So, to Democrats and Republicans both, I am going to be very blunt.

1) Bush policies began the Great Recession.

2) Obama policies have continued the Great Recession.

There is no other way to look at it, except that ALL of our leaders have been selling us out.

Look, folks here is the deal. I get madder every day I see Bush people pointing the finger at Obama, and Obama people pointing the finger at Bush, while ignoring their own guy. Where the hell is the sense of patriotism and sacrifice that existed in the 1930's, when our leaders put America before politics? If America goes to hell in a handbasket, I will blame them all, Republicans and Democrats alike. In case anybody forgot, today's politicians, no matter which party, are all scum bags.

Article is here.

You accuse everyone of pointing fingers at the other guy - and how wrong that is. But that's what you do with points #1 and #2 there. Pointing fingers without taking everything into consideration.

The real problem is that multiple issues came apart at the same time and they were ultimately connected - it wasn't just "this one policy here" - it was many, spread out over several presidencies. Reagan, Bush and Bush, Clinton, Obama - etc etc. some roots of our issues go back much further than that. Like the SSA - how many decades have gone on where this SSA problem was known ot eventually happen but no one did anything *shrug*

It's not sufficient to say "if we had a different president in office or a different party in the majority we wouldn't have gone into this recession and modern depression" . . . because the house of cards was already falling - and it just happened ot collapse when Bush was in office.

Now - he takes responsibility for HOW he responded, and so does Obama - they only can take responsibility for their own actions and nothing more.

But - overall - this entire situation does NOT come down to one or even 5 policies that Bush pursued. . . it's far wider than that - to the point where analysts have had to delve deep into history and examine every aspect of our economy that broke down and figure out "why in the **** di that happen?"
 
BS -

When history looks back on what he did right and what he did wrong, I wonder if they'll consider this.

Before the first year of Bush's first term was over, we suffered the worst terrorist attack in the history of the world and the nation.

Before the first year off second term was over, we suffered the worst natural disaster (Katrina) in the history of the country

Here we go, right on cue. Paritsan gotcha. :roll:
 
i wish I could find it online - but can't quite pinpoint it yet. I read an old article in a Cato journal from the mid 1990's for a school research project that discussed the "eminent doom of american's economic barang" - it was apparent to many economists that what happened in 2008 was *eventually going ot happen* regardless.

But it seems that no one listened to them - and that's understandable, sort of - it's like getting ready for the end of the world because some people say it'll happen *shrug* We have a tendency, as a culture, to not be supportive of preventative measures based on spotty evidence - but more so - we're accepting of chance and response instead.
 
Here we go, right on cue. Paritsan gotcha. :roll:

There was a huge economic loss following 9/11, not just in revenues from travel, etc., but the billions that were spent to improve security
 
There was a huge economic loss following 9/11, not just in revenues from travel, etc., but the billions that were spent to improve security

Gotta catch them dildos.
 
Here’s the thing, Obama was elected on the promise he could fix economy. Dems held all the power to do whatever they wanted to fix the economy. They used this power to implement Keynesian economic theory. All that did was put is in debt up to our eyeballs and keep public union members employed a bit longer than they would have been so at the moment this is Dems economy. They own it and should take responsibility for it.Thats not partisan it’s just fact.
 
It should be noted that the underlying seeds of the financial crisis, namely the housing bubble, that led to the Great Recession were planted well before either Presidents Bush and Obama took office. Moreover, they were not entirely political in nature. Bad policy contributed. But the convergence of factors was far broader than public policy.


So you believe that the housing bubble was the only thing causing this current mess?

j-mac
 
BS -

When history looks back on what he did right and what he did wrong, I wonder if they'll consider this.

Before the first year of Bush's first term was over, we suffered the worst terrorist attack in the history of the world and the nation.

Before the first year off second term was over, we suffered the worst natural disaster (Katrina) in the history of the country

Hey, folks. Lookie here. Within minutes, someone comes in here and makes a post that perfectly proves my point.
 
Last edited:
Hey, folks. Lookie here. Within minutes, someone comes in here and makes a post that perfectly proves my point.

You are aware that this is a political message board right?


j-mac
 
So you believe that the housing bubble was the only thing causing this current mess?

j-mac

it was the largest single factor though.. no ifs ands or buts
 
So you believe that the housing bubble was the only thing causing this current mess?

j-mac

No, but it was the main trigger that ignited the crisis. The dynamite was enormous secular rise in domestic nonfinancial debt, the interrelationship of securities with debt (mortgage-related securities, derivatives), a lack of adequate financial system capital buffer, bad risk management, financial system linkages, current account imbalances that saw a short-term rush of capital inflows that exacerbated the structural weakenesses/accelerated the rise in the housing bubble, etc. Households, the private sector, and public sector all contributed. Technology and regulation converged creating new mechanisms e.g., securitization, that while useful in and of itself, could lead to rapid debt escalation if unchecked (regulations, private sector risk management, lack of understanding of exposures, etc.).

Nonetheless, in what was largely a private sector debt crisis, the housing bubble played the leading role. Once the bubble burst, its fallout spilled over into the financial system, gradually at first, but then at an accelerating rate once financial institutions began failing 18-24 months after housing prices had begun to decline. The mortgage debt binge proved devastating as housing prices fell.

Some statistics on the overall debt binge, which continues today even as it has been tempered by household deleveraging:

For every dollar of GDP increased from 1980-2007, the following occurred with respect to various debt:

Domestic Nonfinancial debt: $2.37
Household: $1.08
Mortgage: $1.13

Now, looking at the housing bubble era, here's what happened in the 2002-07 period for the same data:

Domestic Nonfinancial debt: $4.45
Household: $2.14
Mortgage: $2.43

Moreover, the debt levels relative to GDP were as follows:

1980:
Domestic Nonfinancial debt: 142% of GDP
Household: 50% of GDP
Mortgage: 52% of GDP

2002:
Domestic Nonfinancial debt: 194% of GDP
Household: 80% of GDP
Mortgage: 78% of GDP

2007:
Domestic Nonfinancial debt: 225% of GDP
Household: 98% of GDP
Mortgage: 102% of GDP

During the 2000s, domestic nonfinancial debt rose at just over $3 for every dollar of GDP. Since the end of the recession, household deleveraging (modest but sustained) has continued with public sector debt being substituted for household debt. Domestic nonfinancial debt is rising at a still brisk but slower rate of just over $2.40 per additional dollar of GDP. However, were household deleveraging to end, the rate of increase would be running at just over $3.50 per dollar of additional GDP. Household deleveraging won't continue indefinitely. Hence, the nation remains on an unsustainable debt course. As of 2010 Q4, domestic nonfinancial debt was 244% of GDP, household debt was 90% of GDP, and mortgage debt was 92% of GDP. Prior to the housing bubble, peak mortgage debt came to approximately 67% of GDP.
 
usa today:

The federal government's financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows.

The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for.

This gap between spending commitments and revenue last year equals more than one-third of the nation's gross domestic product.

Medicare alone took on $1.8 trillion in new liabilities, more than the record deficit prompting heated debate between Congress and the White House over lifting the debt ceiling.

Social Security added $1.4 trillion in obligations, partly reflecting longer life expectancies. Federal and military retirement programs added more to the financial hole, too.

The $61.6 trillion in unfunded obligations amounts to $534,000 per household. That's more than five times what Americans have borrowed for everything else — mortgages, car loans and other debt. It reflects the challenge as the number of retirees soars over the next 20 years and seniors try to collect on those spending promises.

U.S. funding for future promises lags by trillions - USATODAY.com

it's been two years since the us senate even proposed a budget---in times like these

and budget chair kent conrad has intimated he will not be coming forth with a blueprint this year either

leadership, anyone?
 
I heard an analyst say that the GDP growth is not enough to keep up with population growth, nor is the the job growth enough to keep pace. In other words, while the GDP is technically up, it has never been up enough to be considered a real growth rate. Meaning, we have technically grown but the reality is the economy has been in a contraction since 2008.
 
it was the largest single factor though.. no ifs ands or buts

I'm no economist, but blue and white collar jobs have been moving overseas for as long as I can remember. Nearly everyone I know, including a friend just yesterday, has just had their job moved to Asia. While the housing bubble blew everything up, the foundation for making a recovery extraordinarily difficult has been put in place for three decades. Businesses can't start hiring Americans again if they've moved to India.
 
The blame goes to Americans in general.

People vote for what serves themselves best, whether it's to provide a lower tax shelter, allow them to marry their gay partner, allow them to smoke weed, get an abortion, or just to stick it to everyone because they're ashamed of their own life's choices.

Personal responsibility and morality mean less and less the more we legislate it out of society.

As a result, politicians play to those voting tendencies. Clinton was a master at it.

Until people start voting at least a little for things that don't always involve them, nothing will change.
 
Very well said. Darn near PERFECTLY said. Look at my signature. Every day... EVERY DAY!!!!!!!!!!! Common Americans are bombarded with propaganda. For what? FOR NOTHING! We have betrayed by people we put into office so THEY can get reelected. Thing is..... I currently have no solution. WE... have no solution. So, like most Americans Im going to get something to eat. From an illegal that whipped up a giant burrito.
you have to REALLY want a solution before you can come up with one (by you i mean us americans)
 
The blame goes to Americans in general.

People vote for what serves themselves best, whether it's to provide a lower tax shelter, allow them to marry their gay partner, allow them to smoke weed, get an abortion, or just to stick it to everyone because they're ashamed of their own life's choices.

Personal responsibility and morality mean less and less the more we legislate it out of society.

As a result, politicians play to those voting tendencies. Clinton was a master at it.

Until people start voting at least a little for things that don't always involve them, nothing will change.

It takes a different kind of person to include support for gay marriage as a reason for America's economic issues.
 
Hey, folks. Lookie here. Within minutes, someone comes in here and makes a post that perfectly proves my point.

Prove what ****ing point?

You need to read up on your US History.

Roosevelt was the father of American socialism. The New Deal fed right into the Great Society, and as a result we're currently poised to become France circa 1985. Due to entitlements set down by these programs, we can no longer afford capitol projects on the scope of large dams and the interstate highway system. Within a decade or two we won't be able to project military power abroad. Yet anyone who actually works for a living is taxed to within an inch of their sorry ass lives. ...And all this is somehow a good thing?

I lay the lions share of blame for this at the feet of Roosevelt and Johnson.

Roosevelt's legacy is arguably a bigger danger to a free America than the Nazi's ever were.
 
Where the hell is the sense of patriotism and sacrifice that existed in the 1930's, when our leaders put America before politics? If America goes to hell in a handbasket,

In the 1930's people put America before politics?

What the ****? Have ever even bothered to listen to one of FDR's radio broadcasts? Ever listened to some of the talk in general at the time? What history books have you been reading?
 
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