19 Facts About the American Economic Collapse.

[loosecannon]

"there is no such thing as universal or objective value."

e=mc(2)?

 

[antagon]

i thought we had defeated your aim to draw this parallel to the universe by showing how zero-sum in the universe does not have application to ecosystems, and i have argued economies, also subject to cooperation and interreliance.

mass-energy equivalence is a great example of lacking universal/objective value, notwithstanding. it declares that energy and mass are not objectively different, all spun around the speed of light, which in turn is a reliant full-circle on time and space which we've discussed is illusory: entirely subjective.

this has little or nothing to do with economics. there are limitations to reductionism, cannon.

 

[boedicca]

Victor Davis Hanson has one of the more succinct descriptions of the cause of the Financial Meltdown that I have read:

The Wall Street meltdown was a result of a two-decade-long state intervention in the mortgage industry. Big government had guaranteed lower-income Americans that they could buy homes they could not afford, while those who built, sold, or financed subsidized houses were aided and abetted by the con — assured of exorbitant government-backed profits with the ethical cover of helping the poor achieve home ownership.

The Obama Fabulists - Victor Davis Hanson - National Review Online

When the government guarantees things to be rights which the individual cannot afford for himself, a bubble and a burst will inevitably follow.

 

[kiwiman127]

19 Facts About the Horrific American Economic Collapse!

The deindustrialization of the United States should be a top concern for every man, woman and child in the country. But sadly, most Americans do not have any idea what is going on around them.

For people like that, take this article and print it out and hand it to them. Perhaps what they will read below will shock them badly enough to awaken them from their slumber.
19 Facts About The Deindustrialization Of America That Will Blow Your Mind - BlackListed News

The following are 19 facts about the deindustrialization of America that will blow your mind....

#1 The United States has lost approximately 42,400 factories since 2001. About 75 percent of those factories employed over 500 people when they were still in operation.

#2 Dell Inc., one of America’s largest manufacturers of computers, has announced plans to dramatically expand its operations in China with an investment of over $100 billion over the next decade.

#3 Dell has announced that it will be closing its last large U.S. manufacturing facility in Winston-Salem, North Carolina in November. Approximately 900 jobs will be lost.

#4 In 2008, 1.2 billion cellphones were sold worldwide. So how many of them were manufactured inside the United States? Zero.

#5 According to a new study conducted by the Economic Policy Institute, if the U.S. trade deficit with China continues to increase at its current rate, the U.S. economy will lose over half a million jobs this year alone.

#6 As of the end of July, the U.S. trade deficit with China had risen 18 percent compared to the same time period a year ago.

#7 The United States has lost a total of about 5.5 million manufacturing jobs since October 2000.

#8 According to Tax Notes, between 1999 and 2008 employment at the foreign affiliates of U.S. parent companies increased an astounding 30 percent to 10.1 million. During that exact same time period, U.S. employment at American multinational corporations declined 8 percent to 21.1 million.

#9 In 1959, manufacturing represented 28 percent of U.S. economic output. In 2008, it represented 11.5 percent.

#10 Ford Motor Company recently announced the closure of a factory that produces the Ford Ranger in St. Paul, Minnesota. Approximately 750 good paying middle class jobs are going to be lost because making Ford Rangers in Minnesota does not fit in with Ford's new "global" manufacturing strategy.

#11 As of the end of 2009, less than 12 million Americans worked in manufacturing. The last time less than 12 million Americans were employed in manufacturing was in 1941.

#12 In the United States today, consumption accounts for 70 percent of GDP. Of this 70 percent, over half is spent on services.

#13 The United States has lost a whopping 32 percent of its manufacturing jobs since the year 2000.

#14 In 2001, the United States ranked fourth in the world in per capita broadband Internet use. Today it ranks 15th.

#15 Manufacturing employment in the U.S. computer industry is actually lower in 2010 than it was in 1975.

#16 Printed circuit boards are used in tens of thousands of different products. Asia now produces 84 percent of them worldwide.

#17 The United States spends approximately $3.90 on Chinese goods for every $1 that the Chinese spend on goods from the United States.

#18 One prominent economist is projecting that the Chinese economy will be three times larger than the U.S. economy by the year 2040.

#19 The U.S. Census Bureau says that 43.6 million Americans are now living in poverty and according to them that is the highest number of poor Americans in the 51 years that records have been kept.

Relative to the title of the OP, here are three more:

"The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do NOT see.: --Barney Frank---September 10th, 2003

"I want to roll the dice a little bit more in this situation towards subsidized housing."--Barney Frank---September 25th, 2003

"I believe there has been more alarm raised about potential unsafty and unsoundness [of Fannie Mae and Freddie Mac ] than, in fact, exists."--Barney Frank---September 25th, 2003

From the 2004 Republican Platform
Ownership gives citizens a vital stake in their communities and their country. By expanding ownership, we will help turn economic growth into lasting prosperity. As Republicans, we trust people to make decisions about how to spend, save, and invest their own money. We want individuals to own and control their income. We want people to have a tangible asset that they can build and rely on, making their own choices and directing their own future. Ownership should not be the preserve of the wealthy or the privileged. As Republicans who believe in the power of ownership to create better lives, we want more people to own a home. We want more people to own and build small businesses. We want more people to own and control their health care. We want more people to own personal retirement accounts. With President Bush's leadership we have taken great strides in making the dream of ownership available to millions of Americans, and in the next four years the President and Republicans in Congress will unlock the door to ownership for many more

I just thought I should bring this up as somone wanted to go off topic.
A fact of the matter is that BOTH parties contributed to the housing fiasco.
=====================
The point of this thread, no matter the inaccuracies, is that Free Trade has not been good for America. Few have profitted from it. Many have lost out because of it.
Fair Trade is much better for Main Street America.

 

[Flopper]

And still we negotiate these insane trade deals. South Korea sells over half million vehicles in the US. The US can sell 3,000 in Korea. China allows us to sell only a very small percentage of what we import.

Ross Perot had it right. You can't miss the great sucking sound of jobs leaving the US.

[ame="http://http://www.youtube.com/watch?v=GhwhMXOxHTg"]http://http://www.youtube.com/watch?v=GhwhMXOxHTg[/ame]

 

[loosecannon]

The point of this thread, no matter the inaccuracies, is that Free Trade has not been good for America. Few have profitted from it. Many have lost out because of it.
Fair Trade is much better for Main Street America.

We have never realized free trade. So I don't see how we can be opposed to it or in favor of it without trying it first.

 

[kiwiman127]

the point of this thread, no matter the inaccuracies, is that free trade has not been good for america. Few have profitted from it. Many have lost out because of it.
Fair trade is much better for main street america.

we have never realized free trade. So i don't see how we can be opposed to it or in favor of it without trying it first.

nafta?
Cafta?

 

[loosecannon]

that's free trade in name only. But if you were referring to free trade agreements ok.