Bernanke, "We are Crashing, but hope we'll bottom

Discussion in 'Economy' started by Neubarth, Jun 3, 2009.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    Bernanke, "We are Crashing, but hope we'll bottom

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    Well, of course, we will bottom, but it won't be as soon as he keeps on saying. He does not have a clue how bad it is, or so it appears.

    As I have said for the past quarter of a century, when the crash comes, the service sector economy can get in cascade mode and drag the whole nation down with it. We are at that state right now.
     
  2. RodISHI
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    RodISHI Gold Member

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    Agreed it is no where near bottom. Most people who still have jobs have no clue how bad it is for those who do not have jobs or have struggled to survive since they lost their jobs. People in positions like Bernanke are as blind as bats.

    Taxes on some of the small family farms here doubled from last year. So have property taxes on many homes.
     
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  3. Neubarth
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    Neubarth At the Ballpark July 30th

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    Group says US services economy shrinks in May

    On Wednesday June 3, 2009, 10:40 am EDT

    NEW YORK (AP) -- The U.S. services economy shrank in May.

    The Institute for Supply Management said its services index registered 44 in May.

    It was the eighth straight monthly decline.

    Any reading below 50 indicates the services sector is shrinking. The last time the index was at 50 or higher was last September.

    Service industries such as retailers, financial services, transportation and health care make up about 70 percent of the United States' economic activity.
     
  4. sealybobo
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    sealybobo Diamond Member

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    Hey Neubarth. I can't get anyone interested in this:

    The fed cannot account for the whereabouts of $9 trillion worth of off-balance sheet transactions over the course of the past eight months. Nor can it explain the $1 trillion expansion of the Fed’s balance sheet since last September.

    One Penny Sheet » Federal Reserve Cannot Account for $9 Trillion video

    Not even the people who are complaining about the $750 billion stimulus bill or the $750 billion dollar TARP funds.

    For some reason, they don't understand that a $9 trillion is more than $800 billion.
     
  5. Toro
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    Toro Diamond Member

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    Because, Sealy, the Fed has not "spent" $9 trillion. That number refers to the amount guaranteed by the Fed.
     
  6. Neubarth
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    Neubarth At the Ballpark July 30th

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    Personally, I think they bought a lot of Bad Paper.
     
  7. Paulie
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    Paulie Platinum Member

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    Yeah but when you can just create money, who cares? :lol:
     
  8. Oddball
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    Oddball BANNED Supporting Member

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    iiBUSHBOT!! :rofl:
     

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